Global Undiscovered Gems With Strong Fundamentals

Wilson Bank Holding

Market Cap: US$486.6m

Operates as the bank holding company for Wilson Bank and Trust that provides various banking services to individuals, professionals, and small businesses in Tennessee.

First National Bank of Botswana

Market Cap: P13.2b

Provides various banking and related products and services to individuals, businesses, corporates, and private clients in Botswana.

Inversiones Doalca SOCIMI

Market Cap: €154.2m

Inversiones Doalca Socimi, S.A., a real estate investment company, leases and rents real estate properties in Spain.

Innovex International

Market Cap: US$1.0b

Designs, manufactures, sells, and rents mission critical engineered products to the oil and natural gas industry worldwide.

Itafos

Market Cap: CA$438.8m

Operates as a phosphate and specialty fertilizer company.

Transcorp Power

Market Cap: ₦2.7t

Engages in the generation and sale of electric power in Nigeria and internationally.

Chilanga Cement

Market Cap: K5.6b

Engages in the manufacture and sale of cement products in Zambia.

Solesence

Market Cap: US$197.7m

A science-driven company, develops, manufactures, and sells integrated family of technologies in the United States.

Nigerian Aviation Handling

Market Cap: ₦165.4b

Provides aircraft and cargo handling, passenger handling, passenger profiling, and crew transportation services in Nigeria.

Teekay

Market Cap: US$650.8m

Provides crude oil marine transportation and other marine services worldwide.

NSIA Banque Société Anonyme

Market Cap: XOF 205.5b

Provides various banking products and services.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 230.5b

Engages in the manufacture and sale of beer, soft drinks, mineral water, alcomixes, and energy drink products.

Conoil

Market Cap: ₦229.8b

Conoil Plc markets refined petroleum products, and manufactures and markets lubricants, household, and liquefied petroleum gas (LPG) in Nigeria.

Zambia Sugar

Market Cap: K12.7b

Engages in growing of sugar cane in Zambia, the Democratic Republic of Congo, Kenya, and South Africa.

Maistra d.d

Market Cap: €514.4m

Engages in the hotel business in Croatia.

La Forestière Equatoriale

Market Cap: €137.1m

Does not have any significant operations.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 62.4b

Processes heavy bitumen crude in Africa.

Capricorn Group

Market Cap: R10.9b

An investment holding company, engages in the banking, microlending, and related businesses in Namibia, Botswana, and Zambia.

Misr Beni Suef CementE

Market Cap: ج.م5.1b

Produces and sells cement products in Egypt and internationally.

FRMO

Market Cap: US$361.9m

Through Horizon Kinetics, LLC, operates as an investment advisory and independent research company in the United States.

Suez Canal Company for Technology Settling (S.A.E)

Market Cap: ج.م11.4b

Engages in the establishment and management of technological zones, scientific incubators, and training centers for the preparation of researchers and the transfer of technology, and the provision of related services.

Zona Franca de Iquique

Market Cap: CL$203.5b

Operates premises for wholesale and retail business centers in the duty-free zones of South America.

Reitar Logtech Holdings

Market Cap: US$227.2m

Through its subsidiaries, provides construction management and engineering design services.

Oakworth Capital

Market Cap: US$152.0m

Operates as a bank holding company for Oakworth Capital Bank that provides range of banking services in the United States.

Bank of Africa Mali

Market Cap: XOF 71.4b

Provides various banking products and services to individuals, business customers, and SMEs in Mali.

Greenfire Resources

Market Cap: US$316.0m

Engages in the exploration, development, and operation of oil and gas properties in the Athabasca oil sands region of Alberta, Canada.

Procimmo Group

Market Cap: CHF 225.2m

A holding company, engages in the investment, management, and sale of real estate properties in Switzerland.

Castellana Properties Socimi

Market Cap: €893.4m

As of December 20, 2016, Castellana Properties Socimi, S.A.

Pure Cycle

Market Cap: US$258.1m

Provides wholesale water and wastewater services in the United States.

First IC

Market Cap: US$172.7m

Operates as the bank holding company for First IC Bank that provides retail and commercial banking products and services in the United States.

Grendene

Market Cap: R$5.0b

Engages in the development, production, distribution, and sale of footwear for women, men, and children in Brazil and internationally.

Sociedad Matriz SAAM

Market Cap: CL$1.2t

Through its subsidiaries, provides tugboat services, air cargo logistics, and real estate rentals in South America, Central America, and North America.

Sociedad Eléctrica del Sur Oeste

Market Cap: S/714.3m

Engages distribution of electricity in Peru.

Practic

Market Cap: RON 567.2m

Engages in the lease and sublease of real estate properties in Romania.

Industrias del Cobre Sociedad Anónima

Market Cap: S/762.2m

Engages in the manufacture and sale of cables and electrical and telecommunication conductors in Peru and internationally.

MAPFRE Middlesea

Market Cap: €133.4m

Provides non-life and life insurance to individuals, small and medium enterprises, professionals, and businesses in Malta.