Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

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.

Capgemini

Market Cap: €21.6b

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.

74Software

Market Cap: €1.0b

Operates as a software company in France.

Perrigo

Market Cap: €3.0b

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

Euroseas

Market Cap: US$388.7m

Provides ocean-going transportation services worldwide.

Burford Capital

Market Cap: US$2.3b

Provides legal finance products and services worldwide.

China Mengniu Dairy

Market Cap: €55.8b

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

Regeneron Pharmaceuticals

Market Cap: €59.9b

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

BYD Electronic (International)

Market Cap: US$86.3b

An investment holding company, primarily engages in the design, manufacture, assembly, and sale of mobile handset components, modules, and other products in the People’s Republic of China and internationally.

Carlsberg

Market Cap: US$109.5b

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

CEWE Stiftung KGaA

Market Cap: €707.4m

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

Chorus Aviation

Market Cap: CA$624.9m

Through its subsidiaries, provides aviation services.

Barrett Business Services

Market Cap: US$1.1b

Provides business management solutions for small and mid-sized companies in the United States.

Teva Pharmaceutical Industries

Market Cap: €21.7b

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

Koenig & Bauer

Market Cap: €226.7m

Develops and manufactures printing and postprint systems worldwide.

CTO Realty Growth

Market Cap: €539.2m

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.

TAKKT

Market Cap: €314.0m

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

Asahi Group Holdings

Market Cap: €2.6t

Manufactures and sells beer, alcohol and non-alcohol beverages, and food products in Japan, Europe, Oceania, and Southeast Asia.

Origin Enterprises

Market Cap: €416.1m

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

Pollard Banknote

Market Cap: €612.8m

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

Globe Life

Market Cap: US$10.7b

Through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States.

Angel Oak Mortgage REIT

Market Cap: US$222.4m

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.

Valeura Energy

Market Cap: €718.0m

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

Transcontinental

Market Cap: CA$1.6b

Engages in the flexible packaging business in Canada, the United States, Latin America, the United Kingdom, and internationally.

Indofood Sukses Makmur

Market Cap: €64.1t

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

Kyivstar Group

Market Cap: US$3.0b

Provides a range of mobile communication and home Internet services in Ukraine.

Sanofi

Market Cap: €108.0b

Engages in the research, development, manufacture, and marketing of therapeutic solutions.

Science Applications International

Market Cap: €4.3b

Provides technical, engineering, and enterprise information technology (IT) services in the United States.

East West Bancorp

Market Cap: US$14.1b

Operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States.

Surgery Partners

Market Cap: US$2.9b

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

Arnoldo Mondadori Editore

Market Cap: €551.6m

Engages in publishing of books and magazines in Italy, rest of Europe, and the United States.

ANTA Sports Products

Market Cap: €246.9b

Engages in the research, design, development, manufacture, market, and sale of professional sports footwear, apparel, and accessories in China 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.

Edgewell Personal Care

Market Cap: US$914.9m

Manufactures and markets personal care products worldwide.

ACT Energy Technologies

Market Cap: CA$183.0m

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