U.K. Materials Undervalued over 20% based on DCF

Mondi

Market Cap: UK£4.8b

Engages in the manufacture and sale of packaging and paper solutions in Africa, Western Europe, Emerging Europe, Russia, North America, South America, Asia, and Australia.

Croda International

Market Cap: UK£3.6b

Engages in the consumer care, life science, and industrial specialty businesses in Europe, the Middle East, Africa, North America, Asia, and Latin America.

Johnson Matthey

Market Cap: UK£3.0b

Engages in the clean air, catalyst and hydrogen technology, and platinum group metals (PGM) service businesses in the United Kingdom, Germany, rest of Europe, the United States, rest of North America, China, rest of Asia, and internationally.

Breedon Group

Market Cap: UK£1.3b

Engages in the quarrying, manufacture, and sale of construction materials and building products primarily in the United Kingdom and internationally.

Marshalls

Market Cap: UK£521.9m

Manufactures and sells landscape, building, and roofing products in the United Kingdom and internationally.

Essentra

Market Cap: UK£297.0m

Engages in the manufacturing and distribution of plastic injection moulded, vinyl dip moulded, and metal items in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Anglo Asian Mining

Market Cap: UK£182.9m

Owns and operates gold, silver, and copper producing properties in the Republic of Azerbaijan.

Treatt

Market Cap: UK£127.0m

Manufactures and supplies various natural extracts and ingredients to beverage, flavor, fragrance, and consumer goods markets in the United Kingdom, Germany, Ireland, rest of Europe, the United States, rest of the Americas, China, and internationally.

Michelmersh Brick Holdings

Market Cap: UK£98.9m

Together its subsidiaries, manufactures and sells bricks and brick prefabricated products in the United Kingdom and rest of Europe.

Steppe Cement

Market Cap: UK£37.2m

An investment holding company, engages in the production and sale of cement and clinkers in Kazakhstan.