German Undervalued over 20% based on DCF

SAP

Market Cap: €173.8b

Provides enterprise application and business solutions worldwide.

Rheinmetall

Market Cap: €72.9b

Provides mobility and security technologies in Germany, Rest of Europe, North, Middle, and South America, Asia and the Near East, and internationally.

Deutsche Post

Market Cap: €51.3b

Operates as a mail and logistics company in Germany, rest of Europe, the Americas, the Asia Pacific, the Middle East, and Africa.

Deutsche Bank

Market Cap: €48.4b

A stock corporation, provides corporate and investment banking, private clients, and asset management products and services in Germany, the United Kingdom, the rest of Europe, the Americas, the Asia-Pacific, the Middle East, and Africa.

Bayerische Motoren Werke

Market Cap: €48.1b

Develops, manufactures, and sells automobiles and motorcycles, spare parts, and accessories worldwide.

Daimler Truck Holding

Market Cap: €32.5b

Manufactures and sells light, medium- and heavy-duty trucks and buses in Europe, North America, Asia, Latin America, and internationally.

Hapag-Lloyd

Market Cap: €20.3b

Operates as a liner shipping company worldwide.

MTU Aero Engines

Market Cap: €17.0b

Engages in the development, manufacture, sale, and maintenance of commercial and military aircraft engines, and aero-derivative industrial gas turbines in Germany, other European countries, North America, Asia, and internationally.

Beiersdorf

Market Cap: €16.5b

Manufactures and distributes consumer goods in Europe, the United States, Africa, Asia, and Australia.

Knorr-Bremse

Market Cap: €15.9b

Develops, produces, and markets brake systems for rail and commercial vehicles and other safety-critical systems worldwide.

Symrise

Market Cap: €10.3b

Operates as a supplier of fragrances, flavorings, cosmetic base materials and active ingredients, and functional ingredients and solutions in Europe, Africa, the Middle East, North America, the Asia Pacific, and Latin America.

Hensoldt

Market Cap: €9.6b

Provides sensor solutions for defense and security applications worldwide.

Deutsche Wohnen

Market Cap: €7.8b

Develops and manages residential properties in Germany.

Fraport

Market Cap: €7.1b

Owns and operates airports in Germany, the rest of Europe, Asia, and the America.

Aurubis

Market Cap: €6.6b

Processes metal concentrates and recycling materials in Germany.

TKMS & Co KGaA

Market Cap: €5.6b

Provides maritime technologies and solutions in Germany, Norway, Brazil, Israel, and internationally.

RENK Group

Market Cap: €5.4b

Engages in the design, engineering, production, testing, and servicing of customized drive systems in Asia, Germany, the United States, Africa, Australia, Oceania, and other European and European Union countries.

CTS Eventim KGaA

Market Cap: €4.9b

Operates in the leisure events market in Germany, Italy, Switzerland, the United States, Austria, the United Kingdom, Spain, Netherlands, Finland, France, Denmark, Sweden, Norway, Chile, Brazil, and internationally.

Scout24

Market Cap: €4.7b

Operates ImmoScout24, a digital marketplace for the residential and commercial real estate sectors in Germany and internationally.

LEG Immobilien

Market Cap: €4.4b

Operates as an integrated property company in Germany.

Bilfinger

Market Cap: €3.8b

Provides industrial services to customers in the process industry primarily in Europe, North America, and the Middle East.

Bechtle

Market Cap: €3.7b

Provides information technology (IT) services in Germany, France, Benelux, and Europe.

Fielmann Group

Market Cap: €3.6b

Engages in vision care and audiology business in Germany, Switzerland, Austria, Spain, North America, and internationally.

IONOS Group

Market Cap: €3.5b

Provides web presence and productivity, and cloud solutions for companies in Germany, the United States, the United Kingdom, Spain, France, Poland, and Austria.

flatexDEGIRO

Market Cap: €3.2b

Provides online brokerage and IT solutions in the areas of finance and financial technology services in Europe.

Verbio

Market Cap: €2.8b

Engages in the production and distribution of fuels and finished products in Germany, Europe, North America, and internationally.

SCHOTT Pharma KGaA

Market Cap: €2.1b

Develops, manufactures, and sells drug containment solutions and delivery systems for injectable drugs for pharma, biotech, and life science industries worldwide.

Ströer SE KGaA

Market Cap: €1.7b

Provides out-of-home (OOH) media and digital out-of-home advertising services in Germany and internationally.

Grand City Properties

Market Cap: €1.7b

Engages in the residential real estate business in Germany, the United Kingdom, and internationally.

Jenoptik

Market Cap: €1.7b

Provides advanced photonic solutions and smart mobility solutions in Germany and internationally.

Vossloh

Market Cap: €1.4b

Provides rail infrastructure products and services in Germany and internationally.

Dürr

Market Cap: €1.3b

Operates as a mechanical and plant engineering company worldwide.

ATOSS Software

Market Cap: €1.2b

Offers technology and consulting solutions for professional workforce management and demand optimized personnel deployment in Germany, Austria, Switzerland, Netherlands, Romania, and internationally.

Kontron

Market Cap: €1.2b

Provides Internet of Things software and solutions in Europe and internationally.

CropEnergies

Market Cap: €1.2b

Manufactures and distributes bioethanol, derivatives, and other products from renewable raw materials in Germany and internationally.

Adtran Networks

Market Cap: €1.2b

Engages in the development, manufacture, and sale of optical and Ethernet-based networking solutions for telecommunications carriers and enterprises to deliver data, storage, voice, and video services.