German Capital Goods Potentially Undervalued Companies

Orion Group Holdings

Market Cap: €348.1m

Operates as a specialty construction company in the infrastructure, industrial, and building sectors in the United States, Alaska, Hawaii, Canada, and the Caribbean Basin.

Service Stream

Market Cap: €1.4b

Engages in the design, construction, operation, and maintenance of infrastructure networks across the telecommunications, utilities, and transport sectors in Australia.

BayWa

Market Cap: €674.8m

Provides wholesale, retail, logistics, and support and consultancy services in Germany and internationally.

ATON Green Storage

Market Cap: €15.8m

Engages in the production and sale of storage systems for photovoltaic systems and battery energy storage system.

Thales

Market Cap: €52.6b

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

Ultralife

Market Cap: €114.8m

Designs, manufactures, installs, and maintains power, and communication and electronics systems worldwide.

Integrated Wind Solutions

Market Cap: €1.9b

Through its subsidiaries, provides offshore wind services in the United Kingdom, the Netherlands, Taiwan, Poland, Belgium, Greece, France, Denmark, Norway, and internationally.

HMS Bergbau

Market Cap: €208.1m

Engages in trading and distributing coal and other energy raw materials to energy producers, cement manufacturers, and industrial consumers worldwide.

Kornit Digital

Market Cap: €674.0m

Develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally.

PACCAR

Market Cap: €50.9b

Designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally.

Rolls-Royce Holdings

Market Cap: €98.5b

Develops and delivers mission-critical power systems in the United Kingdom and internationally.

Tesmec

Market Cap: €76.7m

Designs, manufactures, and sells products, technologies, and integrated solutions for the construction, maintenance, and efficiency of infrastructures related to the transport and distribution of energy, data, and material.

Soltec Power Holdings

Market Cap: €145.3m

Engages in the development of solutions for photovoltaic energy projects in Spain, Italy, Brazil, the United States, Mexico, Argentina, Chile, Colombia, Peru, Panama, Australia, China, India, Thailand, France, Denmark, Egypt, Israel, Portugal, the United Arab Emirates, Romania, and Kenya.

Amada

Market Cap: €575.3b

Manufactures and sells metalworking machinery, software, and peripheral equipment in Japan, North America, Europe, Asia, and internationally.

WillScot Holdings

Market Cap: €4.0b

Provides turnkey temporary space solutions in the United States, Canada, and Mexico.

ByggPartner Gruppen

Market Cap: €1.4b

Operates as a construction company in Sweden.

Metso Oyj

Market Cap: €9.9b

Provides technologies, end-to-end solutions, and services for the aggregates, minerals processing, and metals refining industries in Europe, North and Central America, South America, the Asia Pacific, Greater China, Africa, the Middle East, and India.

Biesse

Market Cap: €205.8m

Manufactures and sells integrated lines and machines for the processing of wood, glass, stone, plastics, and composites in Western Europe, the Asia-Pacific, Eastern Europe, North America, and internationally.

KH Group Oyj

Market Cap: €26.1m

A conglomerate, engages in the supply and rental of construction and earth-moving equipment in Finland, Sweden, and internationally.

SMC

Market Cap: €2.8t

Manufactures and sells automatic control equipment worldwide.

SGH

Market Cap: €20.7b

Engages in the heavy equipment sales and service, equipment hire, construction materials, media, broadcasting, and energy assets businesses.

Environmental Group

Market Cap: €100.8m

Engages in the design, application, and servicing of gas, vapor and dust emission control systems, and inlet and exhaust systems for gas turbines in Australia and internationally.

EXEL Industries

Market Cap: €244.8m

Engages in the manufacture and sale of agricultural spraying equipment worldwide.

Toyota Tsusho

Market Cap: €4.4t

Engages in the metals, circular economy, supply chain, mobility, green infrastructure, digital solutions, and lifestyle businesses.

Enerpac Tool Group

Market Cap: €2.2b

Manufactures and sells a range of industrial products and solutions in the United States, the United Kingdom, Germany, Australia, Canada, China, Saudi Arabia, Brazil, France, and internationally.

Vinci

Market Cap: €62.3b

Engages in concessions, energy, and construction businesses in France and internationally.

ITOCHU

Market Cap: €12.2t

Trades and imports/exports various products worldwide.

Vinci

Market Cap: €62.3b

Engages in concessions, energy, and construction businesses in France and internationally.

Emerson Electric

Market Cap: €74.0b

A technology and software company, provides various solutions in the Americas, Asia, the Middle East, Africa, and Europe.

Wallbox

Market Cap: €73.1m

A technology company, designs, manufactures, and distributes charging solutions for residential, business, and public applications in Europe, the Middle East, Asia, North America, and the Asia Pacific.

Skanska

Market Cap: €97.7b

Operates as a construction and project development company in the Nordics, Europe, and the United States.

Chart Industries

Market Cap: €9.0b

Engages in the designing, engineering, and manufacturing of process technologies and equipment for the gas and liquid molecules in the United States and internationally.

Illinois Tool Works

Market Cap: €76.1b

Provides industrial products and equipment in North America, Europe, the Middle East, Africa, the Asia Pacific, and South America.

MAAS Group Holdings

Market Cap: €1.6b

Together with subsidiaries, engages in the provision of construction materials to the civil infrastructure, renewable energy, building and construction, and mining sectors.

SINOPEC Engineering (Group)

Market Cap: €30.4b

Provides engineering, procurement, and construction (EPC) contracting services in the People’s Republic of China, Saudi Arabia, Kuwait, and internationally.

TOA

Market Cap: €165.4b

Provides construction and engineering services in Japan.