Canadian Undervalued based on future growth

Magna International

Market Cap: CA$13.3b

Manufactures and supplies vehicle engineering, contract, and automotive space.

Eldorado Gold

Market Cap: CA$5.5b

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

Torex Gold Resources

Market Cap: CA$3.8b

Operates as an intermediate gold producer.

New Gold

Market Cap: CA$3.8b

An intermediate gold mining company, engages in the development and operation of mineral properties in Canada.

Premium Brands Holdings

Market Cap: CA$3.5b

Through its subsidiaries, manufactures and distributes food products primarily in Canada, the United States, Asia, and internationally.

Methanex

Market Cap: CA$2.9b

Produces and supplies methanol in Asia Pacific, North America, Europe, and South America.

Fortuna Mining

Market Cap: CA$2.6b

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

goeasy

Market Cap: CA$2.5b

Provides non-prime leasing and lending services under the easyhome, easyfinancial, and LendCare brands to consumers in Canada.

NuVista Energy

Market Cap: CA$2.5b

Engages in the exploration, development, and production of oil and natural gas reserves in the Western Canadian Sedimentary Basin.

International Petroleum

Market Cap: CA$2.3b

Explores for, develops, and produces oil and gas.

Primaris Real Estate Investment Trust

Market Cap: CA$1.5b

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets.

Groupe Dynamite

Market Cap: CA$1.4b

Designs, distributes, and sells women’s apparel in the market of Canada and the United States of America.

Aris Mining

Market Cap: CA$1.3b

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

Badger Infrastructure Solutions

Market Cap: CA$1.3b

Provides non-destructive excavating and related services in Canada and the United States.

Bird Construction

Market Cap: CA$1.1b

Provides construction services in Canada.

Enerflex

Market Cap: CA$1.1b

Offers energy infrastructure and energy transition solutions in North America, Latin America, and the Eastern Hemisphere.

Propel Holdings

Market Cap: CA$988.5m

Operates as a financial technology company.

Major Drilling Group International

Market Cap: CA$728.4m

Provides contract drilling services to mining and mineral exploration companies in the United States, Canada, South and Central America, Australasia, and Africa.

Magellan Aerospace

Market Cap: CA$725.7m

Through its subsidiaries, engineers and manufactures aeroengine and aerostructure components for aerospace markets in Canada, the United States, and Europe.

ADENTRA

Market Cap: CA$672.8m

Engages in the wholesale distribution of architectural building products to the residential, repair and remodel, and commercial construction markets in Canada and the United States.

Orezone Gold

Market Cap: CA$627.7m

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

North American Construction Group

Market Cap: CA$625.2m

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

Doman Building Materials Group

Market Cap: CA$592.6m

Through its subsidiaries, engages in the wholesale distribution of building materials and home renovation products in the United States and Canada.

ShaMaran Petroleum

Market Cap: CA$586.7m

Engages in the oil and gas exploration and production.

Cogeco

Market Cap: CA$582.5m

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

VersaBank

Market Cap: CA$512.2m

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

Pollard Banknote

Market Cap: CA$505.1m

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

Dexterra Group

Market Cap: CA$498.6m

Engages in the provision of support services for the creation, management, and operation of infrastructure in Canada.

Galiano Gold

Market Cap: CA$457.7m

A mining, development, and exploration company.

PHX Energy Services

Market Cap: CA$349.0m

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, Albania, the Middle East regions, and internationally.

Kolibri Global Energy

Market Cap: CA$339.3m

Engages in the finding and exploiting oil, gas, and clean and sustainable energy in the United States.

Saturn Oil & Gas

Market Cap: CA$301.8m

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

Andean Precious Metals

Market Cap: CA$276.1m

Engages in the acquisition, exploration, development, and processing of mineral resource properties in the United States.

Alvopetro Energy

Market Cap: CA$185.4m

Engages in the acquisition, exploration, development, and production of hydrocarbons in Brazil and Canada.

Source Energy Services

Market Cap: CA$126.4m

Engages in the production and distribution of frac sand used primarily in oil and gas exploration and production in Canada and the United States.

Currency Exchange International

Market Cap: CA$124.5m

Together with its subsidiary, Exchange Bank of Canada, provides foreign exchange technology and processing services in Canada and the United States.