Canadian Undervalued based on future growth

Eldorado Gold

Market Cap: CA$12.2b

Engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, and Greece.

B2Gold

Market Cap: CA$9.7b

Operates as a gold producer company in Canada.

Artemis Gold

Market Cap: CA$8.0b

Engages in the identification, acquisition, and development of gold properties in Canada.

K92 Mining

Market Cap: CA$6.5b

Engages in the exploration and development of mineral deposits in Papua New Guinea.

RioCan Real Estate Investment Trust

Market Cap: CA$6.4b

RioCan Real Estate Investment Trust meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based retail properties in densely populated communities.

Aris Mining

Market Cap: CA$5.6b

Engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana.

Athabasca Oil

Market Cap: CA$5.6b

Engages in the exploration, development, and production of thermal and light oil resource plays in the Western Canadian Sedimentary Basin in Alberta, Canada.

Fortuna Mining

Market Cap: CA$4.5b

Engages in the precious and base metal mining and related activities in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal.

EQB

Market Cap: CA$4.3b

Through its subsidiary, Equitable Bank, provides personal and commercial banking services to retail and commercial customers in Canada.

Parex Resources

Market Cap: CA$2.7b

Engages in the exploration, development, production, and marketing of oil and natural gas in Colombia.

Labrador Iron Ore Royalty

Market Cap: CA$1.8b

Through its subsidiary, Hollinger-Hanna Limited, holds a 15.10% equity interest in Iron Ore Company of Canada that produces and processes iron ores in Canada.

Laurentian Bank of Canada

Market Cap: CA$1.8b

Provides various financial services to personal, commercial, and institutional customers in Canada and the United States.

Advantage Energy

Market Cap: CA$1.7b

Engages in the acquisition, exploitation, development, and production natural gas, crude oil, and natural gas liquids (NGLs) in the Province of Alberta, Canada.

Orezone Gold

Market Cap: CA$1.5b

Engages in the mining, exploration, and development of gold properties.

GoGold Resources

Market Cap: CA$1.3b

Engages in the exploration, development, and production of silver, gold, and copper primarily in Mexico It owns the Los Ricos property, which includes Los Ricos South and Los Ricos North projects, that covers 45 concessions with an area of approximately 24,000 hectares situated in the Jalisco State, Mexico; and the Parral Tailings project located in the city of Parral.

Sagicor Financial

Market Cap: CA$1.3b

Provides various financial services to individuals and corporations in Canada, the United States, Jamaica, and the rest of the Caribbean.

Saturn Oil & Gas

Market Cap: CA$1.2b

Engages in the acquisition, exploration, and development of petroleum and natural gas resource deposits in Canada.

Pason Systems

Market Cap: CA$1.1b

Provides instrumentation and data management systems for oil and gas drilling in Canada, the United States, and internationally.

Stingray Group

Market Cap: CA$1.0b

Operates as a music, media, and technology company in Canada, the United States, and internationally.

Propel Holdings

Market Cap: CA$924.6m

Operates as a financial technology company.

VersaBank

Market Cap: CA$829.9m

Provides various banking products and services in Canada and the United States.

Martinrea International

Market Cap: CA$765.7m

Engages in the design, development, manufacture, and sale of engineered, value-added lightweight structures, and propulsion systems for the automotive sector in North America, Europe, and internationally.

Logan Energy

Market Cap: CA$663.9m

Engages in the exploration, development, and production of crude oil and natural gas properties.

Cogeco

Market Cap: CA$604.1m

Operates in the communications and media sectors in Canada and the United States.

Mattr

Market Cap: CA$586.7m

Operates as a materials technology company that serves the infrastructure markets, including electrification, transportation, mining, energy, communication and water management markets in Canada, the United States, Europe, the Middle East, Africa, and the Asia Pacific.

North American Construction Group

Market Cap: CA$553.3m

Provides mining and heavy civil construction services to customers in the resource development and industrial construction sectors in Australia, Canada, and the United States.

Timbercreek Financial

Market Cap: CA$548.7m

Provides shorter-duration structured financing solutions to commercial real estate investors in Canada.

Calfrac Well Services

Market Cap: CA$534.2m

Provides specialized oilfield services in Canada, the United States, and Argentina.

AutoCanada

Market Cap: CA$526.4m

Through its subsidiaries, operates franchised automobile dealerships and related business.

D2L

Market Cap: CA$515.6m

Provides cloud-based learning software for higher education institutions, kindergarten to grade 12 schools and districts, and private sector enterprises in Canada, the United States, and internationally.

PHX Energy Services

Market Cap: CA$506.4m

Provides horizontal and directional drilling services, rents performance drilling motors, and sells motor equipment and parts to oil and natural gas exploration and development companies in Canada, the United States, the Middle East regions, and internationally.

Pollard Banknote

Market Cap: CA$485.3m

Engages in the manufacture and sale of lottery and charitable gaming products and solutions in the United States, Canada, and internationally.

Journey Energy

Market Cap: CA$423.1m

Engages in the exploration, development, and production of crude oil and natural gas in Canada.

Lucara Diamond

Market Cap: CA$350.4m

A diamond mining company, engages in the development and operation of diamond properties in Africa.

Computer Modelling Group

Market Cap: CA$315.7m

A software and consulting technology company, engages in the development and licensing of reservoir simulation and seismic interpretation software and related services.

Richards Group

Market Cap: CA$312.3m

Designs, manufactures, and distributes packaging containers and healthcare supplies and products in North America.