French Undervalued based on future growth

Unibail-Rodamco-Westfield

Market Cap: €13.0b

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

Carrefour

Market Cap: €8.8b

Operates as a food retailer in France, Spain, Italy, Belgium, Poland, Romania, Brazil, Argentina, the Middle East, Africa, and Asia.

Ayvens

Market Cap: €7.9b

Provides service leasing and vehicle fleet management services in the France, Rest of Europe, Latin America, Asia, and internationally.

Gecina

Market Cap: €6.5b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

Teleperformance

Market Cap: €4.1b

Operates as a digital business services company in France and internationally.

Vallourec

Market Cap: €3.8b

Through its subsidiaries, provides tubular solutions for the oil and gas, industry, and new energies markets in Europe, North America, South America, Asia, the Middle East, and internationally.

Air France-KLM

Market Cap: €3.5b

Provides passenger and cargo transportation services worldwide.

Tikehau Capital

Market Cap: €3.3b

An alternative asset management group with €46.1 billion of assets under management (as of 30 June 2024).

Société Foncière Lyonnaise

Market Cap: €3.2b

Société Foncière Lyonnaise Leader in the prime segment of the Parisian commercial real estate market, the firm stands out for the quality of its property portfolio, which is valued at 7.6 billion and is focused on the Central Business District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies.

Valeo

Market Cap: €2.3b

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.

Peugeot Invest Société anonyme

Market Cap: €1.9b

Operates as an investment company.

OPmobility

Market Cap: €1.8b

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.

Derichebourg

Market Cap: €947.1m

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

Savencia

Market Cap: €810.5m

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

Séché Environnement

Market Cap: €801.2m

Engages in the management, recovery, and treatment of waste products for industrial and corporate customers, and local authorities in France and internationally.

Manitou BF

Market Cap: €773.0m

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

Mersen

Market Cap: €617.2m

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

IDI

Market Cap: €562.2m

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: €527.5m

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: €477.5m

Operates as a ready-to-wear and accessories retail company in France and internationally.

Aramis Group SAS

Market Cap: €446.2m

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

Boiron

Market Cap: €368.1m

Manufactures and sells homeopathic medicines in France, rest of Europe, North America, and internationally.

Guerbet

Market Cap: €265.3m

Engages in the development and marketing of contrast media products, delivery systems, medical devices, and related solutions.

Compagnie Chargeurs Invest

Market Cap: €260.6m

Operates as an industrial and financial company in France, Italy, Germany, the United States, Mainland China, Hong Kong, the United Kingdom, and internationally.

GROUPE SFPI

Market Cap: €232.4m

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

Hexaom

Market Cap: €215.9m

Engages in the home building and renovation businesses in France.

Akwel

Market Cap: €215.0m

Manufactures automotive and heavy goods vehicle components in France and internationally.

Bastide Le Confort Médical

Market Cap: €212.1m

Engages in the sale and rental of medical equipment for individuals and health professionals in France and internationally.

ADLPartner

Market Cap: €111.6m

Provides marketing solutions in France and internationally.

Fleury Michon

Market Cap: €107.4m

Produces and sells food products in France and internationally.

Haulotte Group

Market Cap: €73.9m

Through its subsidiaries, designs, manufactures, and markets people and material lifting equipment.

Omer-Decugis & Cie

Market Cap: €71.4m

Produces and sells fresh fruits and vegetables in France and internationally.

Abéo

Market Cap: €68.7m

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

Herige

Market Cap: €66.8m

Engages in the trading of building materials for professional and DIY customers primarily in France.

Moulinvest

Market Cap: €65.7m

Operates in the wood industry business in France.

Icape Holding

Market Cap: €56.3m

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