Global Undervalued Small Caps

United Bank for Africa

Market Cap: ₦1.8t

Primarily provides corporate, commercial, and retail banking services in Nigeria, rest of Africa, and internationally.

Ventura Offshore Holding

Market Cap: NOK 3.3b

A deep-water drilling contractor, provides offshore drilling services to the oil and gas industry in Brazil and internationally.

Calfrac Well Services

Market Cap: CA$534.2m

Provides specialized oilfield services in Canada, the United States, and Argentina.

Construtora Tenda

Market Cap: R$3.7b

Operates as a construction company for homes in Brazil.

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.3b

Develops and builds residential and non-residential properties primarily in Brazil.

Trisul

Market Cap: R$1.1b

Engages in the construction and development of real estate properties in Brazil.

FRP Advisory Group

Market Cap: UK£281.5m

Provides business advisory services to companies, lenders, investors, individuals, and other stakeholders in the United Kingdom.

ProCredit Holding

Market Cap: €468.2m

Provides commercial banking products and services for small and medium enterprises and private clients in Europe, South America, and Germany.

CellaVision

Market Cap: SEK 2.8b

Develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally.

Viva Wine Group

Market Cap: SEK 2.9b

Develops, markets, imports, and sells wines.

Grupa Pracuj

Market Cap: zł3.1b

Operates HR technology platform in Poland, Ukraine, and Germany.

SaizeriyaLtd

Market Cap: JP¥254.5b

Operates restaurants in Japan, Australia, Indonesia and Asia.

Iochpe-Maxion

Market Cap: R$1.5b

Produces and sells automotive wheels and structural components in Brazil, North America, South America, Europe, the Middle East, Africa, Asia, and internationally.

Zevra Therapeutics

Market Cap: US$658.0m

A commercial-stage company, focuses on addressing unmet needs for the treatment of rare diseases in the United States.

Security Bank

Market Cap: ₱48.6b

Provides banking and financial products and services to wholesale and retail clients in the Philippines.

Chongqing Baiya Sanitary Products

Market Cap: CN¥7.8b

Chongqing Baiya Sanitary Products Co., Ltd.

Aurelia Metals

Market Cap: AU$533.4m

Engages in the exploration and production of mineral properties in Australia.

Bank BTPN Syariah

Market Cap: Rp7.8t

Operates as a sharia commercial bank providing a comprehensive range of banking products and services in Indonesia.

Industri Jamu dan Farmasi Sido Muncul

Market Cap: Rp14.1t

Provides herbal medicines, cosmetics, and foods and beverage products in Indonesia.

NSL Foods

Market Cap: ฿6.5b

Engages in the manufacture and distribution of bakery and snack products in Thailand.

United Electronics

Market Cap: ر.س5.9b

Engages in the wholesale and retail trade of electric appliances, electronic gadgets, computers and their spare parts and accessories, furniture, and office equipment and tools in the Kingdom of Saudi Arabia and internationally.

McBride

Market Cap: UK£276.9m

Manufactures and sells private label household and personal care products to retailers and brand owners in the United Kingdom, Germany, France, Italy, Spain, rest of Europe, the Asia-Pacific, and internationally.

AddLife

Market Cap: SEK 17.8b

Provides instruments and equipment, consumables, and reagents primarily to medical care, research, colleges, and universities, as well as the food and pharmaceutical industries.

Palfinger

Market Cap: €1.3b

Provides hydraulic lifting solutions in Austria and internationally.

Equasens Société anonyme

Market Cap: €540.4m

Provides healthcare IT solutions in Europe.

Voxel

Market Cap: zł1.1b

Provides medical services in Poland.

Village Farms International

Market Cap: US$293.7m

Produces, markets, and distributes greenhouse grown tomatoes, bell peppers, and cucumbers in North America.

Martinrea International

Market Cap: CA$765.7m

Engages in the design, development, manufacture, and sale of engineered, value-added lightweight structures, and propulsion systems for the automotive sector in North America, Europe, and internationally.

Grupo SBF

Market Cap: R$2.4b

Engages in the sale of sporting goods and leisure products in Brazil.

Cirrus Aircraft

Market Cap: HK$13.9b

Manufactures and sells piston aircraft and single-engine turbine jets worldwide.

Binastra Corporation Berhad

Market Cap: RM 2.1b

An investment holding company, engages in general contractor and property developer, building and civil engineering works in turnkey projects in Malaysia.

Consun Pharmaceutical Group

Market Cap: HK$12.9b

Researches and develops, manufactures, and sells Chinese medicines and medical contrast medium products in the People’s Republic of China.

Unidata

Market Cap: €84.9m

Provides fiber and networking, cloud and data center, and IoT and smart solutions in Italy.

Aegean Airlines

Market Cap: €1.0b

Operates as an airline company that engages in the provision of public airline transportation services in Greece and internationally.

Murapol

Market Cap: zł1.7b

Engages in residential real estate development buisness in Poland.

Foresight Group Holdings

Market Cap: UK£462.9m

Operates as an infrastructure and private equity manager in the United Kingdom, Italy, Luxembourg, Ireland, Spain, and Australia.