German Potentially Undervalued Companies

Novo Nordisk

Market Cap: €1.5t

Engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally.

New World Development

Market Cap: €21.4b

An investment holding company, operates in the property development and investment business in Hong Kong and Mainland China.

Telefónica

Market Cap: €25.7b

Provides telecommunications services in Europe and Latin America.

Tingyi (Cayman Islands) Holding

Market Cap: €63.7b

An investment holding company, manufactures and sells instant noodles, beverages, and instant food products in the People’s Republic of China.

MedPeerInc

Market Cap: €15.1b

Offers services for doctors and pharmacists in Japan.

Sabre

Market Cap: €674.6m

Operates as a software and technology company for travel industry in the United States, Europe, Asia-Pacific, and internationally.

Delivery Hero

Market Cap: €8.0b

Offers online food ordering and delivery services.

LifeVantage

Market Cap: €153.7m

Engages in the identification, research, development, formulation, and sale of advanced nutrigenomic activators, dietary supplements, nootropics, weight management, pre- and pro-biotics and skin and hair care products.

HMC Capital

Market Cap: €1.5b

Owns and manages real estate focused funds in Australia.

Bank Mandiri (Persero)

Market Cap: €419.1t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, England, and the Cayman Islands.

KSB SE KGaA

Market Cap: €1.6b

Manufactures and supplies pumps, valves, and related services worldwide.

NatWest Group

Market Cap: €41.2b

Provides banking and financial products and services in the United Kingdom and internationally.

Atresmedia Corporación de Medios de Comunicación

Market Cap: €1.2b

An audiovisual company, engages in the television, radio, digital and multimedia development, cinema, and events organization businesses in Spain and internationally.

SergeFerrari Group

Market Cap: €72.4m

Designs, develops, manufactures, and markets composite materials for lightweight architectural and outdoor applications in France and internationally.

China Railway Group

Market Cap: €129.9b

Operates as a multi-functional integrated construction company in Mainland China and internationally.

United Natural Foods

Market Cap: €1.8b

Distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada.

Japan Lifeline

Market Cap: €107.7b

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

Forward Air

Market Cap: €915.8m

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

OceanaGold

Market Cap: €6.1b

A gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand.

Südzucker

Market Cap: €2.0b

Produces and sells sugar products in Germany, rest of the European Union, the United Kingdom, the United States, and internationally.

Siili Solutions Oyj

Market Cap: €41.7m

Provides information system development services in Finland and internationally.

Ferronordic

Market Cap: €712.1m

Sells, rents, and services construction equipment, trucks, and other machines in Kazakhstan, Germany, and the United States.

China Construction Bank

Market Cap: €2.0t

Engages in the provision of various banking and related financial services to individuals and corporate customers in the People's Republic of China and internationally.

Mota-Engil SGPS

Market Cap: €1.7b

Provides public and private construction works and related services in Europe, Africa, and Latin America.

TMBThanachart Bank

Market Cap: €179.3b

Provides various commercial banking products and services to individuals, large-sized and medium-sized business, small-size business, and corporate customers primarily in Thailand.

Sinopharm Group

Market Cap: €58.3b

Engages in the wholesale and retail of pharmaceutical and healthcare products, and medical devices in the People’s Republic of China.

ACM Research

Market Cap: €1.8b

Develops, manufactures, and sells capital equipment worldwide.

Gran Tierra Energy

Market Cap: €139.0m

Engages in the exploration and production of oil and gas properties in Colombia, Canada, and Ecuador.

Five9

Market Cap: €2.1b

Provides intelligent cloud software for contact centers in the United States and internationally.

KT

Market Cap: €12.9t

Provides integrated telecommunications and platform services in South Korea, rest of Asia, and internationally.

Mersen

Market Cap: €578.2m

Manufactures and sells electrical power products and advanced materials in France, North America, rest of Europe, the Asia-Pacific, and internationally.

Fresh Del Monte Produce

Market Cap: €1.7b

Through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally.

Vodafone Group

Market Cap: €21.0b

Provides telecommunication services in Germany, the United Kingdom, rest of Europe, Turkey, and South Africa.

Embotelladora Andina

Market Cap: €3.4t

Produces, bottles, commercializes, and distributes Coca-Cola trademark beverages in Chile, Brazil, Argentina, and Paraguay.

Aumann

Market Cap: €158.7m

Manufactures and sells specialized machines and production lines for electromobility, automation, and robot applications in Germany, rest of Europe, the United States, Canada, Mexico, China, and internationally.

Bilibili

Market Cap: €9.2b

Provides online entertainment services for the young generations in the People’s Republic of China.