Global Undervalued Stocks Based On Cash Flows

First Merchants

Market Cap: US$2.5b

Operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services.

Ategrity Specialty Insurance Company Holdings

Market Cap: US$987.8m

Through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States.

THG

Market Cap: UK£611.9m

Operates as an online retailer in the United Kingdom, the United States, Europe, and internationally.

B&S Group

Market Cap: €492.4m

Distributes consumer goods worldwide.

Shida Shinghwa Advanced Material Group

Market Cap: CN¥25.4b

Shida Shinghwa Advanced Material Group Co., Ltd.

Avic Aviation High-Technology

Market Cap: CN¥33.9b

Researches, develops, manufactures, and sells aviation new materials and intelligent equipment in China.

DEUTZ

Market Cap: €1.5b

Engages in the development, production, distribution, maintenance, and servicing of diesel and gas engines in Germany, Rest of Europe, the Middle East, Africa, the Asia Pacific, and the United States.

SDI Group

Market Cap: UK£84.2m

Designs and manufactures scientific and technology products based on digital imaging and sensing and control applications worldwide.

Eltel

Market Cap: SEK 1.5b

Operates as an infrastructure and service provider for critical communication and power networks in Finland, Sweden, Norway, Denmark, Lithuania, Germany, and Poland.

Glaukos

Market Cap: US$7.1b

An ophthalmic pharmaceutical and medical technology company, develops therapies for the treatment of glaucoma, corneal disorders, and retinal diseases in the United States and internationally.

Smartbroker Holding

Market Cap: €213.1m

Operates as online broker in Germany.

Acryl

Market Cap: ₩304.8b

Engages in the development and supply of artificial intelligence application software in South Korea.

Apotea

Market Cap: SEK 7.0b

Operates an online pharmacy in Sweden.

Alnylam Pharmaceuticals

Market Cap: US$40.5b

Alnylam Pharmaceuticals, Inc. discovers, develops, manufactures, and commercializes therapeutics based on ribonucleic acid interference in the United States, Europe, and internationally.

SHIFT

Market Cap: JP¥166.1b

Provides software quality assurance and testing solutions in Japan.

JAC Recruitment

Market Cap: JP¥135.8b

Provides recruitment consultancy services in Japan.

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Market Cap: R$2.0b

Engages in the acquisition, development, exploration, and sale of agricultural properties in Brazil, Paraguay, and Bolivia.

A-tieLtd

Market Cap: JP¥10.8b

Engages in grave construction and management business.

Coastal Financial

Market Cap: US$1.3b

Operates as the bank holding company for Coastal Community Bank that provides various banking products and services to consumers and small and medium-sized businesses in the Puget Sound region in Washington.

Serviceware

Market Cap: €130.7m

Provides a portfolio of software solutions for the digitalization and automation of service processes in Germany, Austria, Switzerland, and internationally.

First Busey

Market Cap: US$2.2b

Operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States.

Yubico

Market Cap: SEK 3.5b

Provides authentication solutions for use in computers, networks, and online services.

BioHarvest Sciences

Market Cap: US$99.3m

Operates as a biotechnology company in Israel and the United States.

Eurocell

Market Cap: UK£110.5m

Engages in manufacture, distribution, and recycling of windows, doors, and roofline polyvinyl chloride (PVC) building products in the United Kingdom and the Republic of Ireland.

Softcare

Market Cap: HK$18.4b

Operates as a hygiene product corporation principally engaged in the development, manufacturing, and sales of baby and feminine hygiene products in Africa, Latin America and Central Asia.

ISF Group Berhad

Market Cap: RM 460.0m

An investment holding company, engages in supply and installation of piping systems in Malaysia.

FB Financial

Market Cap: US$2.8b

Operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services.

Rayhoo Motor DiesLtd

Market Cap: CN¥6.2b

Engages in the automobile manufacturing equipment and automobile lightweight parts businesses in China and internationally.

Golar LNG

Market Cap: US$5.4b

Designs, converts, owns, and operates marine infrastructure for the liquefaction of natural gas.

RHI Magnesita

Market Cap: UK£1.3b

Develops, produces, sells, installs, and maintains refractory products and systems used in industrial high-temperature processes worldwide.

SenSen Networks

Market Cap: AU$31.5m

Develops and sells SenDISA platform-based products and services in North America, Australia, New Zealand, and Asia.

Aldeyra Therapeutics

Market Cap: US$93.3m

A biotechnology company, discovers and develops therapies designed to treat immune-mediated diseases.

CAG Group

Market Cap: SEK 795.6m

Operates as an IT consulting company in Sweden.

Canatu Oyj

Market Cap: €267.8m

Develops and sells carbon nanotubes (CNTs) and related products, and manufacturing equipment for the semiconductor, automotive, and medical diagnostics industries in Finland, the United States, Japan, and Taiwan.

Yunnan Energy New Material (Group)

Market Cap: CN¥78.9b

Provides film products in China and internationally.

Matrix Design

Market Cap: CN¥6.3b

Engages in the space design and soft furnishing businesses in China.