Brazilian Potentially Undervalued Companies

Silicon Laboratories

Market Cap: R$3.5b

A fabless semiconductor company, provides various analog-intensive mixed-signal solutions in the United States, China, Taiwan, and internationally.

Elevance Health

Market Cap: R$102.9b

Operates as a health benefits company in the United States.

Americold Realty Trust

Market Cap: R$5.8b

Americold is a global leader in temperature-controlled logistics real estate and value added services.

Globe Life

Market Cap: R$10.7b

Through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States.

PACCAR

Market Cap: R$48.5b

Designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally.

BorgWarner

Market Cap: R$6.0b

Provides solutions for combustion, hybrid, and electric vehicles worldwide.

Gaming and Leisure Properties

Market Cap: R$14.0b

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

Vimeo

Market Cap: R$806.1m

Provides video software solutions in the United States and internationally.

Ultragenyx Pharmaceutical

Market Cap: R$3.2b

A biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare genetic diseases in North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific.

Gold Fields

Market Cap: R$346.9b

Operates as a gold producer with reserves and resources in Australia, South Africa, Ghana, Peru, Chile, and Canada.

Equatorial

Market Cap: R$41.6b

Through its subsidiaries, engages in the electricity generation, distribution, and transmission operations in Brazil.

Klabin

Market Cap: R$22.6b

Produces and exports packaging paper and sustainable paper packaging solutions in Brazil and internationally.

Lockheed Martin

Market Cap: R$101.4b

An aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide.

Caterpillar

Market Cap: R$137.7b

Manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally.

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Market Cap: R$2.2b

Engages in the acquisition, development, exploration, and sale of agricultural activities in Brazil, Paraguay, and Bolivia.

Hapvida Participações e Investimentos

Market Cap: R$15.8b

Operates in the health sector in Brazil.

Fertilizantes Heringer

Market Cap: R$212.7m

Engages in the production and sale of fertilizers in Brazil.

Brava Energia

Market Cap: R$8.5b

Engages in the exploration and production of oil and natural gas in Brazil.

Kilroy Realty

Market Cap: R$3.6b

Kilroy Realty Corporation (NYSE: KRC, the “Company”, “Kilroy”) is a leading U.S.

Armac Locação Logística e Serviços

Market Cap: R$1.4b

Engages in leasing machines, equipment, and services in Brazil.

BlackLine

Market Cap: R$2.8b

Provides cloud-based solutions to automate and streamline accounting and finance operations in the United States and internationally.

Gap

Market Cap: R$7.2b

Operates as an apparel retail company.

Advance Auto Parts

Market Cap: R$2.1b

Engages in the provision of automotive aftermarket parts in the United States and internationally.

Banco do Estado do Rio Grande do Sul

Market Cap: R$4.7b

A multiple-service bank, provides a range of banking products and services primarily in Brazil.

GeoPark

Market Cap: R$336.3m

Operates as an oil and natural gas exploration and production company primarily in Chile, Colombia, Brazil, Argentina, Ecuador, and other Latin American countries.

New Oriental Education & Technology Group

Market Cap: R$7.3b

New Oriental Education & Technology Group Inc.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: R$32.7b

Through its subsidiaries, engages in the generation, transmission, distribution, and sale of energy in Brazil.

Honda Motor

Market Cap: R$5.5t

Develops, manufactures, and distributes motorcycles, automobiles, power, and other products in Japan, North America, Europe, Asia, and internationally.

Airbnb

Market Cap: R$66.3b

Operates a platform that enables hosts to offer stays and experiences to guests worldwide.

NXP Semiconductors

Market Cap: R$40.8b

Offers various semiconductor products in China, the United States, Germany, Japan, Singapore, South Korea, Mexico, the Netherlands, Taiwan, and internationally.

Mohawk Industries

Market Cap: R$6.6b

Designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally.