German Undiscovered Gems With Strong Fundamentals

Envirotainer

Market Cap: €401.0m

Develops, produces, and markets vacuum insulation panels and phase change materials in Germany, rest of European Union, and internationally.

FRoSTA

Market Cap: €629.5m

Develops, produces, and markets frozen food products in Germany, Poland, Austria, Italy, and Eastern Europe.

Darwin

Market Cap: €93.0m

Operates in the healthcare industry.

Deutsche Balaton

Market Cap: €248.5m

A private equity focusing on private equity investments in listed and unlisted companies, real estate investments and investments in other assets.

Freetrailer Group

Market Cap: €739.6m

A technology company, operates a sharing-economy platform for the free rental of trailers and cargo bikes in Denmark, Sweden, Germany, and the Netherlands.

Sparta

Market Cap: €125.6m

A publicly owned investment manager.

Westag

Market Cap: €137.8m

Manufactures and sells wood-based products for interior finishing and building construction in Germany and internationally.

Baader Bank

Market Cap: €331.8m

Provides investment and banking services in Europe.

Mineralbrunnen Überkingen-Teinach GmbH KGaA

Market Cap: €126.3m

Mineralbrunnen Überkingen-Teinach GmbH & Co.

Paul Hartmann

Market Cap: €795.6m

Manufactures and sells medical and care products in Germany, the rest of Europe, the Middle East, Africa, Asia and Pacific region, and the Americas.

Kazakhtelecom JSC

Market Cap: €463.8b

Provides telecommunication services to individuals and businesses in the Republic of Kazakhstan.

Funkwerk

Market Cap: €266.0m

Provides communication, information, and security systems in Germany, the European Union, the European Free Trade Association, and internationally.

centrotherm international

Market Cap: €190.5m

Provides production equipment and solutions for the photovoltaic, semiconductor, and microelectronic industries worldwide.

Veteranpoolen

Market Cap: €1.1b

Operates as a staffing company.

Quirin Privatbank

Market Cap: €147.6m

Primarily operates as an asset management company in Germany.

KHD Humboldt Wedag International

Market Cap: €90.0m

Provides engineering products and services for the cement industry.

Novabase S.G.P.S

Market Cap: €335.9m

Through its subsidiaries, provides IT consulting and services in Portugal, rest of Europe, Africa, the Middle East, and internationally.

BAUER

Market Cap: €223.8m

Provides services, equipment, and products related to ground and groundwater in Germany, Europe, the Middle East, the Asia Pacific, the Americas., and Africa.

Merkur PrivatBank KgaA

Market Cap: €143.1m

Provides various private banking products and services in Germany.

Angler Gaming

Market Cap: €221.2m

Invests in companies that offer gaming services through the internet in Malta.

Waberer's International Nyrt

Market Cap: €230.0m

Provides transportation, forwarding, and logistics services in Europe and internationally.

IVU Traffic Technologies

Market Cap: €361.0m

Develops, installs, maintains, and operates integrated IT solutions for buses and trains worldwide.

MEDICLIN

Market Cap: €169.1m

Operates hospitals in Germany.

LIMES Schlosskliniken

Market Cap: €103.2m

Operates private clinics for psychiatry, psychotherapy, and psychosomatics services in Germany, Switzerland, and Liechtenstein.

Aumann

Market Cap: €155.8m

Manufactures and sells specialized machines and production lines for electromobility, automation, and robot applications in Germany, rest of Europe, the United States, Canada, Mexico, China, and internationally.

Uzin Utz

Market Cap: €360.7m

Develops, manufactures, and sells construction chemical system products in Germany, the United States, Netherlands, and internationally.

SNP Schneider-Neureither & Partner

Market Cap: €486.5m

Provides software for management of digital transformation processes in Germany.

HMS Bergbau

Market Cap: €211.7m

Engages in trading and distributing coal and other energy raw materials to energy producers, cement manufacturers, and industrial consumers worldwide.

Eckert & Ziegler

Market Cap: €936.7m

Manufactures and sells isotope technology components worldwide.

innoscripta

Market Cap: €867.0m

Provides software-as-a-service for managing research and development (R&D) tax incentives and project management consulting in Germany.

Steyr Motors

Market Cap: €188.8m

Engages in manufacturing and selling diesel engines for commercial and military vehicles worldwide.

Masterflex

Market Cap: €128.9m

Develops, manufactures, and distributes high-tech hoses and connecting systems for various industrial and manufacturing applications in Germany, Rest of Europe, and internationally.

Serviceware

Market Cap: €193.7m

Provides a portfolio of software solutions for the digitalization and automation of service processes in Germany, Austria, Switzerland, and internationally.

CeoTronics

Market Cap: €105.3m

Manufactures and distributes electronic audio and video systems, and data transmission and communication solutions for difficult conditions in Germany, rest of Europe, and internationally.

Ernst Russ

Market Cap: €235.2m

A publicly owned investment manager.

MBB

Market Cap: €1.1b

Engages in the acquisition and management of medium-sized companies primarily in the technology and engineering sectors in Germany and internationally.