Italian 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.

Saipem

Market Cap: €4.4b

Provides energy and infrastructure solutions worldwide.

MFE-Mediaforeurope

Market Cap: €1.8b

Operates in the television industry in Italy and Spain.

Italmobiliare

Market Cap: €1.2b

An investment holding company, owns and manages a portfolio of equity and other investments in the financial and industrial sectors in Italy and internationally.

Zignago Vetro

Market Cap: €722.9m

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

Piaggio & C

Market Cap: €673.3m

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

Next Geosolutions Europe

Market Cap: €523.2m

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

Immobiliare Grande Distribuzione SIIQ

Market Cap: €355.9m

Immobiliare Grande Distribuzione SIIQ S.p.A.

Digital Value

Market Cap: €284.6m

Provides information and communication technology (ICT) solutions and services in Italy.

Italian Sea Group

Market Cap: €251.8m

Operates in the yachting industry.

Esprinet

Market Cap: €213.6m

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

Generalfinance

Market Cap: €209.1m

Provides factoring service for distressed companies in Italy.

Emak

Market Cap: €151.4m

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

Altea Green Power

Market Cap: €136.4m

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

TREVI - Finanziaria Industriale

Market Cap: €131.7m

Operates in the soil engineering field.

Indel B

Market Cap: €100.2m

Manufactures and supplies cooling and refrigeration system worldwide.

Unidata

Market Cap: €86.7m

Operates as an Internet service provider in Italy.

Recupero Etico Sostenibile

Market Cap: €76.2m

Provides waste management services in Italy.

Abitare In

Market Cap: €74.1m

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

Redelfi

Market Cap: €71.6m

Operates as an ESG management company worldwide.

Mare Engineering Group

Market Cap: €66.1m

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: €63.3m

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

Star7

Market Cap: €54.9m

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

IRCE

Market Cap: €50.5m

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

FAE Technology

Market Cap: €48.5m

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

Kruso Kapital

Market Cap: €47.0m

Operates as a bank that provides financing services.

ErreDue

Market Cap: €46.3m

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

Centrale del Latte d'Italia

Market Cap: €44.0m

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

Svas Biosana

Market Cap: €43.3m

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

Gabetti Property Solutions

Market Cap: €41.6m

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

Ecosuntek

Market Cap: €34.6m

Engages in the photovoltaic electricity generation activities in Italy and internationally.

Borgosesia

Market Cap: €27.8m

Primarily invests in non-performing and alternative assets.

Planetel

Market Cap: €26.5m

Offers IP communication and broadband Internet solutions in Italy.

DigiTouch

Market Cap: €26.2m

Provides digital marketing and transformation services in Italy.

Allcore

Market Cap: €22.5m

Provides tax and business consulting services for small and medium-sized businesses in Italy.

IDNTT

Market Cap: €18.5m

Engages in the production of digital omnichannel contents for its clients in Italy, rest of Europe, and Switzerland.