U.K. Undervalued based on future growth

Marston's

Market Cap: UK£236.9m

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

Norcros

Market Cap: UK£217.4m

Develops, manufactures, and markets bathroom and kitchen products in the United Kingdom, Ireland, and South Africa.

Capita

Market Cap: UK£214.7m

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

Liontrust Asset Management

Market Cap: UK£211.7m

Liontrust Asset Management Plc is a publicly owned investment manager.

Big Technologies

Market Cap: UK£206.9m

Engages in the development and delivery of remote monitoring technologies and services to the offender and remote personal monitoring industry under the Buddi brand name in the Americas, Europe, and the Asia-Pacific.

Brickability Group

Market Cap: UK£205.9m

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

Gulf Marine Services

Market Cap: UK£203.8m

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

Tullow Oil

Market Cap: UK£199.4m

Develops, produces, and sells oil and gas resources in Africa.

M&C Saatchi

Market Cap: UK£195.1m

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

Hargreaves Services

Market Cap: UK£188.1m

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

Midwich Group

Market Cap: UK£188.1m

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

City of London Investment Group

Market Cap: UK£178.9m

City of London Investment Group PLC is a publically owned investment manager.

S&U

Market Cap: UK£178.6m

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

Helios Underwriting

Market Cap: UK£159.4m

Provides a limited liability investment for its shareholders in the Lloyd’s insurance market in the United Kingdom.

Integrated Diagnostics Holdings

Market Cap: US$209.3m

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

Eurocell

Market Cap: UK£155.0m

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.

Hostelworld Group

Market Cap: UK£138.5m

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

Duke Capital

Market Cap: UK£130.6m

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.

Sylvania Platinum

Market Cap: UK£122.3m

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

Mpac Group

Market Cap: UK£121.8m

Provides packaging and automation solutions to healthcare, clean energy, and food and beverage sectors worldwide.

Serabi Gold

Market Cap: UK£113.6m

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

Gaming Realms

Market Cap: UK£113.3m

Develops, publishes, and licenses mobile gaming content in the United Kingdom, the United States, Isle of Man, Malta, Gibraltar, and internationally.

Knights Group Holdings

Market Cap: UK£111.7m

Provides legal and professional services in the United Kingdom.

Avingtrans

Market Cap: UK£111.1m

Provides engineered components, systems, and services to the energy, medical, and infrastructure industries in the United Kingdom, rest of Europe, the United States of America, Africa, the Middle East, the Americas, the Carribean, China, and the Asia Pacific.

Secure Trust Bank

Market Cap: UK£110.2m

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

CAB Payments Holdings

Market Cap: UK£109.3m

Through its subsidiaries, provides foreign exchange (FX) and cross-border payments services to banks, fintech companies, development organizations, and governments in the United Kingdom and internationally.

Inspired

Market Cap: UK£107.0m

Provides energy consultancy services to corporate business energy users in the United Kingdom and Ireland.

ASA International Group

Market Cap: UK£104.5m

Provides microfinancing services in Africa and Asia.

Strix Group

Market Cap: UK£98.2m

Designs, manufactures, and supplies kettle safety controls, and other components worldwide.

Jubilee Metals Group

Market Cap: UK£94.9m

Jubilee Metals Group plc operates as a diversified metals processing and recovery company.

Renold

Market Cap: UK£89.9m

Engages in the manufacture and sale of high precision engineered products and solutions in the United Kingdom, rest of Europe, the United States, Canada, Australasia, China, India, and internationally.

Afentra

Market Cap: UK£89.8m

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

Watkin Jones

Market Cap: UK£82.3m

Engages in the development and the management of properties for residential occupation in the United Kingdom.

Personal Group Holdings

Market Cap: UK£76.6m

Provides benefits and platform products, pay and reward consultancy services, and salary sacrifice technology products in the United Kingdom.

STV Group

Market Cap: UK£76.1m

Produces and broadcasts television programs in the United Kingdom.

Severfield

Market Cap: UK£72.6m

A structural steelwork company, engages in the designing, manufacturing, fabrication, construction, and erection of steelwork activities in the United Kingdom, Republic of Ireland, Europe, and India.