U.K. Undervalued based on future growth

3i Group

Market Cap: UK£33.1b

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$7.0b

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

JD Sports Fashion

Market Cap: UK£4.2b

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£3.4b

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

Petershill Partners

Market Cap: UK£3.4b

Petershill Partners plc, formerly known as Delta Epsilon plc, is a private equity firm operating as general partner solutions firm.

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.

Man Group

Market Cap: UK£2.3b

Man Group Limited is a publicly owned investment manager.

TBC Bank Group

Market Cap: UK£2.1b

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

Hochschild Mining

Market Cap: UK£2.0b

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£2.0b

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

RHI Magnesita

Market Cap: UK£1.2b

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

Wizz Air Holdings

Market Cap: UK£1.1b

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

Cairn Homes

Market Cap: UK£1.1b

Operates as homebuilder in Ireland.

Atalaya Mining Copper

Market Cap: UK£969.8m

Engages in the mineral exploration and development in Spain.

Vesuvius

Market Cap: UK£947.5m

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

Metro Bank Holdings

Market Cap: UK£737.7m

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.

Morgan Advanced Materials

Market Cap: UK£560.7m

Manufactures and sells various carbon and ceramic products.

Harworth Group

Market Cap: UK£525.2m

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

Rank Group

Market Cap: UK£521.2m

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

Marshalls

Market Cap: UK£437.9m

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

PayPoint

Market Cap: UK£421.1m

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£392.3m

Provides online lending platforms in the United Kingdom and internationally.

Elixirr International

Market Cap: UK£384.5m

Through its subsidiaries, provides management consultancy services in the United Kingdom, the United States, and internationally.

Capita

Market Cap: UK£375.4m

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

DFS Furniture

Market Cap: UK£366.3m

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

Card Factory

Market Cap: UK£341.8m

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.

Next 15 Group

Market Cap: UK£309.3m

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.

On the Beach Group

Market Cap: UK£307.9m

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

Marston's

Market Cap: UK£296.2m

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

YouGov

Market Cap: UK£295.3m

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

Integrated Diagnostics Holdings

Market Cap: US$386.6m

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

Central Asia Metals

Market Cap: UK£282.8m

Operates as a base metals producer.

RWS Holdings

Market Cap: UK£276.6m

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

AltynGold

Market Cap: UK£276.1m

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

Essentra

Market Cap: UK£263.4m

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.

Ashtead Technology Holdings

Market Cap: UK£255.2m

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