Canadian Undervalued over 20% based on DCF

Almonty Industries

Market Cap: CA$6.9b

Engages in mining, processing, and shipping of tungsten concentrates.

Methanex

Market Cap: CA$6.6b

Engages in the production and sale of methanol and ammonia in Asia Pacific, North America, Europe, and South America.

Energy Fuels

Market Cap: CA$6.1b

Engages in the exploration, recovery, recycling, exploration, operation, development, permitting, evaluation, and sale of uranium mineral properties in the United States.

Montage Gold

Market Cap: CA$5.9b

Engages in the acquisition, exploration, and development of mineral properties in Africa.

Lumine Group

Market Cap: CA$5.6b

Develops, installs, and customizes software, and related professional and support services worldwide.

MDA Space

Market Cap: CA$5.6b

Provides space technology solutions and services in Canada, the United States, Europe, Asia, the Middle East, and internationally.

SmartCentres Real Estate Investment Trust

Market Cap: CA$4.8b

SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country.

Ero Copper

Market Cap: CA$4.4b

Engages in the exploration, development, and production of mining projects in Brazil.

CT Real Estate Investment Trust

Market Cap: CA$4.1b

An unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada.

EQB

Market Cap: CA$4.0b

Through its subsidiary, Equitable Bank, provides personal and commercial banking services to retail and commercial customers in Canada.

Kinaxis

Market Cap: CA$3.9b

Provides cloud-based subscription software-as-a-service for supply chain operations in the United States, Europe, Asia, and Canada.

Boardwalk Real Estate Investment Trust

Market Cap: CA$3.4b

Boardwalk Real Estate Investment Trust strives to be Canada's friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever.

Crombie Real Estate Investment Trust

Market Cap: CA$3.1b

Invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow.

Aecon Group

Market Cap: CA$3.0b

Aecon Group Inc., together with its subsidiaries, provide construction and infrastructure development services to private and public sector clients in Canada, the United States, and internationally.

Vermilion Energy

Market Cap: CA$2.8b

Engages in petroleum and natural gas, focuses on the acquisition, exploration, development, and optimization of producing properties in North America, Europe, and Australia.

Americas Gold and Silver

Market Cap: CA$2.5b

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

Primaris Real Estate Investment Trust

Market Cap: CA$2.1b

Primaris Real Estate Investment Trust is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets.

Killam Apartment REIT

Market Cap: CA$2.1b

Killam Apartment REIT based in Halifax, Nova Scotia (NS), is a Canadian multi-residential property owner, owning, operating, managing and developing a 5.4 billion dollars portfolio of apartments, manufactured home communities (MHCs) and commercial properties across seven provinces.

Savaria

Market Cap: CA$2.1b

Provides accessibility solutions for the elderly and physically challenged people in Canada, the United States, Europe, and internationally.

Altus Group

Market Cap: CA$1.9b

Provides commercial real estate (CRE) intelligence in Canada, the United States, the United Kingdom, France, rest of EMEA, Australia, and rest of the Asia Pacific.

Hemlo Mining

Market Cap: CA$1.9b

Operates as a gold production company.

Chemtrade Logistics Income Fund

Market Cap: CA$1.9b

Offers industrial chemicals and services in Canada, the United States, and Brazil.

Mullen Group

Market Cap: CA$1.7b

Provides a range of trucking and logistics services in Canada and the United States.

Canfor

Market Cap: CA$1.6b

Operates as an integrated forest products company in the United States, Asia, Canada, Europe, and internationally.

Alphamin Resources

Market Cap: CA$1.6b

Produces and sells tin concentrates.

Magellan Aerospace

Market Cap: CA$1.5b

Magellan Aerospace Corporation engineers and manufactures aeroengine and aerostructure components for aerospace markets in Canada, the United States, and Europe.

Vital Infrastructure Property Trust

Market Cap: CA$1.4b

Provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure.

Valeura Energy

Market Cap: CA$1.4b

Operates as an upstream oil and gas company in Thailand and Turkey.

Sagicor Financial

Market Cap: CA$1.3b

Provides various financial services to individuals and corporations in Canada, the United States, Jamaica, and the rest of the Caribbean.

Black Diamond Group

Market Cap: CA$1.2b

Provides specialty rentals and industrial services in Canada, the United States, and Australia.

Blue Moon Metals

Market Cap: CA$1.0b

Engages in the exploration and development of mineral resource properties in Norway and the United States.

MTY Food Group

Market Cap: CA$930.3m

MTY Food Group Inc., together with its subsidiaries, franchises and operates quick-service, fast-casual, and casual dining restaurants in Canada, the United States, and internationally.

Morguard North American Residential Real Estate Investment Trust

Market Cap: CA$908.1m

An unincorporated, open-ended real estate investment trust.

A & W Food Services of Canada

Market Cap: CA$891.9m

Engages in the development and franchise of quick service restaurants in Canada.

IsoEnergy

Market Cap: CA$889.0m

Engages in the acquisition, exploration, and development of mineral properties.

Amerigo Resources

Market Cap: CA$886.6m

Through its subsidiary, Minera Valle Central S.A., produces copper and molybdenum concentrates from Corporación Nacional del Cobre de Chile’s El Teniente mine in Chile.