Brazilian Potentially Undervalued Companies

Medical Properties Trust

Market Cap: R$3.6b

A self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities.

CPFL Energia

Market Cap: R$43.6b

Engages in the generation, transmission, distribution, and commercialization of electricity to residential, industrial, and commercial customers in Brazil.

Moura Dubeux Engenharia

Market Cap: R$1.2b

Provides real estate development services in Brazil.

Light

Market Cap: R$1.7b

Engages in the generation, transmission, distribution, and sale of electric power in Brazil.

Grazziotin

Market Cap: R$562.4m

Engages in the retail and wholesale business in Brazil.

Target

Market Cap: R$47.2b

Operates as a general merchandise retailer in the United States.

Mérito Desenvolvimento Imobiliário I FII - Fundo de Investimento Imobiliário

Market Cap: R$439.4m

Merito Desenvolvimento Imobiliario FII Fund specializes in real estate investments.

Bath & Body Works

Market Cap: R$6.6b

Operates as a specialty retailer of home fragrance, personal and body care, soaps, and sanitizer products.

Telefonaktiebolaget LM Ericsson

Market Cap: R$262.6b

Provides mobile connectivity solutions to communications service providers, enterprises, and the public sector.

Eneva

Market Cap: R$23.0b

Operates as an integrated power generation company in Brazil.

General Motors

Market Cap: R$46.4b

Designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide.

Valid Soluções

Market Cap: R$1.9b

Provides digital payment solutions in Brazil.

Airbnb

Market Cap: R$75.0b

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

Três Tentos Agroindustrial S/A

Market Cap: R$7.1b

Operates in the agribusiness sector in Brazil.

Paranapanema

Market Cap: R$78.4m

Produces and sells copper and its byproducts in Brazil and internationally.

Alupar Investimento

Market Cap: R$9.3b

Through its subsidiaries, engages in the transmission, generation, and development of electricity business in Brazil, Colombia, and Peru.

Engie Brasil Energia

Market Cap: R$31.9b

Generates, sells, and trades in electrical energy in Brazil.

Positivo Tecnologia

Market Cap: R$728.4m

Engages in the development, trading, and industrialization of information technology (IT) solutions in Brazil and internationally.

Triunfo Participações e Investimentos

Market Cap: R$211.7m

Triunfo Participações e Investimentos S.A.

WPP

Market Cap: R$6.4b

A creative transformation company, provides communications, experience, commerce, and technology services in North America, the United Kingdom, Western Continental Europe, the Asia Pacific, Latin America, Africa, the Middle East, and Central and Eastern Europe.

ZTO Express (Cayman)

Market Cap: R$15.8b

Provides express delivery and other value-added logistics services in the People's Republic of China.

CVC Brasil Operadora e Agência de Viagens

Market Cap: R$1.2b

Provides tourism services in Brazil and internationally.

Skyworks Solutions

Market Cap: R$10.3b

Designs, develops, manufactures, and markets proprietary semiconductor products in the United States, China, South Korea, Taiwan, Europe, the Middle East, Africa, and the rest of Asia-Pacific.

JHSF Participações

Market Cap: R$2.8b

Through its subsidiaries, engages in the real estate development business.

Azenta

Market Cap: R$1.6b

Provides biological and chemical compound sample exploration and management solutions for the life sciences market in the United States, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally.

BeiGene

Market Cap: R$28.8b

An oncology company, engages in discovering and developing various treatments for cancer patients in the United States, China, Europe, and internationally.

NOV

Market Cap: R$5.7b

Designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally.

HP

Market Cap: R$26.3b

Provides personal computing, printing, 3D printing, hybrid work, gaming, and other related technologies in the United States and internationally.

Fundo de Investimento Imobiliário - FII BTG Pactual Office Fund

Market Cap: R$1.1b

A real estate investment trust co-launched by BTG Pactual Serviços Financeiros and BTG Pactual Gestora de Recursos Ltda.

Wayfair

Market Cap: R$4.3b

Engages in the e-commerce business in the United States and internationally.

Humana

Market Cap: R$31.9b

Provides medical and specialty insurance products in the United States.

Klabin

Market Cap: R$23.4b

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

Boa Safra Sementes

Market Cap: R$1.4b

Produces and sells soybean seeds in Brazil.

QUALCOMM

Market Cap: R$168.8b

Engages in the development and commercialization of foundational technologies for the wireless industry worldwide.

Ford Motor

Market Cap: R$38.5b

Develops, delivers, and services Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles worldwide.

Usinas Siderúrgicas de Minas Gerais

Market Cap: R$7.0b

Manufactures and markets flat steel products in Brazil and internationally.