Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

Carlsberg

Market Cap: US$103.5b

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

CEWE Stiftung KGaA

Market Cap: €671.9m

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

IG Group Holdings

Market Cap: UK£3.6b

A fintech company, engages in the online trading business in the United Kingdom, Ireland, the Asia-Pacific, the Middle East, the United States, Europe, and institutional and emerging markets.

Royalty Pharma

Market Cap: €20.4b

Operates as a buyer of biopharmaceutical royalties and a funder of innovation in the biopharmaceutical industry in the United States.

Semapa - Sociedade de Investimento e Gestão SGPS

Market Cap: €1.5b

Through its subsidiaries, produces and sells pulp, printing and writing papers, and tissues in Portugal, the rest of Europe, the United States, Africa, Asia, and Oceania.

q.beyond

Market Cap: €107.1m

Engages in the cloud, applications, artificial intelligence (AI), and security business in Germany and internationally.

Kalmar Oyj

Market Cap: €2.2b

Provides heavy material handling equipment and services for ports, terminals, distribution centres, manufacturing, and heavy logistics industries in the Americas, Europe, Asia, the Middle East, and Africa.

Luceco

Market Cap: €198.3m

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.

GFT Technologies

Market Cap: €473.0m

Provides digital transformation services.

TAKKT

Market Cap: €316.0m

Operates as a B2B direct marketing company for business equipment in Europe and North America.

Cheerwin Group

Market Cap: €3.0b

An investment holding company, manufactures and trades household insecticides and repellents, household cleaning, air care, personal care, pet stores and pet products, and other products in the People’s Republic of China.

Micro-Star International

Market Cap: NT$96.3b

Engages in the manufacture and sale of motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the United States, and internationally.

Pollard Banknote

Market Cap: €606.3m

Manufactures and sells lottery and charitable gaming products and solutions in the United States, Canada, and internationally.

Cosmo Pharmaceuticals

Market Cap: CHF 1.0b

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

Regeneron Pharmaceuticals

Market Cap: €58.5b

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

Bertrandt

Market Cap: €181.9m

Provides engineering services.

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.

74Software

Market Cap: €1.1b

Operates as a software company in France.

Origin Enterprises

Market Cap: €412.0m

Provides agronomy services company in Ireland, the United Kingdom, Brazil, Poland, Romania, Latin America, and internationally.

Huhtamäki Oyj

Market Cap: €3.1b

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

Indofood Sukses Makmur

Market Cap: €67.2t

Operates as a food solutions company in Indonesia, the Middle East, Africa, the rest of Asia, and internationally.

China Mengniu Dairy

Market Cap: €57.3b

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

IG Group Holdings

Market Cap: €3.6b

A fintech company, engages in the online trading business in the United Kingdom, Ireland, the Asia-Pacific, the Middle East, the United States, Europe, and institutional and emerging markets.

Forbo Holding

Market Cap: CHF 1.0b

Engages in the production and sale floor coverings, building and construction adhesives, and power transmission and conveyor technology worldwide.

Perrigo

Market Cap: €3.0b

Provides over-the-counter health and wellness solutions in the United States, Europe, and internationally.

Anheuser-Busch InBev

Market Cap: €99.3b

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

Kemira Oyj

Market Cap: €2.9b

Operates as a chemicals company in Finland, rest of Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Suzano

Market Cap: R$61.1b

Manufactures and sells pulp and paper products in Brazil and internationally.

Sendas Distribuidora

Market Cap: R$12.6b

Engages in the retail and wholesale sale of food products, bazaar items, and other products in Brazil.

Grafton Group

Market Cap: €1.7b

Distributes and sells building materials and construction related products in Ireland, the United Kingdom, the Netherlands, Finland, and Spain.

Bertrandt

Market Cap: €181.9m

Provides engineering services.

Pearson

Market Cap: €6.7b

Provides educational courseware, assessments, and services in the United Kingdom, the United States, Canada, the Asia Pacific, other European countries, and internationally.

Intertek Group

Market Cap: US$7.1b

Provides quality assurance solutions to various industries in the United Kingdom, the United States, China, Australia, and internationally.

PORR

Market Cap: €1.1b

Operates as a construction company in Austria, Germany, Poland, the Czech Republic, Italy, Romania, Switzerland, Serbia, Great Britain, Slovakia, Norway, Belgium, and internationally.

Robert Walters

Market Cap: €84.8m

Provides professional recruitment consultancy services worldwide.