Canadian Undervalued over 20% based on DCF

Royal Bank of Canada

Market Cap: CA$365.9b

Operates as a diversified financial service company worldwide.

Bank of Montreal

Market Cap: CA$156.8b

Engages in the provision of diversified financial services primarily in North America.

Canadian Imperial Bank of Commerce

Market Cap: CA$146.9b

A diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.

Canadian Natural Resources

Market Cap: CA$139.9b

Engages in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs) in Western Canada, the United Kingdom sector of the North Sea, and Offshore Africa.

Bank of Nova Scotia

Market Cap: CA$135.8b

Provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally.

Barrick Mining

Market Cap: CA$94.2b

Engages in the exploration, development, production, and sale of mineral properties.

National Bank of Canada

Market Cap: CA$81.6b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

Great-West Lifeco

Market Cap: CA$71.3b

Engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe.

Intact Financial

Market Cap: CA$48.4b

Through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally.

Nutrien

Market Cap: CA$46.5b

Provides crop inputs and services.

Bombardier

Market Cap: CA$29.3b

Engages in the design, manufacture, and sale of business aircraft and aircraft structural components worldwide.

WSP Global

Market Cap: CA$26.1b

Operates as a professional services consulting firm in the United States, Canada, the United Kingdom, Sweden, Australia, and internationally.

Magna International

Market Cap: CA$24.3b

Operates as an automotive supplier in North America, Europe, the Asia Pacific, and internationally.

Lundin Gold

Market Cap: CA$20.6b

Develops and operates its mineral concessions in Ecuador.

Endeavour Mining

Market Cap: CA$19.1b

Operates as a gold mining company in West Africa.

Metro

Market Cap: CA$18.8b

Through its subsidiaries, operates as a retailer, franchisor, distributor, and manufacturer in the food and pharmaceutical sectors in Canada.

GFL Environmental

Market Cap: CA$17.8b

Provides non-hazardous solid waste management services in Canada and the United States.

ARC Resources

Market Cap: CA$17.8b

Acquires and develops crude oil, natural gas, condensate, and natural gas liquids in Canada.

AltaGas

Market Cap: CA$16.9b

Operates as an energy infrastructure company in North America.

TFI International

Market Cap: CA$16.8b

Provides transportation and logistics services in the United States, Canada, and Mexico.

Saputo

Market Cap: CA$16.7b

Produces, markets, and distributes dairy products in Canada, the United States, Australia, Argentina, and the United Kingdom.

Aritzia

Market Cap: CA$16.1b

Designs, develops, and sells apparels and accessories for women in the United States and Canada.

CCL Industries

Market Cap: CA$15.4b

Manufactures and sells labels, consumer printable media products, technology-driven label solutions, polymer banknote substrates, and specialty films.

Quebecor

Market Cap: CA$14.9b

Engages in the telecommunications, media, and sports and entertainment businesses in Canada.

Gildan Activewear

Market Cap: CA$14.9b

Manufactures and sells various apparel products.

Finning International

Market Cap: CA$13.2b

Sells, services, and rents heavy equipment, engines, and related products in Canada, Chile, the United Kingdom, Argentina, and internationally.

Stantec

Market Cap: CA$12.1b

Provides professional services in the areas of infrastructure and facilities to private and public sectors in Canada, the United States, and internationally.

Choice Properties Real Estate Investment Trust

Market Cap: CA$11.4b

Choice Properties Real Estate Investment Trust is Canada’s largest Real Estate Investment Trust, guided by a clear purpose: to create places where people thrive.

CAE

Market Cap: CA$10.3b

Provides training, simulation, and critical operation solutions in Canada, the United States, the United Kingdom, Europe, Asia, the Oceania, Africa, and rest of the Americas.

Capital Power

Market Cap: CA$10.3b

Develops, acquires, owns, and operates utility-scale renewable and flexible generation facilities in Canada and the United States.

Strathcona Resources

Market Cap: CA$10.1b

Acquires, explores, develops, and produces petroleum and natural gas reserves in Canada.

OceanaGold

Market Cap: CA$8.9b

Engages in the exploration, development, and operation of gold and gold/copper mines in the United States, the Philippines, and New Zealand.

SSR Mining

Market Cap: CA$8.5b

Engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina.

Descartes Systems Group

Market Cap: CA$8.5b

Provides global logistics technology solutions in the United States, Europe, the Middle East, Africa, Canada, and the Asia Pacific.

Definity Financial

Market Cap: CA$8.1b

Offers property and casualty insurance products in Canada.

PrairieSky Royalty

Market Cap: CA$8.1b

PrairieSky Royalty Ltd. holds crude oil and natural gas royalty interests in Canada.