Italian Capital Goods Undervalued based on future growth

Iveco Group

Market Cap: €4.9b

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.

Next Geosolutions Europe

Market Cap: €580.8m

Provides marine geoscience and offshore construction support services in Europe, Asia, and North America.

TREVI - Finanziaria Industriale

Market Cap: €153.3m

Operates in the soil engineering field.

Altea Green Power

Market Cap: €120.9m

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

Edil San Felice

Market Cap: €81.4m

Engages in the civil and industrial construction business in Italy.

ILPRA

Market Cap: €68.0m

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

IRCE

Market Cap: €58.2m

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

ErreDue

Market Cap: €45.0m

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

Borgosesia

Market Cap: €28.2m

Primarily invests in non-performing and alternative assets.

ESI

Market Cap: €13.5m

Engages in the renewable energy business primarily in Italy.