German Capital Goods Potentially Undervalued Companies

American Woodmark

Market Cap: €963.0m

Manufactures and distributes kitchen, bath, and home organization products for the remodeling and new home construction markets in the United States.

Ashtead Group

Market Cap: €21.6b

Engages in the construction, industrial, and general equipment rental business under the Sunbelt Rentals brand name in the United States, the United Kingdom, and Canada.

INFRONEER Holdings

Market Cap: €380.6b

Provides infrastructure services in Japan.

Savaria

Market Cap: €1.5b

Provides accessibility solutions for the elderly and physically challenged people in Canada, the United States, Europe, and internationally.

2G Energy

Market Cap: €579.5m

Manufactures systems for decentralized energy supply in Germany and internationally.

DIRTT Environmental Solutions

Market Cap: €151.4m

Operates as an interior construction company in Canada.

Energoaparatura

Market Cap: €57.8m

Operates in construction and assembly services business in Poland.

Wajax

Market Cap: €529.3m

Provides industrial products and services in Canada.

MISUMI Group

Market Cap: €649.3b

Engages in the factory automation (FA) and die component businesses in Japan, China, rest of Asia, the Americas, Europe, and internationally.

Mitsubishi Electric

Market Cap: €7.9t

Develops, manufactures, sells, and distributes electrical and electronic equipment in Japan, North America, rest of Asia, Europe, and internationally.

Leonardo

Market Cap: €30.5b

An industrial and technological company, engages in the helicopters, defense electronics and security, cyber security and solutions, aircraft, aerostructures, and space sectors in Italy, the United Kingdom, rest of Europe, the United States of America, and internationally.

Maire

Market Cap: €4.1b

MAIRE S.p.A. develops and implements various solutions to enable the energy transition.

Thales

Market Cap: €52.6b

Provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide.

DEUTZ

Market Cap: €1.4b

Develops, manufactures, and sells diesel and gas engines in Germany, Rest of Europe, the Middle East, Africa, the Asia Pacific, and the United States.

Ponsse Oyj

Market Cap: €707.9m

Operates as manufacturer of cut-to-length forest machines Nordic and Baltic countries, Central and Southern Europe, South America and North America, Asia, Australia, and Africa.

Hydrofarm Holdings Group

Market Cap: €18.0m

Manufactures and distributes hydroponics equipment and supplies for controlled environment agriculture (CEA) in the United States and Canada.

Azelis Group

Market Cap: €3.6b

Engages in the distribution and sale of specialty chemicals and food ingredients.

NGK Insulators

Market Cap: €713.6b

Manufactures and sells electric power related equipment in Japan, rest of Asia, North America, Europe, and internationally.

Harbin Electric

Market Cap: €27.3b

Manufactures and sells power plant equipment in the People’s Republic of China, the rest of Asia, Africa, Europe, and the United States.

DEUTZ

Market Cap: €1.4b

Develops, manufactures, and sells diesel and gas engines in Germany, Rest of Europe, the Middle East, Africa, the Asia Pacific, and the United States.

Makino Milling Machine

Market Cap: €269.0b

Engages in the manufacture, sale, and maintenance of machine tools in Japan, Asia, the United States, Europe, and internationally.

Norconsult

Market Cap: €15.0b

Provides consultancy services with focus on community planning, engineering design, and architecture in the Nordics and internationally.

Zoomlion Heavy Industry Science and Technology

Market Cap: €66.6b

Zoomlion Heavy Industry Science and Technology Co., Ltd.

Hexagon Purus

Market Cap: €701.9m

Provides hydrogen and battery energy storage solutions.

Commercial Vehicle Group

Market Cap: €59.7m

Together its subsidiaries, provides systems, assemblies, and components to the vehicle market and electric vehicle markets; and manufactures customized products in the United States, Mexico, China, the United Kingdom, the Czech Republic, Ukraine, Morocco, Thailand, India, Australia, and internationally.

Honeywell International

Market Cap: €132.9b

Engages in the aerospace technologies, industrial automation, building automation, and energy and sustainable solutions businesses in the United States, Europe, and internationally.

Frequentis

Market Cap: €812.5m

Develops and markets communication and information systems for safety-critical control centers in Europe, North America, Asia, Australia, South America, Middle East, Africa, and worldwide.

Rosenbauer International

Market Cap: €479.4m

Engages in the provision of systems for preventive firefighting and disaster protection technology worldwide.

Nexans

Market Cap: €5.8b

Manufactures and sells cables in France, Canada, Norway, Germany, and internationally.

Iveco Group

Market Cap: €4.9b

Engages in the design, production, marketing, sale, servicing, and financing of trucks, commercial vehicles, buses and specialty vehicles, combustion engines, alternative propulsion systems, transmissions, axles, engines, alternative propulsion systems, construction equipment, marine, and power generation applications in Europe, South America, North America, and internationally.

W5 Solutions

Market Cap: €1.1b

Manufactures and supplies systems and solutions for the defense and civil security sectors in Sweden.

Rockwool

Market Cap: €48.8b

Produces and sells stone wool insulation products in Western Europe, Eastern Europe, Russia, North America, Asia, and internationally.

OC Oerlikon

Market Cap: €924.7m

Provides surface engineering, polymer processing, and additive manufacturing services in Europe, the Americas, and the Asia-Pacific.

Powell Industries

Market Cap: €3.5b

Designs, develops, manufactures, sells, and services custom-engineered equipment and systems.

Ringmetall

Market Cap: €86.6m

Develops, produces, and markets packaging solutions for industrial drums in Germany and internationally.

Compagnie Chargeurs Invest

Market Cap: €273.2m

Operates as an industrial and financial company in France, Italy, Germany, the United States, Mainland China, Hong Kong, the United Kingdom, and internationally.