German Potentially Undervalued Companies

ArcBest

Market Cap: €1.6b

An integrated logistics company, provides ground, air, and ocean transportation solutions worldwide.

Generation Essentials Group

Market Cap: €117.6m

A media and entertainment company, engages in fashion, arts, lifestyle, cultural, entertainment, as well as F&B businesses worldwide.

CF Industries Holdings

Market Cap: €13.9b

Engages in the manufacture and sale of hydrogen and nitrogen products for energy, fertilizer, emissions abatement, and other industrial activities in North America, Europe, and internationally.

Jasa Marga (Persero)

Market Cap: €25.4t

Develops, constructs, operates, manages, and maintains toll roads in Indonesia.

IDNTT

Market Cap: €17.6m

Engages in the production of digital omnichannel contents for its clients in Italy, rest of Europe, and Switzerland.

AAR

Market Cap: €2.6b

Provides products and services to commercial aviation, government, and defense markets in North America, Europe, Africa, Asia, and internationally.

China Bohai Bank

Market Cap: €20.1b

Provides various personal and corporate banking products and services in the People’s Republic of China.

PharmaSGP Holding

Market Cap: €345.4m

Manufactures and sells over-the-counter drugs and other healthcare products in Germany.

Bourse Direct

Market Cap: €216.2m

Provides Internet stock brokerage services in France.

Beijing Jingneng Clean Energy

Market Cap: €20.9b

Generates gas-fired power and heat energy, wind power, photovoltaic power, and hydropower in Mainland China and internationally.

CBL & Associates Properties

Market Cap: €992.8m

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities.

IQVIA Holdings

Market Cap: €31.8b

Provides clinical research services, commercial insights, and healthcare intelligence to the life sciences and healthcare industries in the Americas, Europe, Africa, and the Asia-Pacific.

M&G

Market Cap: €6.0b

Through its subsidiaries, engages in savings and investment businesses in the United Kingdom and internationally.

Pony AI

Market Cap: €5.3b

Through its subsidiaries, engages in the autonomous mobility business in the People’s Republic of China, the United States, and internationally.

YouGov

Market Cap: €379.7m

Provides online market research services in the United Kingdom, the Americas, the Middle East, Mainland Europe, Africa, and the Asia Pacific.

PPC

Market Cap: €7.6b

Engages in the production and sale of cement, aggregates, ready mix concrete, and fly ash in South Africa, Botswana, and Zimbabwe.

Salim Ivomas Pratama

Market Cap: €9.8t

Produces and sells edible oils and fats in Indonesia, China, Singapore, Timor Leste, Nigeria, Haiti, Germany, the Philippines, Papua New Guinea, and internationally.

BREMER LAGERHAUS-GESELLSCHAFT -Aktiengesellschaft von 1877-

Market Cap: €34.9m

Provides seaport-oriented logistics services worldwide.

Ramsay Générale de Santé

Market Cap: €1.1b

Operates healthcare facilities in France, Sweden, Norway, Denmark, and Italy.

Radiance Holdings (Group)

Market Cap: €11.5b

An investment holding company, engages in property development business in Mainland China.

Hawaiian Electric Industries

Market Cap: €2.1b

Engages in the electric utility business in the United States.

Theratechnologies

Market Cap: €210.1m

A biopharmaceutical company, focuses on the commercialization of various therapies to address the unmet medical needs in the United States, Canada, and Europe.

Invalda INVL

Market Cap: €272.5m

A private equity firm specializing in investments in small and middle-market privately-held companies, industry consolidation, growth capital, acquisitions and buyouts in undervalued assets.

Erlebnis Akademie

Market Cap: €10.4m

Designs, constructs, and operates treetop walks and adventure forests.

Robinson

Market Cap: €24.3m

Manufactures and sells plastic and paperboard packaging products in the United Kingdom, Poland, Denmark, Germany, Hungary, Belgium, and internationally.

Exacompta Clairefontaine

Market Cap: €190.1m

Engages in producing, finishing, and formatting of papers in France, Europe, and internationally.

Carl Zeiss Meditec

Market Cap: €3.8b

Operates as a medical technology company in Germany, rest of Europe, North America, and Asia.

Launch Tech

Market Cap: €4.6b

Provides products and services to the automotive aftermarket and the automobile industry in the People's Republic of China and internationally.

Expedia Group

Market Cap: €27.5b

Operates as an online travel company in the United States and internationally.

Bayerische Motoren Werke

Market Cap: €51.1b

Develops, manufactures, and sells automobiles and motorcycles, spare parts, and accessories worldwide.

NEPI Rockcastle

Market Cap: €97.1b

NEPI Rockcastle N.V. (“the Company”, “NEPI Rockcastle”, “the Group”) is a public limited company domiciled in the Netherlands, having its registered office at Strawinskylaan 563, WTC Zuidas, Tower Ten, 5th Floor, 1077 XX Amsterdam, with registration number at the Dutch Chamber of Commerce 87488329.

Berkshire Hathaway

Market Cap: €1.1t

Through its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses.

Wereldhave

Market Cap: €863.3m

Wereldhave N.V. (“the Company”) is an investment company that invests in real estate (shopping centers and offices).

RPCG

Market Cap: €456.6m

Engages in the energy and real estate businesses in Thailand.

Varengold Bank

Market Cap: €26.4m

Provides various marketplace and transaction/commercial banking products and services in Germany.

Teract

Market Cap: €71.0m

Operates in retail business in Europe.