U.K. Undervalued based on future growth

3i Group

Market Cap: UK£37.3b

A private equity firm specializing in mature companies, growth capital, middle markets, infrastructure, and management leveraged buyouts and buy-ins.

SEGRO

Market Cap: UK£8.5b

SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses, industrial property and data centres.

Halyk Bank of Kazakhstan

Market Cap: US$7.3b

Provides corporate and retail banking services primarily in the Republic of Kazakhstan, Kyrgyzstan, Georgia, and Uzbekistan.

easyJet

Market Cap: UK£3.6b

Operates as a low-cost airline carrier in Europe.

Lion Finance Group

Market Cap: UK£3.3b

Through its subsidiaries, provides banking and financial services with focus on the Georgian and Armenian markets.

Frasers Group

Market Cap: UK£3.1b

Engages in the retail and wholesale of sports and leisure clothing, footwear and equipment, and apparel through department stores, shops, and online.

TBC Bank Group

Market Cap: UK£2.5b

Through its subsidiaries, provides banking, leasing, insurance, brokerage, and card processing services to corporate and individual customers in Georgia, Azerbaijan, and Uzbekistan.

Primary Health Properties

Market Cap: UK£2.3b

Primary Health Properties PLC (“PHP”) is a UK Real Estate Investment Trust (“REIT”) and leading investor in modern primary healthcare premises.

Rathbones Group

Market Cap: UK£1.9b

Provides wealth management, asset management, and related services in the United Kingdom and Channel Islands.

Man Group

Market Cap: UK£1.8b

Man Group Limited is a publicly owned investment manager.

Hochschild Mining

Market Cap: UK£1.7b

A precious metals company, engages in the exploration, mining, processing, and sale of gold and silver deposits in Peru, Argentina, the United Kingdom, Canada, Brazil, and Chile.

Pan African Resources

Market Cap: UK£1.6b

Engages in the mining, extraction, production, and sale of gold in South Africa.

Energean

Market Cap: UK£1.6b

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

Wizz Air Holdings

Market Cap: UK£1.3b

Engages in the provision of passenger air transportation services in Europe, Iceland, Liechtenstein, Norway, and Switzerland, the United Kingdom, and Other European countries.

RHI Magnesita

Market Cap: UK£988.5m

Develops, produces, sells, installs, and maintains refractory products and systems used in industrial high-temperature processes worldwide.

Vesuvius

Market Cap: UK£910.3m

Provides molten metal flow engineering and technology services to steel and foundry casting industries worldwide.

Metro Bank Holdings

Market Cap: UK£854.8m

Operates as the bank holding company for Metro Bank PLC that provides business, commercial, retail and private banking products and services in the United Kingdom.

Atalaya Mining Copper

Market Cap: UK£774.2m

Engages in the mineral exploration and development in Spain.

Rank Group

Market Cap: UK£644.6m

Engages in provision of gaming services in Great Britain, Spain, and India.

Morgan Advanced Materials

Market Cap: UK£601.5m

Manufactures and sells various carbon and ceramic products.

Harworth Group

Market Cap: UK£551.6m

Operates as a land and property regeneration company in the North of England and the Midlands.

Conduit Holdings

Market Cap: UK£471.8m

Through its subsidiary, provides reinsurance products and services worldwide.

PayPoint

Market Cap: UK£463.9m

Engages in the provision of payments and banking, shopping, and e-commerce services and products in the United Kingdom.

Funding Circle Holdings

Market Cap: UK£377.8m

Provides online lending platforms in the United Kingdom and internationally.

RWS Holdings

Market Cap: UK£328.7m

Provides technology-enabled language, content, and intellectual property (IP) services in the United Kingdom, Continental Europe, the United States, and internationally.

Capita

Market Cap: UK£290.6m

Operates an outsourcer that supports clients across the public and private sectors in the United Kingdom and rest of Europe.

Ashtead Technology Holdings

Market Cap: UK£286.2m

Provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East.

Essentra

Market Cap: UK£279.3m

Engages in the manufacturing and distribution of plastic injection moulded, vinyl dip moulded, and metal items in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Next 15 Group

Market Cap: UK£273.0m

Next 15 Group plc, together with its subsidiaries, customer insight, customer delivery, customer engagement, and business transformation services in the United Kingdom, Africa, the United States, Europe, Middle East, and Africa.

Integrated Diagnostics Holdings

Market Cap: US$348.8m

Operates as a consumer healthcare company that provides medical diagnostics services to patients.

Marston's

Market Cap: UK£247.8m

Operates managed, franchised, tenanted, partnership, and leased pubs in the United Kingdom.

Vp

Market Cap: UK£229.1m

Provides equipment rental and related services in the United Kingdom and internationally.

S&U

Market Cap: UK£219.9m

Provides motor, property bridging, and specialist finance services in the United Kingdom.

Sylvania Platinum

Market Cap: UK£211.2m

Engages in the retreatment of platinum group metals (PGM) bearing chrome tailings materials in South Africa.

Reach

Market Cap: UK£209.8m

Operates as commercial news publisher in the United Kingdom, rest of Europe, and internationally.

MJ Gleeson

Market Cap: UK£199.3m

Engages in house building, and land promotion and sale businesses in the United Kingdom.