U.S. Undervalued based on future growth

Northfield Bancorp (Staten Island NY)

Market Cap: US$441.6m

Operates as the bank holding company for Northfield Bank that provides a range of banking services primarily to individuals and corporate customers.

ACNB

Market Cap: US$439.2m

A financial holding company, offers banking, insurance, and financial services to individual, business, and government customers in the United States.

Caledonia Mining

Market Cap: US$439.0m

Primarily operates a gold mine in Jersey.

Ardmore Shipping

Market Cap: US$437.9m

Engages in the seaborne transportation of petroleum products and chemicals worldwide.

Arrow Financial

Market Cap: US$437.6m

A bank holding company, provides various commercial and consumer banking, and financial products and services in the Unites States.

Cooper-Standard Holdings

Market Cap: US$436.1m

Through its subsidiary, manufactures and sells sealing, fuel and brake delivery, and fluid transfer systems in the North America, Europe, the Asia Pacific, and the South America.

Peapack-Gladstone Financial

Market Cap: US$435.9m

Operates as the bank holding company for Peapack Private Bank & Trust that provides private banking and wealth management services in the United States.

Dingdong (Cayman)

Market Cap: US$432.9m

Operates an e-commerce company in China.

ChoiceOne Financial Services

Market Cap: US$427.2m

Operates as the bank holding company for ChoiceOne Bank that provides banking services in Michigan.

Bridgewater Bancshares

Market Cap: US$424.3m

Operates as the bank holding company for Bridgewater Bank that provides banking products and services in the United States.

Safe Bulkers

Market Cap: US$423.6m

Provides marine drybulk transportation services internationally.

Global Indemnity Group

Market Cap: US$400.3m

Through its subsidiaries, provides specialty property and casualty insurance, and reinsurance products in the United States.

Carter Bankshares

Market Cap: US$387.4m

Operates as the bank holding company for Carter Bank & Trust that provides various retail and commercial banking products and insurance services in the United States.

Flotek Industries

Market Cap: US$377.3m

Operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally.

First Bank

Market Cap: US$373.6m

Provides various banking products and services to small and mid-sized businesses and individuals.

Civista Bancshares

Market Cap: US$372.4m

Operates as the financial holding company for Civista Bank that provides community banking services in the United States.

Midland States Bancorp

Market Cap: US$370.5m

Operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities.

VAALCO Energy

Market Cap: US$369.6m

An independent energy company, engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in Gabon, Egypt, Equatorial Guinea, Cote d'Ivoire, and Canada.

Community West Bancshares

Market Cap: US$355.4m

Operates as the bank holding company for the Central Valley Community Bank that provides various commercial banking services to small and middle-market businesses and individuals in California.

Gambling.com Group

Market Cap: US$353.2m

Operates as a performance marketing company for the online gambling industry in North America, the United Kingdom, Ireland, rest of Europe, and internationally.

Bank of Marin Bancorp

Market Cap: US$349.2m

Operates as the holding company for Bank of Marin that provides a range of financial services to small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors in the United States.

Haverty Furniture Companies

Market Cap: US$347.4m

Operates as a specialty retailer of residential furniture and accessories in the United States.

Olympic Steel

Market Cap: US$343.9m

Processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico.

America's Car-Mart

Market Cap: US$341.7m

Through its subsidiaries, operates as an automotive retailer for the used car market in the United States.

GeoPark

Market Cap: US$338.3m

Operates as an oil and natural gas exploration and production company in Chile, Colombia, Brazil, Argentina, Ecuador, and other Latin American countries.

Regional Management

Market Cap: US$336.4m

A diversified consumer finance company, provides various installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders in the United States.

Southern First Bancshares

Market Cap: US$329.3m

Operates as the bank holding company for Southern First Bank that provides commercial, consumer, and mortgage loans to the general public in South Carolina, North Carolina, and Georgia.

Arena Group Holdings

Market Cap: US$323.4m

Operates digital media platform in the United States and internationally.

USCB Financial Holdings

Market Cap: US$322.9m

Operates as the bank holding company for U.S.

ACCO Brands

Market Cap: US$322.7m

Designs, manufactures, and markets consumer, school, technology, and office products in the United States, Canada, Brazil, Mexico, Chile, Europe, the Middle East, Australia, New Zealand, and Asia.

RBB Bancorp

Market Cap: US$322.3m

Operates as the bank holding company for Royal Business Bank that provides various banking products and services to the Chinese-American, Korean-American, and other Asian-American communities.

Dine Brands Global

Market Cap: US$321.3m

Owns, franchises, and operates restaurants in the United States and internationally.

Orange County Bancorp

Market Cap: US$313.5m

Through its subsidiaries, provides commercial and consumer banking products and services.

ITHAX Acquisition

Market Cap: US$312.6m

As of July 18, 2022, ITHAX Acquisition Corp.

Onity Group

Market Cap: US$308.9m

A financial services company, originates and services forward and reserve mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines.

West Bancorporation

Market Cap: US$301.5m

Operates as the financial holding company provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.