Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

First National Bank of Botswana

Market Cap: P13.9b

Provides various banking and related products and services to individuals, and large and small businesses in Botswana.

KABE Group AB (publ.)

Market Cap: SEK 1.8b

Engages in the construction and sale of caravans, motorhomes, and camping accessories in Sweden, the United Kingdom, Germany, Norway, Finland, Denmark, Poland, and internationally.

Dekpol

Market Cap: zł654.0m

Dekpol S.A. primary engages in the general contracting and steel structures and equipment businesses in Poland.

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €91.2m

Provides electronic toll collection systems in France, rest of the European Union, rest of Europe, Asia, the Americas, and Africa.

VNV Global

Market Cap: SEK 2.7b

VNV Global AB (publ) formerly known as Vostok New Ventures Ltd., is a private equity and venture capital firm specializing in growth capital, buyout investments, incubation, seed/startup, early venture, mid venture, late venture.

Evergent Investments

Market Cap: RON 2.4b

A publicly owned investment manager.

Dn Agrar Group

Market Cap: RON 445.5m

Engages in the production of cow milk.

Acsion

Market Cap: R3.3b

Engages in property holding and development activities in South Africa and internationally.

Inmocemento

Market Cap: €1.6b

Through its subsidiaries, engages in the cement and real estate businesses in Spain and internationally.

Namibia Breweries

Market Cap: R6.2b

Engages in brewing and distribution of alcoholic beverages, and manufacture of soft drinks in Namibia and South Africa.

Sociedad Matriz SAAM

Market Cap: CL$1.4t

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

SALUS Ljubljana d. d

Market Cap: €401.1m

Engages in the distribution, promotion, sales services, and value-added services for medicinal products or medical devices in Slovenia and internationally.

Wema Bank

Market Cap: ₦758.2b

Provides banking and other financial services to corporate and individual customers in Nigeria.

Transnational Corporation of Nigeria

Market Cap: ₦428.8b

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

Capricorn Group

Market Cap: R13.2b

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

Empresas Lipigas

Market Cap: CL$941.1b

Engages in the distribution and sale of liquefied petroleum gas (LPG), natural gas (NG), and liquefied natural gas (LNG) in Chile, Peru, and Colombia.

Marmaris Altinyunus Turistik Tesisler

Market Cap: ₺7.0b

Marmaris Altinyunus Turistik Tesisler A.S.

Nigerian Aviation Handling

Market Cap: ₦202.6b

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

First Investment Bank AD

Market Cap: лв867.7m

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

RÁBA Jármuipari Holding Nyrt

Market Cap: Ft47.4b

Manufactures and sells vehicle components in Hungary, Germany, rest of Europe, the United States, Asia, and Australia.

Bosch Fren Sistemleri Sanayi ve Ticaret

Market Cap: ₺19.6b

Bosch Fren Sistemleri Sanayi ve Ticaret A.S.

Master Drilling Group

Market Cap: R2.4b

An investment holding company, provides specialized drilling services to blue chip major and mid-tier companies in the mining, civil engineering, construction, and hydroelectric power sectors.

Colorado

Market Cap: د.م1.3b

Manufactures and distributes various paints in Morocco and internationally.

Central Cooperative Bank AD

Market Cap: лв235.2m

A commercial bank, provides various financial products and services.

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺32.9b

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

Sopharma AD

Market Cap: лв1.5b

Produces, distributes, and exports pharmaceutical products in Europe, Bulgaria, and internationally.

Caisse Régionale de Crédit Agricole Mutuel Brie Picardie Société coopérative

Market Cap: €1.5b

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

AB Akola Group

Market Cap: €305.7m

Through its subsidiaries, engages in the production, preparation, and sale of agricultural and food products in Lithuania, Scandinavian, rest of Europe, Africa, Asia, and CIS countries.

Cyprus Cement

Market Cap: €172.8m

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

Smart Organic AD

Market Cap: лв362.9m

Produces and distributes organic food products in Bulgaria, the European Union, Asia, and the Americas.

Blume Metal Kimya Anonim Sirketi

Market Cap: ₺7.9b

Operates in the tourism, construction, and energy sectors in Turkey.

Sönmez Filament Sentetik Iplik ve Elyaf Sanayi

Market Cap: ₺11.0b

Sönmez Filament Sentetik Iplik ve Elyaf Sanayi A.S.

GB Holdings

Market Cap: US$55.0m

Produces rubber and chemical products in Zimbabwe.

Famous Brands

Market Cap: R5.4b

Through its subsidiaries, operates as a quick service and casual dining restaurant franchisor in the United Kingdom, South Africa, South African Development Community, the Middle East, and Rest of Africa.

Chobe Holdings

Market Cap: P1.7b

Through its subsidiaries, engages in owning and operating ecotourism lodges and camps on leased lands in northern Botswana and the Caprivi Strip in Namibia.