U.K. Undervalued based on future growth

Halyk Bank of Kazakhstan

Market Cap: US$8.9b

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

Lion Finance Group

Market Cap: UK£4.7b

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

Land Securities Group

Market Cap: UK£4.3b

Land Securities Group Plc identify and shape places that create opportunities, enhance quality of life, and bring joy to the people connected to them.

Mondi

Market Cap: UK£3.4b

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

Pan African Resources

Market Cap: UK£3.2b

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

easyJet

Market Cap: UK£2.7b

Operates as a low-cost airline carrier in Europe.

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.

Shawbrook Group

Market Cap: UK£1.7b

Through its subsidiary, Shawbrook Bank Limited, provides lending and savings products and services to private and business customers in the United Kingdom.

Atalaya Mining Copper

Market Cap: UK£1.3b

Engages in the mineral exploration and development in Spain.

RHI Magnesita

Market Cap: UK£1.3b

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

Savills

Market Cap: UK£1.2b

Engages in the provision of real estate services in the United Kingdom, Continental Europe, the Asia Pacific, North America, Africa, and the Middle East.

Vistry Group

Market Cap: UK£1.1b

Provides housing solutions in the United Kingdom.

Metro Bank Holdings

Market Cap: UK£1.1b

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.

Wizz Air Holdings

Market Cap: UK£1.0b

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

Polar Capital Holdings

Market Cap: UK£731.0m

Polar Capital Holdings plc is a publicly owned investment manager.

IP Group

Market Cap: UK£583.1m

A private equity and venture capital firm specializing in seed/startup, early venture, emerging growth, mature, mid venture, late venture, incubation, mezzanine in growth capital companies.

Victrex

Market Cap: UK£507.6m

Through its subsidiaries, engages in the manufacture and sale of polymer solutions worldwide.

Foresight Group Holdings

Market Cap: UK£469.7m

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

Rank Group

Market Cap: UK£462.7m

Engages in provision of gaming services in the United Kingdom, Europe, and internationally.

AltynGold

Market Cap: UK£338.9m

Engages in the exploration and development of gold producing mine in the Republic of Kazakhstan.

Marshalls

Market Cap: UK£331.5m

Manufactures and sells landscape, building, and roofing products in the United Kingdom and internationally.

Yü Group

Market Cap: UK£300.7m

Through its subsidiaries, supplies energy and utility solutions primarily in the United Kingdom.

DFS Furniture

Market Cap: UK£296.3m

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

Mortgage Advice Bureau (Holdings)

Market Cap: UK£294.6m

Provides mortgage advice, and advice on protection and general insurance products in the United Kingdom.

Sylvania Platinum

Market Cap: UK£284.7m

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

Vanquis Banking Group

Market Cap: UK£283.9m

Engages in the provision of personal credit products to the non-standard lending market in the United Kingdom and the Republic of Ireland.

McBride

Market Cap: UK£275.9m

Manufactures and sells private label household and personal care products to retailers and brand owners in the United Kingdom, Germany, France, Italy, Spain, rest of Europe, the Asia-Pacific, and internationally.

Serabi Gold

Market Cap: UK£268.9m

Engages in the evaluation, exploration, and development of gold and other metals mining projects in Brazil.

Norcros

Market Cap: UK£259.8m

Designs and supplies bathroom and kitchen products in the United Kingdom, Ireland, and South Africa.

Secure Trust Bank

Market Cap: UK£258.8m

Provides banking and financial products and services in the United Kingdom.

Integrated Diagnostics Holdings

Market Cap: US$343.6m

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

On the Beach Group

Market Cap: UK£245.8m

Operates as an online retailer of short haul beach holidays under the On the Beach brand in the United Kingdom and Republic of Ireland.

S&U

Market Cap: UK£241.2m

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

Gulf Marine Services

Market Cap: UK£235.0m

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

Card Factory

Market Cap: UK£231.4m

Operates as a specialist retailer of cards, gifts, and celebration essentials in the United Kingdom, South Africa, Republic of Ireland, the United States, and internationally.

YouGov

Market Cap: UK£230.9m

Provides online market research services in the United Kingdom, the Americas, the Middle East, Mainland Europe, India, and the Asia Pacific.