Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

Carlsberg

Market Cap: US$103.5b

Produces and markets beer and other beverage products in Denmark, China, the United Kingdom, and internationally.

CEWE Stiftung KGaA

Market Cap: €671.9m

Operates as a photo service and online printing provider in Germany and internationally.

Aica Kogyo Company

Market Cap: €232.0b

Develops, produces, and sells chemical products, and laminates and building materials in Japan and internationally.

IG Group Holdings

Market Cap: UK£3.6b

A fintech company, engages in the online trading business in the United Kingdom, Ireland, the Asia-Pacific, the Middle East, the United States, Europe, and institutional and emerging markets.

Royalty Pharma

Market Cap: €20.4b

Operates as a buyer of biopharmaceutical royalties and a funder of innovation in the biopharmaceutical industry in the United States.

Semapa - Sociedade de Investimento e Gestão SGPS

Market Cap: €1.5b

Through its subsidiaries, produces and sells pulp, printing and writing papers, and tissues in Portugal, the rest of Europe, the United States, Africa, Asia, and Oceania.

q.beyond

Market Cap: €107.1m

Engages in the cloud, applications, artificial intelligence (AI), and security business in Germany and internationally.

Kalmar Oyj

Market Cap: €2.2b

Provides heavy material handling equipment and services for ports, terminals, distribution centres, manufacturing, and heavy logistics industries in the Americas, Europe, Asia, the Middle East, and Africa.

Luceco

Market Cap: €198.3m

Manufactures and distributes wiring accessories, LED lighting, and portable power products in the United Kingdom, the Americas, Europe, the Middle East, Africa, the Asia Pacific.

GFT Technologies

Market Cap: €473.0m

Provides digital transformation services.

TAKKT

Market Cap: €316.0m

Operates as a B2B direct marketing company for business equipment in Europe and North America.

Rainbow Tours

Market Cap: €1.8b

Operates as a tour operator in Poland, the Czech Republic, Greece, Spain, Turkey, Slovakia, Lithuania, and internationally.

Cheerwin Group

Market Cap: €3.0b

An investment holding company, manufactures and trades household insecticides and repellents, household cleaning, air care, personal care, pet stores and pet products, and other products in the People’s Republic of China.

PLDT

Market Cap: US$236.4b

Provides telecommunications and digital services in the Philippines.

Micro-Star International

Market Cap: NT$96.3b

Engages in the manufacture and sale of motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the United States, and internationally.

Pollard Banknote

Market Cap: €606.3m

Manufactures and sells lottery and charitable gaming products and solutions in the United States, Canada, and internationally.

Cosmo Pharmaceuticals

Market Cap: CHF 1.0b

Focuses on the development and commercialization products for gastroenterology, dermatology, and healthtech worldwide.

MINISO Group Holding

Market Cap: €6.8b

An investment holding company, engages in the retail and wholesale of design-led lifestyle and pop toy products in China, the rest of Asia, the Americas, Europe, Indonesia, and internationally.

Regeneron Pharmaceuticals

Market Cap: €58.5b

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

Ion Beam Applications

Market Cap: €306.1m

Designs, produces, and markets solutions for cancer diagnosis and treatments in Belgium, the United States, and internationally.

Transcontinental

Market Cap: €1.6b

Engages in the flexible packaging business in Canada, the United States, Latin America, the United Kingdom, and internationally.

Grand Pharmaceutical Group

Market Cap: €29.3b

An investment holding company, engages in the research and development, manufacture, and sale of pharmaceutical preparations and medical devices, biotechnology and healthcare products, and pharmaceutical raw materials.

Bertrandt

Market Cap: €181.9m

Provides engineering services.

INDUS Holding

Market Cap: €553.9m

A private equity firm specializing in mergers and acquisitions and corporate spin-offs.

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.

74Software

Market Cap: €1.1b

Operates as a software company in France.

Otsuka Holdings

Market Cap: €4.1t

Engages in the pharmaceuticals, nutraceuticals, consumer products, and other businesses worldwide.

Origin Enterprises

Market Cap: €412.0m

Provides agronomy services company in Ireland, the United Kingdom, Brazil, Poland, Romania, Latin America, and internationally.

Premier Foods

Market Cap: UK£1.7b

Manufactures, distributes, and sells branded and own label food products in the United Kingdom, other European countries, and internationally.

Huhtamäki Oyj

Market Cap: €3.1b

Provides packaging solutions in the United States, Germany, the United Kingdom, India, Turkey, Australia, Thailand, Poland, South Africa, Spain, Finland, and internationally.

Indofood Sukses Makmur

Market Cap: €67.2t

Operates as a food solutions company in Indonesia, the Middle East, Africa, the rest of Asia, and internationally.

MONY Group

Market Cap: UK£1.0b

Engages in the provision of price comparison and lead generation services through its websites and applications in the United Kingdom.

Mattel

Market Cap: €5.4b

A toy and family entertainment company, designs, manufactures, and markets toys and consumer products in North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific.

McBride

Market Cap: €213.7m

Manufactures and sells private label household and personal care products to retailers and brand owners in the United Kingdom, Germany, France, Italy, Spain, rest of Europe, Asia-Pacific, and internationally.It operates through five segments: Liquids, Powders, Unit dosing, Aerosols, and Asia Pacific.

Verallia Société Anonyme

Market Cap: €2.8b

Manufactures and sells glass packaging products for beverages and food products worldwide.