Italian Undervalued based on future growth

Stellantis

Market Cap: €26.0b

Engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems worldwide.

Saipem

Market Cap: €4.6b

Provides energy and infrastructure solutions worldwide.

Iveco Group

Market Cap: €4.4b

Engages in the design, production, marketing, sale, servicing, and financing of trucks, commercial vehicles, buses and specialty vehicles, combustion engines, alternative propulsion systems, transmissions, axles, engines, alternative propulsion systems, construction equipment, marine, and power generation applications in Europe, South America, North America, and internationally.

MFE-Mediaforeurope

Market Cap: €2.1b

Operates in the television industry in Italy and Spain.

Zignago Vetro

Market Cap: €751.1m

Produces, markets, and sells hollow glass containers in Italy, rest of Europe, and internationally.

Piaggio & C

Market Cap: €639.7m

Engages in development, manufacture, and distribution of two-wheeler and commercial motor vehicles.

EuroGroup Laminations

Market Cap: €399.5m

Engages in the design, production, and distribution of motor cores for electric motors and generators in Italy, rest of Europe, the Middle East, Africa, Mexico, the United States, rest of North America, China, India, and rest of Asia.

Next Geosolutions Europe

Market Cap: €393.6m

Provides geoscience and engineering services for energy, infrastructure, and utilities sectors.

Safilo Group

Market Cap: €369.9m

Engages in the design, manufacture, and distribution of optical frames, sunglasses, sports eyewear, goggles, and helmets in North America, Europe, the Asia Pacific, and internationally.

Italian Sea Group

Market Cap: €318.0m

Operates in the yachting industry.

I.CO.P.. Società Benefit

Market Cap: €312.3m

Engages in providing construction and special engineering services to public and private clients in Italy and internationally.

Digital Value

Market Cap: €264.9m

Provides IT solutions and services in Italy.

Esprinet

Market Cap: €192.3m

Engages in the wholesale distribution of information technology (IT) products and consumer electronics in Italy, Spain, Portugal, and rest of Europe.

Generalfinance

Market Cap: €190.8m

Provides factoring service for distressed companies in Italy.

Altea Green Power

Market Cap: €151.7m

Provides renewable energy systems for individuals, companies, institutions and investors in Italy.

Emak

Market Cap: €145.1m

Manufactures and distributes machines, components, and accessories for gardening, agriculture, forestry, and industries worldwide.

Unidata

Market Cap: €90.9m

Operates as an Internet service provider in Italy.

Redelfi

Market Cap: €85.0m

Operates as an ESG management company worldwide.

Elica

Market Cap: €84.5m

Designs, manufactures, and sells kitchen aspiration systems in Europe, the Middle East, Africa, the United States, Asia, and internationally.

Abitare In

Market Cap: €83.8m

Through its subsidiaries, engages in the real estate development activities in Italy.

Recupero Etico Sostenibile

Market Cap: €75.7m

Provides waste management services in Italy.

Edil San Felice

Market Cap: €74.9m

Engages in the civil and industrial construction business in Italy.

Mare Engineering Group

Market Cap: €70.3m

Operates as an engineering consultancy company that provides various services in the consulting, digital, and industrial sectors in Italy, Brazil, the Czech Republic, and Slovakia.

ILPRA

Market Cap: €57.2m

Engages in the design, production, and sale of packaging machines worldwide.

Star7

Market Cap: €54.0m

Provides engineering, product knowledge, global content, and printing services worldwide.

IRCE

Market Cap: €53.4m

Engages in manufacturing and selling of winding wires and electrical cables in Italy, rest of European Union, and internationally.

FAE Technology

Market Cap: €51.5m

Operates in the design, proof of concept (PoC) development, industrial design, prototyping, manufacturing, and solution delivery of embedded and custom electronic products in Italy.

ErreDue

Market Cap: €47.8m

Offers on-site production, mixing, and purification of technical gases solutions in Italy.

Kruso Kapital

Market Cap: €46.8m

Operates as a bank that provides financing services.

Gabetti Property Solutions

Market Cap: €44.2m

Through its subsidiaries, provides real estate services in Italy and internationally.

Svas Biosana

Market Cap: €42.7m

SVAS Biosana S.p.A. engages in the production and marketing of medical devices worldwide.

Centrale del Latte d'Italia

Market Cap: €40.0m

Engages in the production, treatment, processing, and sale of milk, dairy, and food products in Italy, Germany, and internationally.

Promotica

Market Cap: €38.8m

Operates in the loyalty marketing sector in Italy.

Neodecortech

Market Cap: €38.7m

Engages in the production and marketing of decorative papers for the industrial sectors of wood and furnishing accessories in Italy, Europe, Asia, the Middle East, the United States, and Africa.

Borgosesia

Market Cap: €28.1m

Primarily invests in non-performing and alternative assets.

DigiTouch

Market Cap: €26.3m

Provides digital marketing and transformation services in Italy.