German Potentially Undervalued Companies

HSBC Holdings

Market Cap: €173.7b

Engages in the provision of banking and financial products and services worldwide.

Deufol

Market Cap: €46.3m

Provides packaging and supplementary services in Germany, rest of Europe, the United States, and internationally.

Mercer International

Market Cap: €208.6m

Manufactures and sells northern bleached softwood kraft (NBSK) and northern bleached hardwood kraft (NBHK) pulp in the United States, Germany, China, and internationally.

Stora Enso Oyj

Market Cap: €7.5b

Provides renewable solutions for the packaging, biomaterials, wooden constructions, and paper industries in Finland and internationally.

Cloetta

Market Cap: €9.9b

Operates as a confectionery company.

Calfrac Well Services

Market Cap: €269.7m

Provides specialized oilfield services in Canada, the United States, and Argentina.

Unicharm

Market Cap: €1.7t

Engages in the manufacturing and sale of care-related products, and pet care-related products in Japan and internationally.

KDX Realty Investment

Market Cap: €686.7b

Since listing on the Tokyo Stock Exchange in July 2005, we have established a solid portfolio investing in mid-sized office buildings primarily in the Tokyo Metropolitan Area.

BBMG

Market Cap: €17.3b

An investment holding company, engages in green building materials, and property development and operation businesses in Asia, Europe, Africa, and internationally.

Com.Tel

Market Cap: €27.6m

Provides information and communications technology system integration solutions for companies in Italy.

Liberty Broadband

Market Cap: €8.7b

Engages in a range of communications businesses in the United States.

Surmodics

Market Cap: €461.4m

Provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally.

Guotai Haitong Securities

Market Cap: €328.0b

Provides wealth management, investment banking, institutional and trading, and investment management services in Mainland China, Hong Kong, and internationally.

Sands China

Market Cap: €170.6b

Develops, owns, and operates integrated resorts and casinos in Macao.

eVISO

Market Cap: €212.2m

Develops an artificial intelligence platform for the commodities market in Italy.

Instone Real Estate Group

Market Cap: €401.6m

Develops residential real estate properties in Germany.

ConvaTec Group

Market Cap: €4.8b

Engages in the development, manufacturing, and sale of medical products, services and technologies in Europe, North America, and internationally.

Livzon Pharmaceutical Group

Market Cap: €33.9b

Researches, develops, produces, exports, and sells pharmaceutical products, and active pharmaceutical ingredients and intermediates in the People’s Republic of China.

Amplify Energy

Market Cap: €161.1m

Engages in the acquisition, development, exploitation, and production of oil and natural gas properties in the United States.

Makino Milling Machine

Market Cap: €270.4b

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

Revenio Group Oyj

Market Cap: €637.1m

Provides ophthalmological devices and software solutions for the diagnosis of glaucoma, macular degeneration, and diabetic retinopathy in Finland, the United States, and internationally.

Nissan Motor

Market Cap: €1.3t

Manufactures and sells vehicles and automotive parts worldwide.

Harvey Norman Holdings

Market Cap: €9.0b

Engages in the integrated retail, franchise, property, and digital system businesses.

AptarGroup

Market Cap: €9.0b

Designs and manufactures a range of drug delivery, consumer product dispensing, and active material science solutions and services for the pharmaceutical, beauty, personal care, home care, and food and beverage markets.

Instone Real Estate Group

Market Cap: €401.6m

Develops residential real estate properties in Germany.

Vertex Pharmaceuticals

Market Cap: €101.9b

A biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF).

Interpublic Group of Companies

Market Cap: €9.8b

Provides advertising and marketing services worldwide.

LY

Market Cap: €3.4t

Engages in the online advertising and e-commerce businesses in Japan.

Inovio Pharmaceuticals

Market Cap: €140.8m

A biotechnology company, focuses on the discovery, development, and commercialization of DNA medicines to treat and protect people from diseases associated with human papillomavirus (HPV), cancer, and infectious diseases.

Tidewater Renewables

Market Cap: €165.7m

Engages in production of renewable fuel in North America.

flatexDEGIRO

Market Cap: €2.9b

Provides online brokerage and IT solutions in the areas of finance and financial technology services in Europe.

JELD-WEN Holding

Market Cap: €566.2m

Designs, manufactures, and sells wood, metal, and composite materials doors, windows, and related building products in North America and Europe.

ANA Holdings

Market Cap: €1.4t

Provides air transportation services in Japan and internationally.

Camping World Holdings

Market Cap: €1.8b

Together its subsidiaries, retails recreational vehicles (RVs), and related products and services in the United States.

WALLIX GROUP

Market Cap: €161.2m

WALLIX GROUP SA publishes and provides cybersecurity software solutions worldwide.

Brookside Energy

Market Cap: €34.6m

Engages in the exploration, production, and appraisal of oil and gas projects in the United States.