Italian Undervalued based on future growth

Stellantis

Market Cap: €23.6b

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: €3.9b

Provides energy and infrastructure solutions worldwide.

Iveco Group

Market Cap: €3.7b

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.

EuroGroup Laminations

Market Cap: €404.7m

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

Next Geosolutions Europe

Market Cap: €369.6m

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

REVO Insurance

Market Cap: €347.2m

Operates as an insurance company in Italy.

Italian Sea Group

Market Cap: €295.7m

Operates in the luxury yachting industry.

Safilo Group

Market Cap: €292.9m

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

GPI

Market Cap: €255.8m

Provides social-healthcare and information technology hi-tech services in Italy and internationally.

Esprinet

Market Cap: €254.1m

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

Biesse

Market Cap: €192.9m

Manufactures and sells integrated lines and machines for the processing of wood, glass, stone, plastics, and composites in Western Europe, the Asia-Pacific, Eastern Europe, North America, and internationally.

Generalfinance

Market Cap: €189.5m

Provides factoring service for distressed companies in Italy.

Digital Value

Market Cap: €179.7m

Provides IT solutions and services in Italy.

Altea Green Power

Market Cap: €129.8m

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

Emak

Market Cap: €128.3m

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

Banca Sistema

Market Cap: €121.8m

Provides various business and retail banking products and services in Italy.

Unidata

Market Cap: €83.0m

Operates as an Internet service provider in Italy.

Edil San Felice

Market Cap: €82.8m

Engages in the civil and industrial construction business in Italy.

Abitare In

Market Cap: €80.3m

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

Elica

Market Cap: €74.9m

Designs, manufactures, and sells kitchen aspiration systems in Europe, the United States, and internationally.

Redelfi

Market Cap: €71.9m

Operates as an ESG management company worldwide.

Enervit

Market Cap: €59.5m

Engages in the research, development, production, marketing, and distribution of sports food supplement and functional nutrition products in Italy.

Mare Engineering Group

Market Cap: €54.5m

Operates as an engineering consultancy company in Italy, Brazil, the Czech Republic, and Slovakia.

Cellularline

Market Cap: €53.6m

Manufactures and sells accessories for smartphones and tablets in Italy, Spain/Portugal, Germany, Eastern Europe, Switzerland, Benelux, Northern Europe, France, Great Britain, the Middle East, North America, and internationally.

Star7

Market Cap: €53.1m

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

IRCE

Market Cap: €52.4m

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

ILPRA

Market Cap: €50.6m

Designs, produces, and sells packaging machines worldwide.

ErreDue

Market Cap: €49.7m

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

FAE Technology

Market Cap: €45.9m

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

Centrale del Latte d'Italia

Market Cap: €40.3m

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

Olidata

Market Cap: €39.4m

Operates as a systems integration and technology consulting company.

Svas Biosana

Market Cap: €38.5m

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

Neodecortech

Market Cap: €37.9m

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.

Promotica

Market Cap: €32.9m

Operates in the loyalty marketing sector in Italy.

Borgosesia

Market Cap: €26.9m

Primarily invests in non-performing and alternative assets.

I.M.D. International Medical Devices

Market Cap: €26.0m

I.M.D. International Medical Devices S.p.A.