German Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

Life Healthcare Group Holdings

Market Cap: €14.8b

An investment holding company, operates as a private healthcare company in Southern Africa.

Deezer

Market Cap: €131.2m

Provides music, lossless HiFi audio, and industry-defining features on a scalable platform in France, Germany, the United Kingdom, Brazil, the United States, and internationally.

QinetiQ Group

Market Cap: €2.1b

Provides science and technology solution in the defense, security, and infrastructure markets in the United States, Australia, Canada, and Germany.

Vontier

Market Cap: €4.2b

Provides mobility ecosystem solutions worldwide.

TF1

Market Cap: €1.4b

Operates as a media and entertainment company, primarily engages in television broadcasting, content creation, and distribution of audiovisual rights in France, Continental Europe, and internationally.

TAL Education Group

Market Cap: €5.3b

Provides smart learning solutions in the People’s Republic of China.

Arcos Dorados Holdings

Market Cap: €1.8b

Operates as a franchisee of McDonald’s restaurants.

Havas

Market Cap: €1.7b

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

NetEase

Market Cap: €600.7b

Engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally.

Astra International

Market Cap: €190.7t

Operates in the automotive, financial services, heavy equipment, mining, construction, energy, agri, infrastructure and logistics, information technology, and property businesses in Indonesia and internationally.

Regis Resources

Market Cap: €5.0b

Engages in the exploration, evaluation, and development of gold projects in Australia.

HORNBACH Holding KGaA

Market Cap: €1.3b

Through its subsidiaries, develops and operates do-it-yourself (DIY) megastores with garden centers in Germany and other European countries.

Vusion

Market Cap: €2.0b

Engages in the provision of digitalization solutions for commerce in France, rest of Europe, the Middle East, Africa, Asia, and the Americas.

DNO

Market Cap: €16.2b

Engages in the exploration, development, and production of oil and gas assets in the Middle East, the North Sea, and West Africa.

Japan Lifeline

Market Cap: €89.9b

A medical device company, engages in manufacturing and sale of medical device in Japan.

Kalmar Oyj

Market Cap: €2.4b

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.

GE HealthCare Technologies

Market Cap: €29.9b

Engages in the development, manufacture, and marketing of products, services, and complementary digital solutions used in the diagnosis, treatment, and monitoring of patients in the United States, Canada, and internationally.

Aegean Airlines

Market Cap: €1.2b

Operates as an airline company that engages in the provision of public airline transportation services in Greece and internationally.

Antam (Persero)

Market Cap: €65.1t

Operates as a diversified metals and mining company in Indonesia.

Fresenius SE KGaA

Market Cap: €22.4b

A health care company, provides products and services for chronically ill patients in North America, Europe, the Asia-Pacific, Latin America, and Africa.

Mears Group

Market Cap: €339.0m

Provides various outsourced services to the public and private sectors in the United Kingdom.

MINISO Group Holding

Market Cap: €3.5b

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

Pepper Money

Market Cap: €703.0m

Operates as a non-bank lender in the mortgage and asset finance markets in Australia and New Zealand.

Arnoldo Mondadori Editore

Market Cap: €531.7m

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

GFT Technologies

Market Cap: €522.8m

Provides digital transformation services.

Bosideng International Holdings

Market Cap: €45.9b

Engages in the apparel business in the People’s Republic of China.

China Water Affairs Group

Market Cap: €7.3b

An investment holding company, engages in the water supply, environmental protection, and property businesses in the People’s Republic of China.

DOF Group

Market Cap: €28.1b

Owns and operates a fleet of offshore and subsea vessels.

Bouvet

Market Cap: €4.4b

Provides consultancy services in the fields of information technology and digital communication for public and private sectors in Norway, Sweden, and internationally.

Yuexiu Transport Infrastructure

Market Cap: €6.2b

Invests in, constructs, develops, operates, and manages expressways and bridges in the People’s Republic of China.

Green Tea Group

Market Cap: €4.0b

Operates casual Chinese restaurants in Mainland China.

Globus Medical

Market Cap: €11.7b

Develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally.

China Hongqiao Group

Market Cap: €197.8b

An investment holding company, manufactures and sells aluminum products in the People's Republic of China, India, Europe, Malaysia, North America, the rest of Southeast Asia, and internationally.

TotalEnergies

Market Cap: €151.8b

An integrated energy company, produces and markets oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables, and electricity in France, the United States, Europe, Brazil, India, and internationally.

Forward Air

Market Cap: €470.3m

Operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada.