Finnish Undervalued over 20% based on DCF

Nordea Bank Abp

Market Cap: €53.6b

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

Sampo Oyj

Market Cap: €24.7b

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.

Fortum Oyj

Market Cap: €20.1b

Engages in the generation and sale of electricity and heat to private and business customers in Finland, Sweden, Norway, Poland, and internationally.

Neste Oyj

Market Cap: €19.7b

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

UPM-Kymmene Oyj

Market Cap: €14.1b

Engages in the forest-based bioindustry worldwide.

Orion Oyj

Market Cap: €10.3b

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

Stora Enso Oyj

Market Cap: €8.2b

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

Konecranes

Market Cap: €7.3b

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

Elisa Oyj

Market Cap: €6.7b

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

Valmet Oyj

Market Cap: €4.7b

Develops and supplies process technologies, automation, and services for the pulp, paper, and energy industries in North America, Latin America, EMEA, China, and Asia-Pacific.

Kalmar Oyj

Market Cap: €3.1b

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.

Hiab Oyj

Market Cap: €3.1b

Provides smart and on road load-handling solutions and services in Finland.

Huhtamäki Oyj

Market Cap: €3.0b

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

Kemira Oyj

Market Cap: €3.0b

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

Outokumpu Oyj

Market Cap: €2.5b

Produces and sells various stainless-steel products in Finland, Germany, Italy, the United Kingdom, other European countries, North America, the Asia-Pacific, and internationally.

Tieto Oyj

Market Cap: €2.1b

Operates as a software and digital engineering company in Norway, Sweden, Finland, and internationally.

Nokian Renkaat Oyj

Market Cap: €1.3b

Develops and manufactures tires for passenger cars, trucks, and heavy machineries in Nordics, Central Europe, North America, and internationally.

Alma Media Oyj

Market Cap: €1.1b

A media company, engages in digital services and journalistic media content in Finland, Sweden, Baltics, Croatia, Slovakia, and the Czech Republic.

Fiskars Oyj Abp

Market Cap: €1.0b

Designs, manufactures, and sells consumer products for indoor and outdoor living in Europe, the Americas, and the Asia Pacific.

Harvia Oyj

Market Cap: €655.0m

Designs, manufactures, and markets a range of sauna products worldwide.

YIT Oyj

Market Cap: €629.7m

Provides construction services in Finland, Estonia, Lithuania, Latvia, Czechia, Slovakia, and Poland.

Revenio Group Oyj

Market Cap: €522.5m

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

Raisio

Market Cap: €441.4m

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

Marimekko Oyj

Market Cap: €428.3m

A lifestyle design company, designs, manufactures, and sells clothing, bags and accessories, and interior decoration products worldwide.

eQ Oyj

Market Cap: €424.4m

A publicly owned investment manager.

Posti Group Oyj

Market Cap: €375.4m

Operates as a distribution and logistics company in Finland, Sweden, Norway, Baltics, and internationally.

Incap Oyj

Market Cap: €294.5m

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

F-Secure Oyj

Market Cap: €292.5m

Operates as a cybersecurity company in Finland and internationally.

Relais Group Oyj

Market Cap: €270.1m

Operates as a consolidator and acquisition platform for the vehicle aftermarket in Finland, Sweden, Estonia, Norway, and internationally.

Koskisen Oyj

Market Cap: €226.5m

Operates in wood industry in Finland, Japan, Germany, Poland, other European countries, and internationally.

Gofore Oyj

Market Cap: €216.4m

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

United Bankers Oyj

Market Cap: €204.9m

Provides investment products and services in Finland and Sweden.

NoHo Partners Oyj

Market Cap: €160.4m

Engages in the restaurant business.

Digia Oyj

Market Cap: €153.2m

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

Kreate Group Oyj

Market Cap: €143.2m

Engages in the construction of infrastructure projects for private and public sector customers in Finland and Sweden.

Tecnotree Oyj

Market Cap: €123.6m

Provides telecommunication IT solutions for charging, billing, customer care, and messaging and content services in Europe, the Americas, the Middle East, Africa, and the Asia Pacific.