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.

Practic

Market Cap: RON 567.2m

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

MAPFRE Middlesea

Market Cap: €133.4m

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

Innovex International

Market Cap: US$1.0b

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

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.

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.6b

Engages in the development and manufacture of generic and in-licensed medicines in Bulgaria.

Solesence

Market Cap: US$238.4m

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

Lampsa Hellenic Hotels

Market Cap: €790.5m

Operates hotels primarily in Greece, Cyprus, and Serbia.

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.

Zambia Sugar

Market Cap: K12.7b

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

Central Bancompany

Market Cap: US$1.4b

Operates as a multi-bank holding company.

Transcorp Power

Market Cap: ₦2.5t

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

Oakworth Capital

Market Cap: US$153.5m

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

Reitar Logtech Holdings

Market Cap: US$223.5m

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

Standard Bank

Market Cap: MK 2.2t

Provides banking and other related services in Malawi.

Bank of Africa Mali

Market Cap: XOF 70.7b

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

La Forestière Equatoriale

Market Cap: €137.1m

Does not have any significant operations.

Morris State Bancshares

Market Cap: US$219.4m

Operates as the bank holding company for Morris Bank that provides various financial services to individuals and small businesses in Georgia.

Castellana Properties Socimi

Market Cap: €893.4m

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

Teekay

Market Cap: US$666.6m

Provides crude oil marine transportation and other marine services worldwide.

Capricorn Group

Market Cap: R10.9b

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

Qudian

Market Cap: US$492.1m

Operates as a consumer-oriented technology company in the People’s Republic of China.

FRMO

Market Cap: US$367.7m

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

Valhi

Market Cap: US$490.6m

Engages in the chemicals, component products, and real estate management and development businesses in Europe, North America, the Asia Pacific, and internationally.

Itafos

Market Cap: CA$442.4m

Operates as a phosphate and specialty fertilizer company.

NSIA Banque Société Anonyme

Market Cap: XOF 214.9b

Provides various banking products and services.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 246.8b

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

Pure Cycle

Market Cap: US$251.8m

Provides wholesale water and wastewater services in the United States.

Conoil

Market Cap: ₦229.8b

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

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.

Zona Franca de Iquique

Market Cap: CL$214.9b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 63.8b

Processes heavy bitumen crude in Africa.

Yulie Sekuritas Indonesia

Market Cap: Rp4.3t

Operates as a securities company in Indonesia.

Grendene

Market Cap: R$4.8b

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

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Shangri-La Hotel

Market Cap: ฿6.0b

Operates hotels in Bangkok and Chiang Mai provinces.