Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

Spectrum Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes oncology drug products.

China Foods

Market Cap: HK$7.8b

An investment holding company, manufactures, distributes, markets, and sells Coca-Cola series products in the People’s Republic of China.

MOIL

Market Cap: ₹66.2b

Engages in the exploration, development, and marketing of various grades of manganese ores in India.

Vardhman Textiles

Market Cap: ₹115.2b

Manufactures, purchases, and sells textiles and fibres in India and internationally.

Amneal Pharmaceuticals

Market Cap: €2.9b

A global biopharmaceutical company, develops, manufactures, markets, and distributes generics, injectables, biosimilars, and specialty branded pharmaceutical products worldwide.

Valeura Energy

Market Cap: €880.7m

Engages in the exploration, development, and production of petroleum and natural gas in Thailand and in Turkey.

Persimmon

Market Cap: UK£3.5b

Operates as a house builder in the United Kingdom.

CEWE Stiftung KGaA

Market Cap: €653.2m

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

Luceco

Market Cap: €183.0m

Manufactures and distributes wiring accessories, LED lighting, and portable power products in the United Kingdom, the Americas, Europe, the Middle East, Africa, the Asia Pacific.

ACI Worldwide

Market Cap: US$5.0b

Develops, markets, installs, and supports software products and services for facilitating electronic payments in the United States and internationally.

China Mengniu Dairy

Market Cap: €65.8b

An investment holding company, manufactures and distributes dairy products under the MENGNIU brand in the People’s Republic of China and internationally.

Aica Kogyo Company

Market Cap: €233.7b

Develops, produces, and sells chemical products, and laminates and building materials in Japan and internationally.

CTO Realty Growth

Market Cap: €555.7m

A publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States.

Vetoquinol

Market Cap: €856.4m

A veterinary pharmaceutical company, designs, develops, and sells veterinary drugs and non-medicinal products in Europe, the Americas, and the Asia Pacific region.

Ag Growth International

Market Cap: CA$789.6m

Manufactures and distributes equipment for bulk agriculture commodities worldwide.

ACT Energy Technologies

Market Cap: CA$164.6m

Provides directional drilling services to oil and natural gas companies in Canada and the United States.

CleanSpark

Market Cap: €2.7b

Operates as a bitcoin mining company in the Americas.

Surgery Partners

Market Cap: US$2.9b

Owns and operates a network of surgical facilities and ancillary services in the United States.

MONY Group

Market Cap: UK£1.1b

Engages in the provision of price comparison and lead generation services through its websites and applications in the United Kingdom.

Carlsberg

Market Cap: US$106.8b

Produces and markets beer and other beverage products in Denmark, China, the United Kingdom, and internationally.

Colabor Group

Market Cap: CA$76.5m

Colabor Group Inc., together with its subsidiaries, markets, distributes, and wholesales food and food-related products in Canada.

Cosmo Pharmaceuticals

Market Cap: CHF 929.2m

Focuses on the development and commercialization products for gastroenterology, dermatology, and healthtech worldwide.

Regeneron Pharmaceuticals

Market Cap: €59.3b

Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines for treating various diseases worldwide.

Ribbon Communications

Market Cap: US$695.9m

Provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally.

Ero Copper

Market Cap: CA$2.1b

Engages in the exploration, development, and production of mining projects in Brazil.

Sanofi

Market Cap: €105.2b

A healthcare company, engages in the research, development, manufacture, and marketing of therapeutic solutions in the United States, Europe, and internationally.

Plumas Bancorp

Market Cap: US$293.6m

Operates as the bank holding company for the Plumas Bank that provides various banking products and services for small and middle market businesses and individuals in California, Nevada, and Oregon.

TotalEnergies

Market Cap: US$115.7b

A multi-energy company, produces and markets oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables, and electricity in France, rest of Europe, and internationally.

Teva Pharmaceutical Industries

Market Cap: €20.8b

Develops, manufactures, markets, and distributes generic and other medicines, and biopharmaceutical products in the United States, Europe, Israel, and internationally.

Angel Oak Mortgage REIT

Market Cap: US$228.9m

A real estate finance company, focuses on acquiring and investing in first lien non- qualified mortgage loans and other mortgage-related assets in the United States mortgage market.

Havas

Market Cap: €1.5b

Provides communications and marketing services in France, the United Kingdom, rest of Europe, North America, Latin America, the Asia-Pacific, and Africa.

McEwen

Market Cap: CA$587.1m

Engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina.

Hikma Pharmaceuticals

Market Cap: €4.0b

Develops, manufactures, markets, and sells a range of generic, branded, and in-licensed pharmaceutical products.

Acrow

Market Cap: €312.6m

Provides smart integrated construction systems across formwork, industrial services, and commercial scaffolding in Australia.

Koenig & Bauer

Market Cap: €248.9m

Develops and manufactures printing and postprint systems worldwide.

Evonik Industries

Market Cap: €7.9b

Produces and sells specialty chemicals in the Asia-Pacific, Europe, the Middle East, Africa, Central and South America, and North America.