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: €590.4m

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

I.CO.P.. Società Benefit

Market Cap: €530.7m

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

TREVI - Finanziaria Industriale

Market Cap: €133.0m

Operates in the soil engineering field.

Altea Green Power

Market Cap: €111.1m

Supplies and manages renewable energy plants in Italy and the United States.

ILPRA

Market Cap: €66.2m

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

IRCE

Market Cap: €55.5m

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

ErreDue

Market Cap: €40.9m

Provides on-site gas generation and purification products in Italy.

Borgosesia

Market Cap: €26.2m

Primarily invests in non-performing and alternative assets.

Lemon Sistemi

Market Cap: €15.7m

Designs, constructs, and installs photovoltaic systems and solar thermal systems.

Vimi Fasteners

Market Cap: €15.3m

Manufactures and supplies various fastener systems for the automotive, industrial engine and vehicle, oil and gas, and aerospace and motorsport markets in Italy and internationally.

ESI

Market Cap: €11.2m

Engages in the renewable energy business primarily in Italy.

Vinext

Market Cap: €8.5m

A winemaking technology and environmental company, engages in the designing, research, production, testing, and marketing of products and machinery for wine, beer, and agri-food sectors.