Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

Spectrum Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes oncology drug products.

China Foods

Market Cap: HK$7.8b

An investment holding company, manufactures, distributes, markets, and sells Coca-Cola series products in the People’s Republic of China.

Morgan Advanced Materials

Market Cap: UK£553.7m

Manufactures and sells various carbon and ceramic products.

Econocom Group

Market Cap: €305.0m

Designs and develops digital solutions for public and private companies in Belgium and internationally.

Valeura Energy

Market Cap: €880.7m

Engages in the exploration, development, and production of petroleum and natural gas in Thailand and in Turkey.

Arcadis

Market Cap: €3.7b

Offers design, engineering, architecture, and consultancy solutions for natural and built assets in The Americas, Europe, the Middle East, and the Asia Pacific.

Sanofi

Market Cap: €98.7b

A healthcare company, engages in the research, development, manufacture, and marketing of therapeutic solutions in the United States, Europe, and internationally.

Avantor

Market Cap: US$7.8b

Engages in the provision of mission-critical products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa.

TotalEnergies

Market Cap: US$116.1b

A multi-energy company, produces and markets oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables, and electricity in France, rest of Europe, and internationally.

Havas

Market Cap: €1.5b

Provides communications and marketing services in France, the United Kingdom, rest of Europe, North America, Latin America, the Asia-Pacific, and Africa.

Motiva Infraestrutura de Mobilidade

Market Cap: R$25.8b

Provides infrastructure services for highway, rail, and airport concessions in Brazil.

Sanofi

Market Cap: €98.7b

A healthcare company, engages in the research, development, manufacture, and marketing of therapeutic solutions in the United States, Europe, and internationally.

USCB Financial Holdings

Market Cap: US$325.1m

Operates as the bank holding company for U.S.

Sinoma International EngineeringLtd

Market Cap: CN¥24.2b

Engages in the engineering, equipment manufacture and supply, and other businesses in China and internationally.

Arnoldo Mondadori Editore

Market Cap: €526.9m

Engages in publishing of books and magazines in Italy, rest of Europe, and the United States.

Corpovael. de

Market Cap: Mex$1.0b

Engages in the design, urbanization, construction, promotion, and sale of homes in Mexico.

Blau Farmacêutica

Market Cap: R$2.2b

A pharmaceutical company provides high-complpexity drugs in Brazil, Argentina, Chile, Colombia, Uruguay, Ecuador, Peru, and the United States.

Renault

Market Cap: €8.8b

Engages in the design, manufacture, sale, repair, maintenance, and leasing of motor vehicles in Europe, Eurasia, Africa, the Middle East, the Asia Pacific, and the Americas.

Merchants Bancorp

Market Cap: US$1.4b

Operates as the diversified bank holding company in the United States.

Robert Walters

Market Cap: UK£89.8m

Provides professional recruitment consultancy services worldwide.

Cabka

Market Cap: €47.1m

Manufactures and sells pallets and large containers made from recycled plastic in Europe, North America, and internationally.

Regeneron Pharmaceuticals

Market Cap: €58.4b

Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines for treating various diseases worldwide.

Anhui Honglu Steel Construction(Group)

Market Cap: CN¥12.2b

Manufactures and sells steel structures and supporting products in China and internationally.

CES Energy Solutions

Market Cap: €1.6b

Engages in the design, implementation, and manufacture of advanced consumable fluids and specialty chemicals in the United States and Canada.

Angel Oak Mortgage REIT

Market Cap: US$217.0m

A real estate finance company, focuses on acquiring and investing in first lien non- qualified mortgage loans and other mortgage-related assets in the United States mortgage market.

Thungela Resources

Market Cap: €12.2b

Engages in the mining and production of thermal coal in South Africa and Australia.

Grafton Group

Market Cap: €1.7b

Distributes and sells building materials and construction related products in Ireland, the United Kingdom, the Netherlands, Finland, and Spain.

H.G. Infra Engineering

Market Cap: ₹64.7b

Engages in the engineering, procurement, and construction (EPC) business in India.

Alibaba Group Holding

Market Cap: US$268.7b

Through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally.

d'Amico International Shipping

Market Cap: €431.4m

Through its subsidiaries, operates as a marine transportation company worldwide.

ShenZhen YUTO Packaging Technology

Market Cap: CN¥22.3b

ShenZhen YUTO Packaging Technology Co., Ltd.

1st Source

Market Cap: US$1.4b

Operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients in the United States.

TEGNA

Market Cap: US$2.5b

Operates as a journalism company in the United States.

CTO Realty Growth

Market Cap: €538.2m

A publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States.

KBR

Market Cap: US$6.4b

Provides scientific, technology, and engineering solutions to governments and commercial customers worldwide.

Business First Bancshares

Market Cap: US$684.7m

Operates as the bank holding company for b1BANK that provides various banking products and services in Louisiana and Texas.