U.K. Undervalued based on future growth

National Atomic Company Kazatomprom JSC

Market Cap: US$6.1t

Explores for, produces, processes, markets, and sells uranium and uranium related products in Kazakhstan, China, the Russian Federation, Canada, France, the United Kingdom, the United States, Jersey, Cayman Islands, the United Arab Emirates, and internationally.

Lloyds Banking Group

Market Cap: UK£46.2b

Provides a range of banking and financial products and services in the United Kingdom and internationally.

3i Group

Market Cap: UK£40.1b

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

Halyk Bank of Kazakhstan

Market Cap: US$6.8b

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

easyJet

Market Cap: UK£3.7b

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£3.0b

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£2.7b

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

Vistry Group

Market Cap: UK£1.9b

Provides housing solutions in the United Kingdom.

Man Group

Market Cap: UK£1.9b

Man Group Limited is a publicly owned investment manager.

Seplat Energy

Market Cap: UK£1.6b

An independent energy company, engages in the oil and gas exploration and production, and gas processing activities in Nigeria, Bahamas, Italy, Switzerland, England, and Singapore.

Hochschild Mining

Market Cap: UK£1.4b

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.

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.

Pan African Resources

Market Cap: UK£1.1b

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

Metro Bank Holdings

Market Cap: UK£868.1m

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.

Watches of Switzerland Group

Market Cap: UK£841.0m

Operates as a retailer of luxury watches and jewelry in the United Kingdom, Europe, and the United States.

Morgan Advanced Materials

Market Cap: UK£647.1m

Manufactures and sells various carbon and ceramic products.

Atalaya Mining Copper

Market Cap: UK£644.7m

Engages in the mineral exploration and development in Spain.

Harworth Group

Market Cap: UK£613.2m

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

PayPoint

Market Cap: UK£506.6m

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

Metals Exploration

Market Cap: UK£383.3m

Metals Exploration plc identifies, acquires, explores for, and develops mining and processing properties in the United Kingdom and the Philippines.

RWS Holdings

Market Cap: UK£331.7m

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

Essentra

Market Cap: UK£298.9m

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£284.1m

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.

Marston's

Market Cap: UK£271.1m

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

Gulf Marine Services

Market Cap: UK£237.3m

Operates self-propelled self-elevating support vessels (SESVs) in the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, and Europe.

Vp

Market Cap: UK£237.0m

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

Midwich Group

Market Cap: UK£235.3m

Distributes audio visual (AV) solutions to trade customers in the United Kingdom, Ireland, Europe, the Middle East, Africa, the Asia Pacific, and North America.

M&C Saatchi

Market Cap: UK£223.0m

Provides advertising and marketing communications services in the United Kingdom, Europe, the Middle East, the Asia Pacific, and the Americas.

Reach

Market Cap: UK£220.0m

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

S&U

Market Cap: UK£219.9m

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

MJ Gleeson

Market Cap: UK£211.5m

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

Tullow Oil

Market Cap: UK£209.1m

An energy company, develops, produces, and sells oil and gas resources in Ghana, Gabon, Côte d’Ivoire, Kenya, and Argentina.

Kitwave Group

Market Cap: UK£205.2m

Engages in the food and drink wholesale business in the United Kingdom.

Brickability Group

Market Cap: UK£201.0m

Distributes specialist products and services to the construction industry in the United Kingdom.It operates through four segments: Bricks and Building Materials; Importing; Distribution; and Contracting.

Vertu Motors

Market Cap: UK£190.8m

Operates as an automotive retailer in the United Kingdom.