Global Undervalued Small Caps

FRP Advisory Group

Market Cap: UK£285.7m

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

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$543.3m

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

SaizeriyaLtd

Market Cap: JP¥248.1b

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.

ProCredit Holding

Market Cap: €481.8m

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

Trisul

Market Cap: R$1.1b

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

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.6b

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

Security Bank

Market Cap: ₱48.9b

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

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.

Aurelia Metals

Market Cap: AU$491.1m

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

Duc Giang Chemicals Group

Market Cap: ₫20.4t

Manufactures industrial products in Vietnam.

Bank BTPN Syariah

Market Cap: Rp7.7t

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

Grupa Pracuj

Market Cap: zł3.1b

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

McBride

Market Cap: UK£274.6m

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.

MotoMotion China

Market Cap: CN¥13.6b

Engages in the research, design, development, production, sale, and service of smart electric sofas and beds, chairs, and their accessories in China and internationally.

Gibraltar Industries

Market Cap: US$1.2b

Manufactures and provides products and services for the residential, agtech, and infrastructure markets in the United States and internationally.

Aviat Networks

Market Cap: US$298.3m

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

Martinrea International

Market Cap: CA$711.1m

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.

Village Farms International

Market Cap: US$328.0m

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

Energy Recovery

Market Cap: US$583.2m

Designs, manufactures, and sells energy efficiency technology solutions in the United States, North, South and Latin America, the Middle East, Northern Africa, Asia, and Europe.

Equasens Société anonyme

Market Cap: €563.7m

Provides healthcare IT solutions in Europe.

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.

Voxel

Market Cap: zł1.0b

Provides medical services in Poland.

Grupo SBF

Market Cap: R$2.4b

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

Telecom Plus

Market Cap: UK£948.4m

Provides utility services in the United Kingdom.

Flotek Industries

Market Cap: US$609.8m

Operates as a chemical and data analytics company in the United States, the United Arab Emirates, and internationally.

Cirrus Aircraft

Market Cap: HK$14.0b

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

Consun Pharmaceutical Group

Market Cap: HK$13.6b

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

Binastra Corporation Berhad

Market Cap: RM 2.2b

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

Da-Li DevelopmentLtd

Market Cap: NT$21.5b

Engages in the construction business in Taiwan and the United States.

Foresight Group Holdings

Market Cap: UK£454.5m

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$943.5m

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: ₩2.7t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

Luk Fook Holdings (International)

Market Cap: HK$13.1b

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.

Morimatsu International Holdings

Market Cap: HK$8.7b

Designs, manufactures, installs, operates, and maintains core equipment, process systems, and solutions primarily for chemical reactions, biological reactions, and polymerization.