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.

Carlsberg

Market Cap: US$106.1b

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

Chorus Aviation

Market Cap: US$551.6m

Through its subsidiaries, provides aviation services.

Highwood Asset Management

Market Cap: CA$79.6m

Together with its subsidiary, operates as an oil and gas exploration and production company in Canada.

Angel Oak Mortgage REIT

Market Cap: US$229.3m

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.

Singulus Technologies

Market Cap: €14.8m

Develops and assembles machines and systems for thin-film coating and surface treatment processes worldwide.

Pollard Banknote

Market Cap: €546.8m

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

Infinity Natural Resources

Market Cap: US$821.8m

Engages in the acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids from underground reservoirs in the United States.

Vestis

Market Cap: US$644.7m

Provides uniform rentals and workplace supplies in the United States and Canada.

Ribbon Communications

Market Cap: US$690.6m

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

CES Energy Solutions

Market Cap: €1.8b

Engages in the design, implementation, and manufacture of advanced consumable fluids and specialty chemicals in the United States and Canada.

ProCredit Holding

Market Cap: €570.1m

Provides commercial banking products and services for small and medium enterprises and private customers in Europe, South America, and Germany.

Capgemini

Market Cap: €21.5b

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.

Hikma Pharmaceuticals

Market Cap: €4.0b

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

McEwen

Market Cap: CA$571.4m

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

Mattel

Market Cap: €5.8b

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.

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.

ACM Research

Market Cap: €1.6b

Develops, manufactures, and sells capital equipment worldwide.

First Citizens BancShares

Market Cap: US$24.7b

Operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

Corebridge Financial

Market Cap: €18.4b

Provides retirement solutions and insurance products in the United States.

DOF Group

Market Cap: €23.5b

Owns and operates a fleet of offshore and subsea vessels.

Luceco

Market Cap: €187.0m

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.

CEWE Stiftung KGaA

Market Cap: €651.5m

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

Copa Holdings

Market Cap: €4.8b

Through its subsidiaries, provides airline passenger and cargo transport services.

Flowco Holdings

Market Cap: US$1.4b

Through its subsidiaries, provides production optimization, artificial lift, and methane abatement solutions for the oil and natural gas industry in the United States.

Aica Kogyo Company

Market Cap: €231.9b

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

Business First Bancshares

Market Cap: US$703.7m

Operates as the bank holding company for b1BANK that provides various banking products and services in Louisiana and Texas.

GFT Technologies

Market Cap: €463.5m

Provides digital transformation services.

Origin Enterprises

Market Cap: €399.1m

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

Ero Copper

Market Cap: CA$2.0b

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

Perrigo

Market Cap: €3.2b

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

Plumas Bancorp

Market Cap: US$286.3m

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.

Cosmo Pharmaceuticals

Market Cap: CHF 914.9m

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

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.

Valeura Energy

Market Cap: €898.7m

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