Finnish Undervalued over 20% based on DCF

Keskisuomalainen Oyj

Market Cap: €114.5m

Engages in publishing, printing, and distributing newspapers and electronic communications in Finland.

SSH Communications Security Oyj

Market Cap: €113.5m

Operates as a cybersecurity company for humans, systems, and networks in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

Alexandria Group Oyj

Market Cap: €110.9m

Provides investment and savings insurance products in Finland.

Raute Oyj

Market Cap: €89.8m

Operates as a technology and service company that serves the wood products industry in Europe, Africa, Finland, North America, South America, Russia, and the Asia-Pacific.

Apetit Oyj

Market Cap: €89.7m

Manufactures and sells plant-based food products in Finland, Norway, Sweden, and internationally.

Orthex Oyj

Market Cap: €86.7m

A houseware company, designs, produces, markets, and sells household products in Nordics, the rest of Europe, and internationally.

Lemonsoft Oyj

Market Cap: €86.3m

A software company, designs, develops, and delivers enterprise resource planning software solutions in Finland and internationally.

Sitowise Group Oyj

Market Cap: €84.2m

Provides buildings, infrastructure, and digital solutions in Finland, Sweden, and internationally.

Loihde Oyj

Market Cap: €78.1m

Through its subsidiaries, provides digital development and security solutions in Finland.

Viafin Service Oyj

Market Cap: €67.8m

Provides industrial maintenance services in Finland.

Nexstim

Market Cap: €65.1m

A medical technology company, engages in the development of non-invasive brain stimulation technologies in Finland, rest of Europe, North America, and internationally.

Teleste Oyj

Market Cap: €63.7m

Provides broadband, security, and information technologies and related services in Finland and internationally.

Exel Composites Oyj

Market Cap: €54.3m

Manufactures and sells pultruded composite profiles and tubes in Europe, North America, the Asia-Pacific, and internationally.

Modulight Oyj

Market Cap: €44.6m

Designs, manufactures, and markets lasers products for medical and other diagnostic applications.

Componenta

Market Cap: €44.2m

Operates as a contract manufacturer of metal components in Finland, Sweden, Germany, European, and internationally.

Tamtron Group Oyj

Market Cap: €42.0m

Provides advanced weighing solutions in Finland.

Biohit Oyj

Market Cap: €34.3m

A biotechnology company, manufactures and sells bind acetaldehyde, diagnostic products, and systems for diagnostic analysis for the use of research institutions, healthcare, and industry worldwide.

Tulikivi

Market Cap: €33.7m

Manufactures and sells fireplaces, sauna heaters, and interior stone products in Finland, the United States, and rest of Europe.

Digital Workforce Services Oyj

Market Cap: €27.2m

Provides business process automation services and technology solutions in Finland, Sweden, the United Kingdom, and internationally.

Witted Megacorp Oyj

Market Cap: €20.7m

Develops and sells software development solutions in Finland and internationally.

Robit Oyj

Market Cap: €20.3m

Provides drilling consumables for surface mining, construction, geotechnical, and well drilling industries in Finland and internationally.

Panostaja Oyj

Market Cap: €15.7m

A private equity firm specializing in investments through corporate acquisitions, industry consolidations, buyout, growth capital and in small and medium-sized companies through acquisitions in sectors undergoing growth.

Rebl Group Oyj

Market Cap: €14.3m

Primarily engages in the printing and design of magazines and newspapers business in Finland.

Netum Group Oyj

Market Cap: €13.8m

Operates as an IT services company in Finland.

Kesla Oyj

Market Cap: €13.0m

Develops machinery, technology, and services for customers in the forest and other industries in Finland.

QPR Software Oyj

Market Cap: €10.7m

Provides services and software tools for developing business processes and enterprise architecture in Finland, rest of Europe, Russia, Turkey, and internationally.