Global Potentially Undervalued Companies

Ribbon Communications

Market Cap: US$706.6m

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

Ventura Offshore Holding

Market Cap: NOK 2.7b

A deep-water drilling contractor, provides offshore drilling services to the oil and gas industry in Brazil and internationally.

Miura

Market Cap: JP¥330.8b

Produces and sells boilers in Japan and internationally.

Mattel

Market Cap: US$5.9b

A toy and family entertainment company, designs, manufactures, and markets toys and consumer products in North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific.

Xerox Holdings

Market Cap: US$490.7m

Operates as a workplace technology company that integrates hardware, services, and software for enterprises in North America, Latin America, Europe, the Middle East, Africa, India, and internationally.

Grupo Mateus

Market Cap: R$16.3b

Operates a supermarket chain in Brazil.

FinVolution Group

Market Cap: US$2.2b

An investment holding company, operates in the online consumer finance industry in the People’s Republic of China, Indonesia, and internationally.

REC

Market Cap: ₹934.5b

Engages in the provision of financing services for power generation, transmission, and distribution projects in India.

4imprint Group

Market Cap: UK£957.6m

Operates as a direct marketer of promotional products in North America, the United Kingdom, and Ireland.

Firan Technology Group

Market Cap: CA$294.3m

Manufactures and sells aerospace and defense electronic products and subsystems in Canada, the United States, and China.

Corpovael. de

Market Cap: Mex$1.0b

Engages in the design, urbanization, construction, promotion, and sale of homes in Mexico.

Renault

Market Cap: €9.1b

Engages in the design, manufacture, sale, repair, maintenance, and leasing of motor vehicles in Europe, Eurasia, Africa, the Middle East, the Asia Pacific, and the Americas.

Carlsberg

Market Cap: US$109.1b

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

Coca-Cola Içecek Anonim Sirketi

Market Cap: ₺139.1b

Engages in the production, sales, and distribution sparkling and still beverages in Turkey, Pakistan, Central Asia, and the Middle East.

Crown Castle

Market Cap: US$42.6b

Crown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S.

Capgemini

Market Cap: €21.1b

Provides consulting, digital transformation, technology, and engineering services primarily in North America, France, the United Kingdom, Ireland, the rest of Europe, the Asia-Pacific, and Latin America.

Anheuser-Busch InBev

Market Cap: €105.0b

Produces, distributes, exports, markets, and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific.

Cadeler

Market Cap: NOK 18.7b

Engages in offshore wind farm installation, operations, and maintenance services in Denmark.

Colabor Group

Market Cap: CA$72.4m

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

Tourism Holdings

Market Cap: NZ$495.3m

Operates as a tourism company worldwide.

Gamma Communications

Market Cap: UK£986.1m

Provides technology-based communications and software services to small, medium, and large-sized organizations in the United Kingdom, rest of Europe, and internationally.

Angel Oak Mortgage REIT

Market Cap: US$229.1m

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.

Glencore

Market Cap: UK£35.0b

Engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania.

Converge Information and Communications Technology Solutions

Market Cap: ₱105.1b

Converge Information and Communications Technology Solutions, Inc.

Air Canada

Market Cap: CA$5.8b

Provides domestic, U.S. transborder, and international airline services.

Coterra Energy

Market Cap: US$18.4b

An independent oil and gas company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States.

DHT Holdings

Market Cap: US$1.9b

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

Canadian Natural Resources

Market Cap: CA$90.1b

Engages in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs) in Western Canada, the United Kingdom sector of the North Sea, and Offshore Africa.

Cheil Worldwide

Market Cap: ₩2.0t

Provides various marketing solutions worldwide.

F&F

Market Cap: ₩2.5t

Manufactures and sells sewn wearing apparels in South Korea.

Foxsemicon Integrated Technology

Market Cap: NT$31.3b

Engages in the research, development, design, manufacturing, and sale of semiconductor equipment subsystems and system integration in Taiwan, the United States, China, and internationally.

Universal Health Services

Market Cap: US$11.5b

Through its subsidiaries, owns and operates acute care hospitals, and outpatient and behavioral health care facilities.

McBride

Market Cap: €206.4m

Manufactures and sells private label household and personal care products to retailers and brand owners in the United Kingdom, Germany, France, Italy, Spain, rest of Europe, Asia-Pacific, and internationally.It operates through five segments: Liquids, Powders, Unit dosing, Aerosols, and Asia Pacific.

Huhtamäki Oyj

Market Cap: €3.2b

Provides packaging solutions in the United States, Germany, the United Kingdom, India, Turkey, Australia, Thailand, Poland, South Africa, Spain, Finland, and internationally.

Hikma Pharmaceuticals

Market Cap: €4.0b

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

Innocean Worldwide

Market Cap: ₩729.6b

Provides marketing and communications services in the Americas, Europe, Asia, Oceania, the Middle East, and internationally.