German Potentially Undervalued Companies

Iluka Resources

Market Cap: €2.4b

Engages in the exploration, project development, mining, processing, marketing, and rehabilitation of mineral sands in Australia, China, rest of Asia, Europe, the Americas, and internationally.

IONOS Group

Market Cap: €3.6b

Through its subsidiaries, provides web presence and productivity, and cloud solutions for companies in Germany, the United States, the United Kingdom, Spain, France, Poland, and Austria.

AT&T

Market Cap: €174.3b

Provides telecommunications and technology services worldwide.

Healthpeak Properties

Market Cap: €11.8b

A Standard & Poor’s (“S&P”) 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”).

IONOS Group

Market Cap: €3.6b

Through its subsidiaries, provides web presence and productivity, and cloud solutions for companies in Germany, the United States, the United Kingdom, Spain, France, Poland, and Austria.

Hafnia

Market Cap: €28.3b

Owns and operates oil product tankers in Bermuda.

Webuild

Market Cap: €3.5b

Engages in the construction businesses worldwide.

Merck KGaA

Market Cap: €51.5b

Operates as a science and technology company in Germany and internationally.

Tubacex

Market Cap: €395.5m

Engages in the manufacturing and sale of stainless steel and nickel tubes in Spain and internationally.

Chemours

Market Cap: €1.9b

Provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America.

Rank Group

Market Cap: €495.9m

Engages in provision of gaming services in the United Kingdom, Europe, and internationally.

Ashtead Technology Holdings

Market Cap: €266.1m

Provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East.

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.

Smithfield Foods

Market Cap: €8.9b

Produces packaged meats and fresh pork in the United States and internationally.

Independence Realty Trust

Market Cap: €4.1b

Independence Realty Trust, Inc. (NYSE: IRT), an S&P 400 MidCap Company, is a real estate investment trust (“REIT”) that owns and operates multifamily communities, across non-gateway U.S.

StoneCo

Market Cap: €4.1b

Provides financial technology and software solutions to merchants and integrated partners to conduct electronic commerce across in-store, online, and mobile channels in Brazil.

Morimatsu International Holdings

Market Cap: €10.8b

Designs, manufactures, installs, operates, and maintains core equipment, process systems, and solutions primarily for chemical reactions, biological reactions, and polymerization.

CIFI Holdings (Group)

Market Cap: €1.8b

Engages in the property development and investment business in the People’s Republic of China.

DHT Holdings

Market Cap: €2.0b

Through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, Norway, and India.

Cabka

Market Cap: €45.0m

Manufactures and sells pallets and large containers made from recycled plastic in Europe, North America, and internationally.

Cardlytics

Market Cap: €58.4m

Operates an advertising platform in the United States and the United Kingdom.

LiveOne

Market Cap: €59.3m

A digital media company, engages in the acquisition, distribution, and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, and streaming and video content.

Vontier

Market Cap: €5.4b

Provides mobility ecosystem solutions worldwide.

Marston's

Market Cap: €364.0m

Operates managed, franchised, tenanted, partnership, and leased pubs in the United Kingdom.

MLP

Market Cap: €753.8m

Provides financial services to private, corporate, and institutional clients in Germany.

Sangoma Technologies

Market Cap: €248.2m

Develops, manufactures, distributes, and supports voice and data connectivity components for software-based communication applications in the United States of America and internationally.

ICG

Market Cap: €5.9b

A private equity firm specializing in direct and fund of fund investments.

CEWE Stiftung KGaA

Market Cap: €688.9m

Operates as a photo service and online printing provider in Germany and internationally.

Elisa Oyj

Market Cap: €6.0b

Provides telecommunications, information and communication technology (ICT), and online services in Finland, rest of Europe, and internationally.

Workspace Group

Market Cap: €734.5m

Workspace is London's leading owner and operator of flexible workspace, currently managing 4.3 million sq.

PDD Holdings

Market Cap: €158.9b

A multinational commerce group that owns and operates a portfolio of businesses.

Genomma Lab Internacional. de

Market Cap: €18.3b

Provides pharmaceutical and personal care products primarily in Mexico and internationally.

PT. Mitra Adiperkasa

Market Cap: €19.5t

Engages in the retail trade of clothing, accessories, bags, and sports equipment in Indonesia, Vietnam, the Philippines, Thailand, and internationally.

NCR Voyix

Market Cap: €1.4b

Provides digital commerce solutions for retail stores and restaurants in the United States, the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

Shandong Weigao Group Medical Polymer

Market Cap: €24.0b

Engages in the research and development, production, wholesale, and sale of medical devices in the People’s Republic of China and internationally.

LNA Santé

Market Cap: €238.1m

Engages in the management and operation of healthcare facilities and medical residences for able-bodied, semi-dependent, or dependent elderly people in France.