French Undervalued based on future growth

Gecina

Market Cap: €5.5b

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.

SEB

Market Cap: €2.9b

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: €2.8b

Provides passenger and cargo transportation services.

Valeo

Market Cap: €2.8b

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.

Carmila

Market Cap: €2.4b

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

Verallia Société Anonyme

Market Cap: €2.3b

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

STEF

Market Cap: €1.5b

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

Savencia

Market Cap: €846.7m

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

Manitou BF

Market Cap: €826.6m

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.

Viridien Société anonyme

Market Cap: €813.3m

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

Groupe CRIT

Market Cap: €587.9m

Provides temporary staffing and recruitment services in France and internationally.

IDI

Market Cap: €518.0m

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.

Jacquet Metals

Market Cap: €462.7m

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

SMCP

Market Cap: €404.4m

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

TFF Group

Market Cap: €356.4m

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

Aramis Group SAS

Market Cap: €328.0m

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

Bonduelle

Market Cap: €262.1m

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

STIF Société anonyme

Market Cap: €258.1m

Manufactures and sells components for the handling of bulk products in France.

Hexaom

Market Cap: €226.1m

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

Linedata Services

Market Cap: €203.6m

Develops, publishes, and distributes financial software in Southern Europe, Northern Europe, North America, and Asia.

GROUPE SFPI

Market Cap: €189.9m

Designs, manufactures, and markets equipment for the safety industry in Europe and internationally.

Cegedim

Market Cap: €150.5m

Operates as a technology and services company in the field of digital data flow management for healthcare ecosystem and B2B in France, rest of Europe, and internationally.

Deezer

Market Cap: €137.1m

Provides music, lossless HiFi audio, and industry defining features on a scalable platform in France, Germany, the United Kingdom, Brazil, the United States, and internationally.

SergeFerrari Group

Market Cap: €80.9m

Designs, develops, manufactures, and markets composite materials for lightweight architectural and outdoor applications in France and internationally.

Delfingen Société Anonyme

Market Cap: €78.2m

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

Moulinvest

Market Cap: €69.3m

Operates in the wood industry business in France.

Bilendi

Market Cap: €66.4m

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.

Abéo

Market Cap: €66.3m

Engages in the design, manufacture, and distribution of sports and leisure equipment in France and internationally.

LACROIX Group

Market Cap: €62.2m

Engages in the design and manufacture of electronic equipment and industrial IoT solutions in France, Germany, the United States, Poland, and Tunisia.

Icape Holding

Market Cap: €47.4m

Engages in the manufacture, distribution, and sale of printed circuit boards (PCBs) and customized technical parts worldwide.

Hopscotch Global PR Group

Market Cap: €41.3m

Operates in public relations (PR) business in France and internationally.

Mr.Bricolage

Market Cap: €40.5m

Engages in retailing of renovation, home, and garden decoration products.

Graines Voltz

Market Cap: €28.8m

Distributes flower and vegetable seeds in France and internationally.

IT Link

Market Cap: €28.1m

Develops connected products and business solutions in France.

Touax

Market Cap: €27.1m

Engages in the provision of leasing, management, and sale of standard and flexible mobile equipment used for the transport of goods in Europe, Africa, Asia, North America, South America, and internationally.

Netgem

Market Cap: €26.4m

Develops, operates, and distributes the NetgemTV digital video entertainment platform in France and Europe.