U.K. Undervalued based on future growth

3i Group

Market Cap: UK£40.5b

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

Mondi

Market Cap: UK£5.0b

Engages in the manufacture and sale of packaging and paper solutions in Africa, Western Europe, Emerging Europe, Russia, North America, South America, Asia, and Australia.

Halyk Bank of Kazakhstan

Market Cap: US$6.3b

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

JD Sports Fashion

Market Cap: UK£4.1b

Engages in the retail of branded sports fashion and outdoor clothing, footwear, accessories, and equipment for kids, women, and men in the United Kingdom, Republic of Ireland, Europe, North America, and internationally.

International Distribution Services

Market Cap: UK£3.5b

Operates as a universal postal service provider in the United Kingdom and internationally.

Frasers Group

Market Cap: UK£2.8b

Frasers Group Plc, together with its subsidiaries, retails sports and leisure clothing, footwear, homeware, furniture, sports equipment and bicycles, accessories, and apparel through department stores, shops, and online in the United Kingdom, Europe, the United States, Asia, Oceania, and internationally.

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.

Burford Capital

Market Cap: UK£2.2b

Provides legal finance products and services worldwide.

QinetiQ Group

Market Cap: UK£2.1b

Operates as a science and engineering company in the defense, security, and infrastructure markets in the United Kingdom, the United States, Australia, and internationally.

Wizz Air Holdings

Market Cap: UK£1.6b

Engages in the provision of passenger air transportation services.

Rathbones Group

Market Cap: UK£1.6b

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

Assura

Market Cap: UK£1.6b

Assura plc is the UK's leading specialist healthcare property investor and developer.

RHI Magnesita

Market Cap: UK£1.5b

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

Supermarket Income REIT

Market Cap: UK£963.3m

Supermarket Income REIT plc (LSE: SUPR) is a real estate investment trust dedicated to investing in grocery properties which are an essential part of the UK's feed the nation infrastructure.

Pan African Resources

Market Cap: UK£910.1m

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

Yellow Cake

Market Cap: UK£895.6m

Operates in the uranium sector.

Vesuvius

Market Cap: UK£794.5m

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

Renewi

Market Cap: UK£691.2m

Engages in collecting, sorting, and processing of waste to create secondary materials in the Netherlands, Belgium, the United Kingdom, France, Portugal, and internationally.

Urban Logistics REIT

Market Cap: UK£676.2m

Urban LogisticsREIT plc (LON: SHED) has built a high quality, last mile/last touch logistics real estate portfolio with a gross asset value as at 30 September 2024 of £1.1 billion and with significant reversionary potential.

Metro Bank Holdings

Market Cap: UK£629.2m

Operates as the bank holding company for Metro Bank PLC that provides various banking products and services in the United Kingdom.

Kier Group

Market Cap: UK£608.9m

Primarily engages in the construction business in the United Kingdom and internationally.

Harworth Group

Market Cap: UK£581.8m

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

Conduit Holdings

Market Cap: UK£559.6m

Through its subsidiary, provides reinsurance products and services worldwide.

Atalaya Mining Copper

Market Cap: UK£536.3m

Engages in the mineral exploration and development in Spain.

Morgan Advanced Materials

Market Cap: UK£526.3m

Manufactures and sells various carbon and ceramic products in the United Kingdom.

Senior

Market Cap: UK£522.0m

Designs, manufactures, and sells high-technology components and systems for the original equipment manufacturers in the aerospace, defense, land vehicle, and power and energy markets in North America, the United Kingdom, South Africa, India, China, and internationally.

Dr. Martens

Market Cap: UK£505.4m

Designs, develops, procures, markets, sells, and distributes footwear under the Dr.

Foresight Group Holdings

Market Cap: UK£417.6m

Operates as an infrastructure and private equity manager in the United Kingdom, Italy, Luxembourg, Ireland, Spain, and Australia.

Rank Group

Market Cap: UK£386.9m

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

NewRiver REIT

Market Cap: UK£355.2m

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

Custodian Property Income REIT

Market Cap: UK£336.4m

A UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014.

Card Factory

Market Cap: UK£325.8m

Operates as a specialist retailer of cards, gifts, and celebration essentials in the United Kingdom and internationally.

DFS Furniture

Market Cap: UK£303.4m

Designs, manufactures, delivers, installs, and retails upholstered furniture in the United Kingdom and the Republic of Ireland.

Costain Group

Market Cap: UK£281.7m

Provides infrastructure solutions for the transportation, energy, water, and defense markets in the United Kingdom.

Next 15 Group

Market Cap: UK£252.6m

Provides communications services in the United Kingdom, Europe, Africa, the United States, and the Asia Pacific.

Reach

Market Cap: UK£241.9m

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