Global Undervalued Small Caps

CellaVision

Market Cap: SEK 3.4b

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

Grupa Pracuj

Market Cap: zł3.2b

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

Iochpe-Maxion

Market Cap: R$1.6b

Produces and sells automotive wheels and structural components for commercial and light vehicles in North America, South America, Europe, Asia, and internationally.

Thryv Holdings

Market Cap: US$204.8m

Provides digital marketing solutions and cloud-based tools to the small-to-medium-sized businesses in the United States.

Altea Green Power

Market Cap: €142.4m

Supplies and manages renewable energy plants in Italy and the United States.

Zevra Therapeutics

Market Cap: US$526.9m

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

Construtora Tenda

Market Cap: R$3.4b

Operates as a construction company in Brazil.

Tennant

Market Cap: US$1.4b

Designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Future

Market Cap: JP¥167.6b

Provides IT consulting and services primarily in Japan.

Aurelia Metals

Market Cap: AU$516.2m

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

SILICON2

Market Cap: ₩2.8t

Engages in the distribution of cosmetics products worldwide.

Security Bank

Market Cap: ₱49.4b

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

Converge Information and Communications Technology Solutions

Market Cap: ₱110.4b

Converge Information and Communications Technology Solutions, Inc.

Hu Lane Associate

Market Cap: NT$13.4b

Engages in manufacture and sale of terminal devices, terminal crimping, industrial rubber, and plastic products in Taiwan.

Inspur Digital Enterprise Technology

Market Cap: HK$5.8b

An investment holding company, engages in management software development, cloud services, and sale of Internet of Things (IoT) solutions in the People’s Republic of China.

Cheerwin Group

Market Cap: HK$3.1b

An investment holding company, manufactures and trades household insecticides and repellents, household cleaning, air care, personal care, pet stores and pet products, and other products in the People’s Republic of China.

Assetwise

Market Cap: ฿5.4b

Engages in property development and other real estate activities in Thailand.

Afentra

Market Cap: UK£107.9m

Operates as an upstream oil and gas company primarily in Africa.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Ambea

Market Cap: SEK 11.3b

Provides elderly care, disability care, and psychosocial support for the elderly and people with disabilities in Sweden, Norway, and Denmark.

Grupo SBF

Market Cap: R$3.1b

Grupo SBF S.A. retails and wholesales sports and leisure products in Brazil.

Aviat Networks

Market Cap: US$290.6m

Provides microwave networking and wireless access networking solutions in North America, Africa, the Middle East, Europe, Latin America, and the Asia Pacific.

Byrna Technologies

Market Cap: US$312.2m

A less-lethal self-defense technology company, develops, manufactures, and sells less-lethal personal security solutions in the United States, South Africa, Europe, South America, Asia, and Canada.

Hacksaw

Market Cap: SEK 15.9b

Operates as a B2B technology platform and game development company in Sweden and Czech Republic.

Krsnaa Diagnostics

Market Cap: ₹23.3b

Provides diagnostic services in India.

Tracsis

Market Cap: UK£98.2m

Engages in the provision of software, hardware, data analytics and geographic information systems, and services in the United Kingdom, Ireland, rest of Europe, Europe, North America, and internationally.

Unidata

Market Cap: €100.6m

Operates as an Internet service provider in Italy.

Qatar National Bank

Market Cap: ج.م91.6b

Engages in the provision of banking services in Egypt.

Auto Partner

Market Cap: zł2.3b

Imports and distributes parts for passenger cars, delivery vans, and motorcycles in Poland.

Hugel

Market Cap: ₩2.8t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

ASROCK Incorporation

Market Cap: NT$27.4b

Designs, develops, and sells motherboards in Asia, Europe, America, and internationally.

Catalyst Metals

Market Cap: AU$2.0b

Engages in the mineral exploration and evaluation in Australia.

Eternal Beauty Holdings

Market Cap: HK$2.8b

An investment holding company, engages in the retail, wholesale, and distribution of perfumes, skincare products, color cosmetics, personal care products, eyewear, and home fragrances in China, including Hong Kong and Macau.

Xiaocaiyuan International Holding

Market Cap: HK$10.5b

An investment holding company, engages in the restaurant business in the People’s Republic of China.

CPH Group

Market Cap: CHF 401.6m

Develops, manufactures, and distributes chemical products and packaging solutions for pharmaceutical customers in Europe, Asia, and North and South America.

Opera

Market Cap: US$1.3b

Provides mobile and PC web browsers and related products and services in Norway and internationally.