Finnish Undervalued over 20% based on DCF

Nordea Bank Abp

Market Cap: €43.6b

Offers banking products and services for individuals, families, and businesses in Sweden, Finland, Norway, Denmark, and internationally.

Sampo Oyj

Market Cap: €25.2b

Provides non-life insurance products and services in Finland, Sweden, Norway, Denmark, Estonia, Lithuania, Latvia, Spain, Gibraltar, Germany, the Netherlands, France, and the United Kingdom.

Nokia Oyj

Market Cap: €18.8b

Provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, rest of the Asia Pacific, Europe, the Middle East, and Africa.

Fortum Oyj

Market Cap: €14.4b

Engages in the generation and sale of electricity and heat in Finland, Sweden, the Netherlands, Ireland, Denmark, Belgium, the United Kingdom, Switzerland, Spain, France, Germany, Norway, and internationally.

UPM-Kymmene Oyj

Market Cap: €11.9b

Engages in the forest-based bioindustry in Europe, North America, Asia, and internationally.

Neste Oyj

Market Cap: €10.6b

Provides renewable diesel and sustainable aviation fuel in Finland, other Nordic countries, Baltic Rim, other European countries, the United States, and internationally.

Orion Oyj

Market Cap: €9.9b

Develops, manufactures, and markets human and veterinary pharmaceuticals and active pharmaceutical ingredients (APIs) in Finland, Scandinavia, rest of Europe, North America, and internationally.

Metso Oyj

Market Cap: €8.9b

Provides technologies, end-to-end solutions, and services for the aggregates, minerals processing, and metals refining industries in Europe, North and Central America, South America, the Asia Pacific, Greater China, Africa, the Middle East, and India.

Elisa Oyj

Market Cap: €7.3b

Provides telecommunications, information and communication technology (ICT), and online services in Finland, rest of Europe, and internationally.

Stora Enso Oyj

Market Cap: €7.2b

Provides renewable solutions for the packaging, biomaterials, wooden constructions, and paper industries in Finland and internationally.

Valmet Oyj

Market Cap: €5.8b

Develops and supplies process technologies, automation, and services for the pulp, paper, and energy industries in North America, South America, China, Europe, the Middle East, Africa, and the Asia Pacific.

Konecranes

Market Cap: €5.7b

Manufactures, sells, and services material handling products in Europe, the Middle East, Africa, the Americas, the Asia-Pacific, and internationally.

Huhtamäki Oyj

Market Cap: €3.1b

Provides packaging solutions in the United States, Germany, the United Kingdom, India, Turkey, Australia, Thailand, Poland, South Africa, Spain, Finland, and internationally.

Mandatum Oyj

Market Cap: €3.0b

Provides various financial services in Finland.

Kemira Oyj

Market Cap: €2.9b

Operates as a chemicals company in Finland, rest of Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Kalmar Oyj

Market Cap: €2.5b

Provides heavy material handling equipment and services for ports, terminals, distribution centres, manufacturing, and heavy logistics industries in the Americas, Europe, Asia, the Middle East, and Africa.

Sanoma Oyj

Market Cap: €1.6b

Operates as a media and learning company in Finland, the Netherlands, Poland, Spain, Belgium, and internationally.

Qt Group Oyj

Market Cap: €1.5b

Offers cross-platform solutions for the software development lifecycle in Finland, rest of Europe, the Asia Pacific, and North America.

Fiskars Oyj Abp

Market Cap: €1.2b

Manufactures and markets consumer products for indoor and outdoor living in Europe, the Americas, and the Asia Pacific.

Metsä Board Oyj

Market Cap: €1.1b

Engages in the folding boxboard, fresh fibre linerboard, and market pulp businesses in Finland and internationally.

Alma Media Oyj

Market Cap: €1.1b

A media company, engages in digital services and journalistic media content in Finland and the rest of Europe.

Scanfil Oyj

Market Cap: €718.8m

Operates as a contract manufacturer and system supplier for the electronics industry worldwide.

Revenio Group Oyj

Market Cap: €686.4m

Provides ophthalmological devices and software solutions for the diagnosis of glaucoma, macular degeneration, and diabetic retinopathy in Finland, the United States, and internationally.

GRK Infra Oyj

Market Cap: €570.3m

Provides infrastructure construction services in Finland, Sweden, and Estonia.

Lindex Group Oyj

Market Cap: €451.9m

Engages in the retailing business in Finland and internationally.

Raisio

Market Cap: €392.8m

Produces and sells food and food ingredients in Finland, the United Kingdom, Ireland, Belgium, and the Netherlands.

Canatu Oyj

Market Cap: €361.5m

Develops and sells carbon nanotubes (CNTs) and related products for the semiconductor, automotive, and medical diagnostics industries in Finland, the United States, Japan, and Taiwan.

Relais Group Oyj

Market Cap: €304.3m

Operates as a consolidator and acquisition platform for vehicle aftermarket in the Nordic and Baltic countries.

Incap Oyj

Market Cap: €296.2m

Provides electronics manufacturing services in Europe, North America, and Asia.

Endomines Finland Oyj

Market Cap: €293.1m

Engages in the mining and exploration of gold deposits in Finland and the United States.

F-Secure Oyj

Market Cap: €288.2m

Operates as a cybersecurity company in Finland and internationally.

Gofore Oyj

Market Cap: €282.7m

Provides digital transformation consultancy services for private and public sectors in Finland and internationally.

Admicom Oyj

Market Cap: €233.8m

Engages in the cloud-based software and business process automation solutions in Finland.

NoHo Partners Oyj

Market Cap: €191.9m

Engages in the restaurant business.

Digia Oyj

Market Cap: €191.7m

Operates as a software and service company in Finland, Sweden, and internationally.

Detection Technology Oyj

Market Cap: €168.5m

Engages in the provision of X-ray detector solutions for industrial, medical, and security applications in Finland and internationally.