French Undervalued over 20% based on DCF

AXA

Market Cap: €88.4b

Through its subsidiaries, insurance, asset management, and banking services worldwide.

Thales

Market Cap: €48.7b

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

Danone

Market Cap: €46.5b

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.

Engie

Market Cap: €46.2b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

Compagnie de Saint-Gobain

Market Cap: €45.9b

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

Société Générale Société anonyme

Market Cap: €43.2b

Provides banking and financial services to individuals, corporates, and institutional clients in Europe and internationally.

Capgemini

Market Cap: €21.1b

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.

STMicroelectronics

Market Cap: €19.3b

Designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Unibail-Rodamco-Westfield

Market Cap: €12.8b

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

Eurofins Scientific

Market Cap: €11.8b

Provides various analytical testing and laboratory services worldwide.

Eiffage

Market Cap: €10.8b

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

Klépierre

Market Cap: €9.9b

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

Ipsen

Market Cap: €8.8b

Operates as a biopharmaceutical company worldwide.

Carrefour

Market Cap: €8.7b

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

SPIE

Market Cap: €8.5b

Provides multi-technical services in the areas of energy and communications in France, Germany, the Netherlands, and internationally.

Renault

Market Cap: €8.4b

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.

Gecina

Market Cap: €6.4b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

Gaztransport & Technigaz

Market Cap: €6.3b

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.

Covivio

Market Cap: €6.2b

Drawing on its history of partnerships, its property expertise and its European culture, Covivio is inventing today's user experience and designing tomorrow's city Covivio is a preferred real estate player on a European scale, getting closer to end users, capturing their aspirations, combining work, travel and living, and co-selling living spaces.

Elis

Market Cap: €5.7b

Engages in the provision of 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.

FDJ United

Market Cap: €5.3b

Engages in the gaming operation and distribution business in France and internationally.

ABIVAX Société Anonyme

Market Cap: €4.5b

A clinical-stage biotechnology company, focuses on developing therapeutics that harness the body’s natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases.

Sopra Steria Group

Market Cap: €3.5b

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

Tikehau Capital

Market Cap: €3.3b

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

L.D.C

Market Cap: €3.2b

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

Rubis

Market Cap: €2.9b

Engages in the operation of bulk liquid storage facilities for commercial and industrial customers in Europe, Africa, and the Caribbean.

Virbac

Market Cap: €2.8b

Manufactures and sells a range of products and services for companion and farm animals in Europe, North America, Latin America, East Asia, India, Africa, the Middle East, and the Pacific.

Interparfums

Market Cap: €2.7b

Designs, manufactures, and distributes perfumes and cosmetics through license agreements with ready-to-wear, jewelry, or accessories houses in France, Africa, North America, South America, Eastern Europe, Western Europe, Asia, and the Middle East.

H&K

Market Cap: €2.7b

Together with its subsidiary, develops, manufactures, markets, and distributes infantry and small arms for military and governmental authority personnel in Germany, the European Union, and NATO countries.

Rémy Cointreau

Market Cap: €2.6b

Engages in the production, sale, and distribution of liqueurs and spirits.

Pluxee

Market Cap: €2.5b

Offers employee benefits and engagement solutions services in France, Latin America, Continental Europe, and internationally.

Carmila

Market Cap: €2.5b

As the third-largest listed owner of commercial property in Europe, Carmila was founded by Carrefour and large institutional investors in order to enhance the value of shopping centres adjoining Carrefour hypermarkets in France, Spain and Italy.

COFACE

Market Cap: €2.4b

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.

emeis Société anonyme

Market Cap: €2.1b

Operates nursing homes, assisted-living facilities, post-acute and rehabilitation hospitals, and psychiatric hospitals.

Peugeot Invest Société anonyme

Market Cap: €1.8b

Operates as an investment company.

Imerys

Market Cap: €1.8b

Engages in the supply of specialty minerals for various industries across Europe, the Middle East, Africa, Asia Pacific, and America.