U.K. Undervalued based on future growth

Lloyds Banking Group

Market Cap: UK£45.6b

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

3i Group

Market Cap: UK£39.8b

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$6.3b

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

JD Sports Fashion

Market Cap: UK£3.9b

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

Lion Finance Group

Market Cap: UK£2.8b

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

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.

Assura

Market Cap: UK£1.6b

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

RHI Magnesita

Market Cap: UK£1.3b

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

Wizz Air Holdings

Market Cap: UK£1.2b

Engages in the provision of passenger air transportation services in Europe, the United Kingdom and internationally.

Yellow Cake

Market Cap: UK£1.1b

Operates in the uranium sector.

Pan African Resources

Market Cap: UK£983.2m

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

Metro Bank Holdings

Market Cap: UK£755.1m

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.

Urban Logistics REIT

Market Cap: UK£715.3m

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.

Atalaya Mining Copper

Market Cap: UK£647.5m

Engages in the mineral exploration and development in Spain.

Conduit Holdings

Market Cap: UK£597.0m

Through its subsidiary, provides reinsurance products and services worldwide.

Morgan Advanced Materials

Market Cap: UK£594.0m

Manufactures and sells various carbon and ceramic products.

Harworth Group

Market Cap: UK£571.0m

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

PayPoint

Market Cap: UK£559.0m

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

Foresight Group Holdings

Market Cap: UK£445.9m

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

NewRiver REIT

Market Cap: UK£372.8m

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

Ashtead Technology Holdings

Market Cap: UK£358.0m

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

International Personal Finance

Market Cap: UK£347.3m

Engages in financial services business in Europe and Mexico.

Next 15 Group

Market Cap: UK£291.2m

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

Capita

Market Cap: UK£283.6m

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

Metals Exploration

Market Cap: UK£267.5m

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

Marston's

Market Cap: UK£255.9m

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

Vp

Market Cap: UK£244.9m

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

Reach

Market Cap: UK£226.6m

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

M&C Saatchi

Market Cap: UK£226.1m

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

MJ Gleeson

Market Cap: UK£225.6m

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

Gulf Marine Services

Market Cap: UK£223.5m

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

Brickability Group

Market Cap: UK£223.6m

Supplies, distributes, and imports building products in the United Kingdom.

Hargreaves Services

Market Cap: UK£219.1m

Provides environmental and industrial services in the United Kingdom, Europe, Hong Kong, and internationally.

Midwich Group

Market Cap: UK£211.7m

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

Vertu Motors

Market Cap: UK£199.9m

Operates as an automotive retailer in the United Kingdom.

Sylvania Platinum

Market Cap: UK£182.1m

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