French Undervalued based on future growth

Unibail-Rodamco-Westfield

Market Cap: €13.6b

Unibail-Rodamco-Westfield (URW) operates vibrant retail-anchored destinations in many of the world’s best cities and urban areas.

Gecina

Market Cap: €4.9b

A leading operator that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.6bn euros as at December 31, 2025.

Valeo

Market Cap: €2.5b

A technology company, designs, produces, and sells products and systems for the automotive markets in France, other European countries, Africa, North America, South America, and Asia.

SEB

Market Cap: €2.4b

Designs, manufactures, and markets small domestic equipment in Western Europe, rest of Europe, the Middle East, Africa, North and South America, China, and rest of Asia.

Air France-KLM

Market Cap: €2.4b

Provides passenger and cargo transportation services worldwide.

Carmila

Market Cap: €2.3b

A leading European commercial real estate company, with 250 shopping centres across France, Spain and Italy.

OPmobility

Market Cap: €2.1b

Designs and produces intelligent exterior systems, customized complex modules, lighting systems, energy storage systems, and electrification solutions for all mobility players in Europe, North America, China, rest of Asia, South America, the Middle East, and Africa.

Verallia Société Anonyme

Market Cap: €2.0b

Manufactures and sells glass packaging products for beverages and food products worldwide.

Alten

Market Cap: €1.8b

Operates as an engineering and technology consultancy company in France, North America, Germany, Scandinavia, Benelux, Iberian, Spain, Italy, the United Kingdom, the Asia-Pacific, Switzerland, Eastern Europe, and internationally.

Antin Infrastructure Partners SAS

Market Cap: €1.7b

A private equity firm specializing in infrastructure investments.

STEF

Market Cap: €1.5b

Provides temperature-controlled road transport and logistics services for agri-food industry, and out-of-home foodservices.

Ipsos

Market Cap: €1.4b

Through its subsidiaries, provides survey-based research services for companies and institutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.

Derichebourg

Market Cap: €1.3b

Provides environmental services to businesses, and local and municipal authorities.

Viridien Société anonyme

Market Cap: €946.9m

Provides data, products, services, and solutions in Earth science, data science, sensing, and monitoring in North America, Latin America, the Central and South Americas, Europe, Africa, the Middle East, and the Asia Pacific.

Savencia

Market Cap: €761.3m

Produces, distributes, and markets dairy and cheese products in France, the Rest of Europe, and internationally.

Manitou BF

Market Cap: €727.1m

Engages in the development, manufacture, and distribution of equipment and services in France, Southern Europe, Northern Europe, the Americas, Asia, the Pacific, Africa, and the Middle East.

Mersen

Market Cap: €530.8m

Manufactures and sells electrical power products and advanced materials in France, North America, rest of Europe, the Asia-Pacific, and internationally.

IDI

Market Cap: €478.0m

A private equity firm specializing in leveraged buyouts, expansion capital, middle market, growth capital, acquisition of significant holdings in listed small and medium companies and secondary private equity portfolios, mezzanine financing, loans senior to senior debt, mergers and acquisitions, LBO, development capital, discounted leveraged buyouts loans in mature companies and through co-investments in pre-IPO financing.

Quadient

Market Cap: €425.0m

Provides digital, mail, and lockers for customers through digital and physical channels in North America, France, Benelux, the United Kingdom, Ireland and Germany, Austria, Italy, Switzerland, and internationally.

SMCP

Market Cap: €412.2m

Operates as an apparel and accessories retail company in France and internationally.

Jacquet Metals

Market Cap: €412.2m

Engages in the storage and distribution of special metals in Germany, France, Italy, North America, Spain, the Netherlands, rest of Europe, and internationally.

Samse

Market Cap: €406.0m

Distributes construction materials and tools in France.

TFF Group

Market Cap: €333.9m

Engages in the wine and spirits ageing in the United States, Europe, France, Asia, and internationally.

Aramis Group SAS

Market Cap: €308.6m

Engages in the online sale of used vehicles in France, Belgium, the United Kingdom, Austria, Italy, and Spain.

Sword Group

Market Cap: €289.6m

Provides IT and software solutions.

Bonduelle

Market Cap: €264.7m

Engages in the provision of plant-based food in Europe and internationally.

LNA Santé

Market Cap: €260.7m

Engages in the management and operation of healthcare facilities and medical residences for able-bodied, semi-dependent, or dependent elderly people in France.

EXEL Industries

Market Cap: €227.2m

Engages in the manufacture and sale of agricultural spraying equipment in France and internationally.

Hexaom

Market Cap: €197.4m

Engages in the land and real estate development, construction, and renovation businesses in France.

Solocal Group

Market Cap: €148.3m

Provides digital services in France and internationally.

Catering International & Services Société Anonyme

Market Cap: €103.6m

Provides catering, accommodation, and facilities and utility management services.

Fleury Michon

Market Cap: €95.4m

Produces and sells food products in France and internationally.

ADLPartner

Market Cap: €94.5m

Provides marketing solutions in France and internationally.

Moulinvest

Market Cap: €72.6m

Operates in the wood industry business in France.

Delfingen Société Anonyme

Market Cap: €66.4m

Provides protection and routing systems for electrical networks and on-board fluid transfer solutions to industrial and automotive sectors internationally.

Bilendi

Market Cap: €65.0m

Provides services for market research and customer engagement and loyalty services in France, United Kingdom, Germany, Switzerland, Spain, Italy, Morocco, Denmark, Sweden, Finland, Belgium, the Netherlands, and Mauritius.