Global Undervalued Small Caps

SaizeriyaLtd

Market Cap: JP¥255.0b

Operates restaurants in Japan, Australia, Indonesia and Asia.

NSL Foods

Market Cap: ฿6.5b

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

LiveRamp Holdings

Market Cap: US$1.9b

A technology company, operates a data collaboration platform in the United States, Europe, the Asia-Pacific, and internationally.

Construtora Tenda

Market Cap: R$3.8b

Operates as a construction company for homes in Brazil.

Grupa Pracuj

Market Cap: zł3.1b

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

CellaVision

Market Cap: SEK 2.9b

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

Calfrac Well Services

Market Cap: CA$530.2m

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

Trisul

Market Cap: R$1.1b

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

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.5b

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

Viva Wine Group

Market Cap: SEK 2.9b

Develops, markets, imports, and sells wines.

FRP Advisory Group

Market Cap: UK£281.5m

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

United Bank for Africa

Market Cap: ₦1.8t

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

ProCredit Holding

Market Cap: €473.0m

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

Aurelia Metals

Market Cap: AU$525.0m

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

Security Bank

Market Cap: ₱47.8b

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

Industri Jamu dan Farmasi Sido Muncul

Market Cap: Rp14.1t

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

Bank BTPN Syariah

Market Cap: Rp7.9t

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

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.

Equasens Société anonyme

Market Cap: €554.6m

Provides healthcare IT solutions in Europe.

Palfinger

Market Cap: €1.3b

Provides hydraulic lifting solutions in Austria and internationally.

McBride

Market Cap: UK£272.4m

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.

Village Farms International

Market Cap: US$309.6m

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

Martinrea International

Market Cap: CA$731.6m

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.

AddLife

Market Cap: SEK 17.4b

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

Grupo SBF

Market Cap: R$2.5b

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

Voxel

Market Cap: zł1.1b

Provides medical services in Poland.

Consun Pharmaceutical Group

Market Cap: HK$12.7b

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

Cirrus Aircraft

Market Cap: HK$13.7b

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

Unidata

Market Cap: €86.1m

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.

TAT Technologies

Market Cap: US$470.4m

Provides solutions and services to the commercial and military aerospace and ground defense industries in the United States, Israel, and internationally.

Foresight Group Holdings

Market Cap: UK£456.7m

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

Ategrity Specialty Insurance Company Holdings

Market Cap: US$943.1m

Through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States.

Hugel

Market Cap: ₩2.8t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

Luk Fook Holdings (International)

Market Cap: HK$13.5b

An investment holding company, engages in sourcing, designing, wholesaling, trademark licensing, and retailing various gold and platinum jewelry, and gem-set jewelry products in Hong Kong and internationally.

Etteplan Oyj

Market Cap: €182.8m

Provides software and embedded, industrial equipment and plant engineering, technical communication, and data solutions in Finland, Scandinavia, China, and Central Europe.