U.K. Undervalued based on future growth

M&C Saatchi

Market Cap: UK£157.6m

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

Liontrust Asset Management

Market Cap: UK£145.0m

Liontrust Asset Management Plc is a publicly owned investment manager.

Hostelworld Group

Market Cap: UK£141.9m

Operates as an online travel agent focused on the hostel market worldwide.

Duke Capital

Market Cap: UK£137.2m

A private equity firm specializing in Management Buyouts, buy-and-build strategies, mid-market, minority buyouts, restructuring investments & royalty financing in small and medium size businesses.

Jadestone Energy

Market Cap: UK£127.4m

Operates as an independent oil and gas development and production company in Australia, Malaysia, Indonesia, and Vietnam.

Eurocell

Market Cap: UK£126.4m

Engages in manufacture, distribution, and recycling of windows, doors, and roofline polyvinyl chloride (PVC) building products in the United Kingdom and the Republic of Ireland.

Multitude

Market Cap: €139.0m

Provides digital lending and online banking services in Finland.

Afentra

Market Cap: UK£113.6m

Operates as an upstream oil and gas company primarily in Africa.

Mincon Group

Market Cap: UK£107.3m

Engages in designing, manufacturing, selling, and servicing of rock drilling tools and associated products in Ireland, the Americas, Europe, Australasia, the Middle East, and Africa.

Motorpoint Group

Market Cap: UK£105.5m

Operates as an omnichannel vehicle retailer in the United Kingdom.

Alumasc Group

Market Cap: UK£101.4m

Manufactures and sells building products and solutions in the United Kingdom, Europe, North America, the Middle East, the Far East, and internationally.

Pharos Energy

Market Cap: UK£90.8m

An independent energy company, explores, develops, and produces oil and gas properties in Vietnam and Egypt.

Topps Tiles

Market Cap: UK£82.4m

Engages in the retail and wholesale distribution of ceramic and porcelain tiles, natural stone, and related products for residential and commercial markets in the United Kingdom.

Brave Bison Group

Market Cap: UK£80.4m

Provides digital advertising and technology services in the United Kingdom, Europe, and internationally.

Braemar

Market Cap: UK£67.7m

Provides shipbroking services in the United Kingdom, Singapore, Australia, Switzerland, the United States, Germany, and internationally.

NWF Group

Market Cap: UK£65.7m

Engages in the sale and distribution of fuel oils in the United Kingdom.

STV Group

Market Cap: UK£53.2m

Produces and broadcasts television programs in the United Kingdom.

Billington Holdings

Market Cap: UK£51.2m

Through its subsidiaries, provides structural steel and construction safety solutions in the United Kingdom and Europe.

LendInvest

Market Cap: UK£47.5m

Operates as an asset management platform for property finance in the United Kingdom.

AOTI

Market Cap: UK£44.7m

Produces, rents, and sells medical devices to resolve severe acute and chronic wounds for customers worldwide.

Hercules

Market Cap: UK£41.7m

Engages in general construction and civil engineering businesses in the United Kingdom and Scotland.

Petropavlovsk

Market Cap: UK£47.5m

Petropavlovsk PLC operates as a gold mining company in the Far East of Russia.

hVIVO

Market Cap: UK£41.2m

Operates as a pharmaceutical service and contract research company in the United Kingdom, Europe, and North America.

Van Elle Holdings

Market Cap: UK£40.6m

Operates as a geotechnical and ground engineering contractor in the United Kingdom.

ProCook Group

Market Cap: UK£35.3m

Through its subsidiaries, engages in the sale of kitchenware and related products in the United Kingdom.

Cavendish

Market Cap: UK£34.7m

Operates as an investment bank in the United Kingdom.

Arcontech Group

Market Cap: UK£10.4m

Engages in the development and sale of proprietary software in the United Kingdom, rest of Europe, Africa, North America, Australasia, and the Asia Pacific.

Finseta

Market Cap: UK£8.5m

A foreign exchange and payment company, engages in the provision of multi-currency accounts to businesses and individuals.

One Media iP Group

Market Cap: UK£8.0m

Engages in the acquisition and exploitation of mixed media intellectual property rights for distribution through the digital medium and traditional media outlets in the United Kingdom, Europe, North America, and internationally.

SpaceandPeople

Market Cap: UK£4.0m

Provides commercial and promotional space and retail solutions for businesses to promote and acquire customers in shopping centers, retail parks, railway stations, and other locations in the United Kingdom and Germany.