German Undervalued over 20% based on DCF

Veteranpoolen

Market Cap: €990.9m

Operates as a staffing company.

innoscripta

Market Cap: €979.0m

Provides software-as-a-service for managing research and development (R&D) tax incentives and project management consulting in Germany.

MLP

Market Cap: €900.3m

Provides financial services to private, corporate, and institutional clients in Germany.

Mensch und Maschine Software

Market Cap: €847.5m

Provides computer aided design, manufacturing, and engineering, product data management, and building information modeling/management solutions in Germany, Austria, Switzerland, the United Kingdom, Italy, France, Hungary, and internationally.

Frequentis

Market Cap: €767.0m

Develops and markets communication and information systems for safety-critical control centers in Europe, North America, Asia, Australia, South America, Middle East, Africa, and worldwide.

Cancom

Market Cap: €743.8m

Provides information technology services in Germany and internationally.

SAF-Holland

Market Cap: €739.9m

Manufactures and sells chassis-related assemblies and components for trailers, trucks, semi-trailers, and buses.

Deutsche Pfandbriefbank

Market Cap: €732.2m

Provides commercial real estate and public investment finance in Germany, rest of Europe.

Logwin

Market Cap: €714.0m

Provides logistics and transport solutions in Germany, Austria, other European countries, Asia/Pacific, and internationally.

Nagarro

Market Cap: €704.6m

Provides digital product engineering and technology solutions in Germany, the United States of America, and internationally.

NÜRNBERGER Beteiligungs-AG

Market Cap: €686.6m

Operates as an insurance company in Germany.

Pilkington Deutschland

Market Cap: €672.2m

Engages in the manufacture and sale of glass and glazing systems worldwide.

WashTec

Market Cap: €527.3m

Provides solutions for car wash in Germany, Europe, North America, and the Asia Pacific.

Hamborner REIT

Market Cap: €477.5m

HAMBORNER REIT-AG is a stock corporation listed on the SDAX that operates exclusively in the real estate sector and is a portfolio holder for high-yield commercial real estate.

Instone Real Estate Group

Market Cap: €424.6m

Develops residential real estate properties in Germany.

Basler

Market Cap: €422.4m

Engages in the development, manufacture, and sale of digital cameras for professional users in Germany and internationally.

PSI Software

Market Cap: €418.2m

Develops and integrates software solutions and products for optimizing the flow of energy and materials for utilities and industry worldwide.

IVU Traffic Technologies

Market Cap: €371.3m

Develops, installs, maintains, and operates integrated IT solutions for buses and trains worldwide.

ABO Energy GmbH KGaA

Market Cap: €362.4m

Develops renewable energy projects in Germany and internationally.

Circus

Market Cap: €349.7m

A technology company, develops and delivers autonomous solutions for the food service market.

STEICO

Market Cap: €345.7m

Develops, produces, and markets ecological construction products made of renewable raw materials in Germany, Austria, Switzerland, Lichtenstein, France, Belgium, Netherlands, Luxemburg, South European countries, and internationally.

Stratec

Market Cap: €333.1m

Provides automation solutions for in-vitro diagnostics and life science companies in Germany, the European Union, and internationally.

Novabase S.G.P.S

Market Cap: €296.4m

Through its subsidiaries, provides IT consulting and services in Portugal, rest of Europe, Africa, the Middle East, and internationally.

Funkwerk

Market Cap: €254.7m

Develops and sells communication, information, and security systems internationally.

VIB Vermögen

Market Cap: €245.9m

Engages in the development, acquisition, and management of commercial real estate properties in Germany.

MAX Automation

Market Cap: €236.7m

Engages in the provision of automation solutions for the automotive, electrical, recycling, raw materials recycling, packaging, and medical technology industries in Germany, rest of the European Union, North America, China, and internationally.

DN Deutsche Nachhaltigkeit

Market Cap: €231.3m

Neon Equity AG is a private equity firm specializing in growth capital, buyout and SPAC investments.

Allane

Market Cap: €220.5m

Engages in the vehicle leasing business in Germany, Austria, Switzerland, France, and the Netherlands.

Surteco Group

Market Cap: €218.6m

Engages in the development, production, and sale of coated surface materials based on paper and plastic in Germany, rest of Europe, the United States, Asia, Australia, and internationally.

Eleving Group

Market Cap: €185.1m

Provides vehicle and consumer finance services in Europe, Africa, and internationally.

Branicks Group

Market Cap: €163.5m

Branicks Group AG (formerly DIC Asset AG) is a leading German listed specialist for office and logistics real estate as well as renewable assets with over 25 years of experience in the real estate market and access to a broad investor network.

technotrans

Market Cap: €158.2m

Operates as a technology and services company worldwide.

Leifheit

Market Cap: €141.0m

Develops and distributes household products in Germany, Central and Eastern Europe, and internationally.

Masterflex

Market Cap: €129.8m

Develops, manufactures, and distributes high-tech hoses and connecting systems for various industrial and manufacturing applications in Germany, Rest of Europe, and internationally.

KHD Humboldt Wedag International

Market Cap: €96.9m

Provides engineering products and services for the cement industry.

CeoTronics

Market Cap: €95.4m

Provides systems for mobile digital radio networks and end devices used in local applications, and professional communications headsets and intercom systems in Germany and internationally.