U.K. Undervalued Dividend Payers

Shell

Market Cap: UK£160.9b

Operates as an energy and petrochemical company Europe, Asia, Oceania, Africa, the United States, and other Americas.

Rio Tinto Group

Market Cap: UK£120.0b

Engages in exploring, mining, and processing mineral resources worldwide.

NatWest Group

Market Cap: UK£48.2b

Provides banking and financial products and services in the United Kingdom and internationally.

3i Group

Market Cap: UK£33.5b

A private equity firm specializing in mature companies, growth capital, middle markets, infrastructure, and management leveraged buyouts and buy-ins.

Associated British Foods

Market Cap: UK£13.8b

Engages in the food, ingredients, and retail businesses worldwide.

Smith & Nephew

Market Cap: UK£10.9b

Develops, manufactures, markets, and sells medical devices and services in the United Kingdom, the United States, and internationally.

Bunzl

Market Cap: UK£7.0b

Operates as a distribution and services company in the North America, Continental Europe, the United Kingdom, Ireland, and internationally.

Pearson

Market Cap: UK£5.7b

Provides educational courseware, assessments, and services in the United Kingdom, the United States, Canada, the Asia Pacific, other European countries, and internationally.

ICG

Market Cap: UK£4.9b

A private equity firm specializing in direct and fund of fund investments.

Convatec Group

Market Cap: UK£4.4b

Engages in the development, manufacturing, and sale of medical products, services and technologies in Europe, North America, and internationally.

Lion Finance Group

Market Cap: UK£4.2b

Through its subsidiaries, provides banking and financial services with focus on the Georgian and Armenian markets.

Autotrader Group

Market Cap: UK£4.0b

Operates an automotive platform in the United Kingdom.

Johnson Matthey

Market Cap: UK£3.9b

Engages in the clean air, catalyst and hydrogen technology, and platinum group metals (PGM) service businesses in the United Kingdom, Germany, rest of Europe, the United States, rest of North America, China, rest of Asia, and internationally.

Hikma Pharmaceuticals

Market Cap: UK£3.4b

Develops, manufactures, markets, and sells a range of generic, branded, and in-licensed pharmaceutical products.

Rightmove

Market Cap: UK£3.4b

Operates digital property advertising and information portal in the United Kingdom and internationally.

TBC Bank Group

Market Cap: UK£2.4b

Through its subsidiaries, provides banking, leasing, insurance, brokerage, and card processing services to corporate and individual customers in Georgia, Azerbaijan, and Uzbekistan.

Softcat

Market Cap: UK£2.3b

Operates as a value-added IT reseller and IT infrastructure solutions provider in the United Kingdom.

OSB Group

Market Cap: UK£2.1b

Through its subsidiaries, operates as a specialist mortgage lending company in the United Kingdom and India.

Greggs

Market Cap: UK£1.7b

Operates as a food-on-the-go retailer in the United Kingdom.

Paragon Banking Group

Market Cap: UK£1.6b

Provides financial products and services in the United Kingdom.

Keller Group

Market Cap: UK£1.3b

Provides specialist geotechnical services in North America, Europe, the Middle East, and the Asia-Pacific.

Vesuvius

Market Cap: UK£1.2b

Provides molten metal flow engineering and technology services to steel and foundry casting industries worldwide.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Genuit Group

Market Cap: UK£916.1m

Develops and produces solutions for water, climate, and ventilation management in the construction industry in the United Kingdom, rest of Europe, and internationally.

Kainos Group

Market Cap: UK£912.4m

Engages in the provision of digital technology services in the United Kingdom, Ireland, the Americas, Central Europe, and internationally.

Gamma Communications

Market Cap: UK£835.1m

Provides technology-based communications and software services to small, medium, and large-sized organizations in the United Kingdom, rest of Europe, and internationally.

A.G. BARR

Market Cap: UK£731.0m

Manufactures, distributes, and sells soft drinks and cocktail solutions in the United Kingdom and internationally.

Bytes Technology Group

Market Cap: UK£720.4m

Offers software, security, AI, and cloud services in the United Kingdom, Europe, and internationally.

M.P. Evans Group

Market Cap: UK£717.8m

Through its subsidiaries, owns and develops oil palm plantations in Indonesia and Malaysia.

Foresight Group Holdings

Market Cap: UK£470.8m

Operates as an infrastructure and private equity manager in the United Kingdom, Italy, Luxembourg, Ireland, Spain, and Australia.

Hilton Food Group

Market Cap: UK£456.1m

Engages in the food packing business.

Hollywood Bowl Group

Market Cap: UK£440.5m

Operates ten-pin bowling and mini-golf centers in the United Kingdom and Canada.

Marshalls

Market Cap: UK£438.4m

Manufactures and sells landscape, building, and roofing products in the United Kingdom and internationally.

Rank Group

Market Cap: UK£436.1m

Engages in provision of gaming services in the United Kingdom, Europe, and internationally.

NCC Group

Market Cap: UK£409.9m

Engages in the cyber security and software resilience business in the United Kingdom, the Asian-Pacific, North America, and Europe.

Forterra

Market Cap: UK£389.7m

Engages in the manufacturing and sale of building products made from clay and concrete in the United Kingdom.