Global Undiscovered Gems With Strong Fundamentals

Bank of Africa Mali

Market Cap: XOF 84.1b

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 279.4b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 66.3b

Processes heavy bitumen crude in Africa.

Pure Cycle

Market Cap: US$256.4m

Provides wholesale water and wastewater services in the United States.

Cyprus Cement

Market Cap: €128.9m

Engages in the manufacturing and sale of cement and related business in Cyprus.

FRMO

Market Cap: US$368.0m

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

Evergent Investments

Market Cap: RON 1.3b

A publicly owned investment manager.

Linc

Market Cap: SEK 4.0b

A private equity and venture capital firm, specializing in early and mature stage investments in pharmaceutical, life-science and med-tech companies.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €408.5m

Operates as a cooperative bank in France.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

Invests in, operates, and manages duty-free shops.

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺24.9b

Gür-Sel Turizm Tasimacilik ve Servis Ticaret A.S.

Caisse Régionale de Crédit Agricole Mutuel Brie Picardie Société coopérative

Market Cap: €1.2b

Provides a range of banking and financial products and services to individuals, farmers, professionals, businesses, and public authorities in France.

Conoil

Market Cap: ₦167.6b

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

Nigerian Aviation Handling

Market Cap: ₦159.7b

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

Metalpha Technology Holding

Market Cap: US$156.0m

Provides wealth management services in Hong Kong.

Vantage

Market Cap: US$118.8m

Provides shipbroking services to the oil tanker industry in Singapore and Dubai.

NSIA Banque Société Anonyme

Market Cap: XOF 217.7b

Provides various banking products and services.

MAPFRE Middlesea

Market Cap: €137.1m

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

Gulf Island Fabrication

Market Cap: US$109.7m

Operates as a fabricator of steel structures and modules in the United States.

Dekpol

Market Cap: zł486.7m

Dekpol S.A. primary engages in the general contracting and property development businesses in Poland.

Martifer SGPS

Market Cap: €208.3m

Operates in the metallic constructions and renewable energy development sectors in Portugal, Angola, Saudi Arabia, Europe, and internationally.

Sparta

Market Cap: €86.8m

A publicly owned investment manager.

FineMark Holdings

Market Cap: US$334.7m

Operates as the holding company for FineMark National Bank & Trust that provides various banking products and financial services to individual and corporate clients.

Valhi

Market Cap: US$446.5m

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

First Investment Bank AD

Market Cap: лв745.4m

Provides various banking products and services to individuals and corporate clients in Bulgaria and Cyprus.

Zona Franca de Iquique

Market Cap: CL$238.2b

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

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €91.2m

Designs, develops, manufactures, integrates, installs, and maintains electronic and computerized toll collection systems.

Transcorp Power

Market Cap: ₦2.5t

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

Alumil Aluminium Industry

Market Cap: €159.5m

Engages in the design, development, and production of aluminum architectural systems in Greece and internationally.

Kirac Galvaniz Telekominikasyon Metal Makine Insaat Elektrik Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺6.2b

Operates as a guardrail supplier company in Turkey.

Lavipharm

Market Cap: €128.9m

Engages in the research, development, manufacture, import, marketing, sale, and wholesale of pharmaceutical, cosmetics, and healthcare products to physicians and pharmacists in Greece and internationally.

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.6b

A real estate investment trust.

Transnational Corporation of Nigeria

Market Cap: ₦468.0b

Together with the subsidiaries, engages in the power, oil and gas, and hospitality businesses in Nigeria.

Viohalco

Market Cap: €1.5b

Through its subsidiaries, manufactures, and sells aluminium, copper, cables, and steel and steel pipe products.

Purple Group

Market Cap: R2.0b

A financial services and technology company, engages in trading platforms, fractional property and crypto asset investing, retirement fund administration, and asset management businesses in South Africa.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.