French Undervalued over 20% based on DCF

Safran

Market Cap: €119.3b

Engages in the aerospace and defense businesses in France, rest of Europe, the Americas, the Asia-Pacific, Africa, and the Middle East.

Thales

Market Cap: €55.0b

Provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide.

Orange

Market Cap: €47.5b

Operates as a telecommunications operator in France and internationally.

Danone

Market Cap: €44.3b

Operates in the food and beverage industry in Europe, Ukraine, North America, China, North Asia, the Oceania, Latin America, rest of Asia, Africa, Turkey, the Middle East, and the Commonwealth of Independent States.

Compagnie de Saint-Gobain

Market Cap: €34.4b

Designs, manufactures, and distributes materials and solutions for the construction and industrial markets worldwide.

Dassault Aviation société anonyme

Market Cap: €26.1b

An aerospace company, engages in designing and building military aircraft, business jets, and space systems in France, the United States, and internationally.

Dassault Systèmes

Market Cap: €23.2b

Provides software solutions and services worldwide.

Bouygues

Market Cap: €19.4b

Operates in the construction, energies and services, telecom, and media sectors in France and internationally.

Capgemini

Market Cap: €17.5b

Provides consulting, digital transformation, technology, and engineering services primarily in North America, France, the United Kingdom, Ireland, the rest of Europe, the Asia-Pacific, and Latin America.

Unibail-Rodamco-Westfield

Market Cap: €14.1b

Unibail-Rodamco-Westfield (URW) operates vibrant retail-anchored destinations in many of the world’s best cities and urban areas.

Ipsen

Market Cap: €13.8b

A biopharmaceutical company, develops and commercializes medicines in the areas of oncology, rare disease, and neuroscience worldwide.

Eiffage

Market Cap: €13.1b

Engages in the construction and concessions industries in France, rest of Europe, and internationally.

Bureau Veritas

Market Cap: €11.7b

Provides laboratory testing, inspection, and certification services.

Carrefour

Market Cap: €11.4b

Operates as a food retailer in France, Spain, Italy, Belgium, Poland, Romania, Brazil, Argentina, the Middle East, Africa, and Asia.

Rexel

Market Cap: €10.1b

Engages in the distribution of low voltage electrical products for the residential, commercial, and industrial markets in France, rest of Europe, North America, and the Asia-Pacific.

Klépierre

Market Cap: €9.7b

Klépierre SA is the European leader in shopping malls, with exclusive focus on continental Europe.

Accor

Market Cap: €9.6b

Operates a chain of hotels worldwide.

Renault

Market Cap: €8.2b

Engages in the design, manufacture, sale, repair, maintenance, and leasing of motor vehicles in Europe, Eurasia, Africa, the Middle East, the Asia Pacific, and the Americas.

Gaztransport & Technigaz

Market Cap: €7.5b

A technology and engineering company, provides cryogenic membrane containment systems for the maritime transportation and storage of liquefied gases in South Korea, China, and internationally.

Technip Energies

Market Cap: €6.7b

Operates as an engineering and technology company in Europe, Central Asia, Africa, the Middle East, the Asia Pacific, and the Americas.

Covivio

Market Cap: €6.0b

Covivio is inventing today's user experience and designing tomorrow's city.

Elis

Market Cap: €5.7b

Provides flat linen, workwear, and hygiene and well-being solutions in France, Central Europe, Scandinavia, Eastern Europe, the United Kingdom, Ireland, Latin America, Southern Europe, and internationally.

Gecina

Market Cap: €5.2b

A leading operator that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.6bn euros as at December 31, 2025.

Vallourec

Market Cap: €5.1b

Through its subsidiaries, provides tubular solutions for the oil and gas, industry, and new energies markets in North America, South America, France, the Middle East, Indonesia, and East Asia.

Arkema

Market Cap: €4.4b

Manufactures and sells specialty materials in Europe, the United States, Canada, Mexico, China, Hong Kong, Taiwan, and internationally.

Edenred

Market Cap: €4.0b

Operates as a digital platform for services and payments for companies, employees, and merchants worldwide.

L.D.C

Market Cap: €3.5b

Produces and sells poultry and processed products in France and internationally.

Tikehau Capital

Market Cap: €2.8b

An alternative asset management group with 46.1 billion euro of assets under management (as of 30 June 2024).

Trigano

Market Cap: €2.7b

Designs, manufactures, and distributes leisure vehicles for individuals and professionals in France, Germany, the United Kingdom, Benelux, Italy, Spain, Northern Europe, and internationally.

Lisi

Market Cap: €2.5b

Designs and produces assembly and component solutions for the aerospace, automotive, and medical sectors in France and internationally.

Sopra Steria Group

Market Cap: €2.4b

Provides consulting, digital, and software development services in France and internationally.

Carmila

Market Cap: €2.4b

A leading European commercial real estate company, with 250 shopping centres across France, Spain and Italy.

COFACE

Market Cap: €2.3b

Through its subsidiaries, provides credit insurance products and related services for microenterprises, small and medium enterprises, mid-market companies, international corporations, financial institutions, and clients of distribution partners.

Exail Technologies

Market Cap: €2.3b

Provides robotics, maritime, navigation, aerospace, and photonics technologies solutions in France and internationally.

Société BIC

Market Cap: €2.2b

Manufactures and sells stationery, lighter, shaver, and other products worldwide.

Etablissements Maurel & Prom

Market Cap: €2.2b

Engages in exploration and production of oil and gas, and hydrocarbons in Gabon, Tanzania, Angola, and Venezuela.