U.K. Undervalued over 20% based on DCF

Dr. Martens

Market Cap: UK£747.5m

Engages in the design, development, procurement, marketing, sale, and distribution of footwear.

Rank Group

Market Cap: UK£735.4m

Engages in provision of gaming services in Great Britain, Spain, and India.

BioPharma Credit

Market Cap: US$975.7m

An investment trust, primarily invests in interest-bearing debt assets.

Moonpig Group

Market Cap: UK£688.3m

Operates as a data and technology platform for online greeting cards and gifting in the Netherlands, Ireland, Australia, the United States, and the United Kingdom.

Renew Holdings

Market Cap: UK£657.8m

Provides engineering services in the United Kingdom.

Morgan Advanced Materials

Market Cap: UK£628.7m

Manufactures and sells various carbon and ceramic products.

CMC Markets

Market Cap: UK£625.4m

Provides a platform for investing, trading, and brokerage in the United Kingdom, Australia, and internationally.

GB Group

Market Cap: UK£556.1m

Provides identity data intelligence products and services in the United Kingdom, the United States, Australia, and internationally.

Wickes Group

Market Cap: UK£521.9m

Operates as a retailer of home improvement products and services in the United Kingdom.

Marshalls

Market Cap: UK£514.4m

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

AO World

Market Cap: UK£500.8m

Engages in the online retailing of domestic appliances and ancillary services in the United Kingdom and Germany.

Pantheon Infrastructure

Market Cap: UK£492.1m

Focuses on investing in infrastructure assets worldwide.

Crest Nicholson Holdings

Market Cap: UK£482.2m

Engages in building residential homes in the United Kingdom.

Polar Capital Holdings

Market Cap: UK£469.5m

Polar Capital Holdings plc is a publicly owned investment manager.

Costain Group

Market Cap: UK£449.1m

Provides infrastructure solutions for the transportation, energy, water, and defense sectors in the United Kingdom.

THG

Market Cap: UK£440.9m

Operates as an online retailer in the United Kingdom, the United States, Europe, and internationally.

Advanced Medical Solutions Group

Market Cap: UK£438.5m

Develops, manufactures, and distributes products for the surgical, woundcare, and wound-closure markets in the United Kingdom, Germany, rest of Europe, the United States, and internationally.

Nichols

Market Cap: UK£431.5m

Engages in supply of soft drinks to the retail, wholesale, catering, licensed, and leisure industries in the United Kingdom, the Middle East, Africa, and internationally.

Galliford Try Holdings

Market Cap: UK£424.9m

Operates in the construction business in the United Kingdom.

On the Beach Group

Market Cap: UK£413.1m

Operates as an online retailer of short haul beach holidays under the On the Beach brand name in the United Kingdom.

Hollywood Bowl Group

Market Cap: UK£410.9m

Operates ten-pin bowling and mini-golf centers in the United Kingdom and internationally.

Picton Property Income

Market Cap: UK£401.9m

Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.

Restore

Market Cap: UK£357.4m

Provides secure and sustainable business services for data, information, communications, and assets primarily in the United Kingdom.

Property Franchise Group

Market Cap: UK£357.0m

Engages in residential property franchise, and licensing and financial services businesses in the United Kingdom.

Custodian Property Income REIT

Market Cap: UK£346.9m

A UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014.

NewRiver REIT

Market Cap: UK£344.2m

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

Applied Nutrition

Market Cap: UK£330.0m

Engages in the manufacture, wholesale, and retail of sports nutritional products in the United Kingdom and internationally.

FRP Advisory Group

Market Cap: UK£321.3m

Provides business advisory services to companies, lenders, investors, individuals, and other stakeholders.

Wilmington

Market Cap: UK£303.6m

Provides data, information, training, and education solutions to professional markets in the United Kingdom, the United States, rest of Europe, and internationally.

Essentra

Market Cap: UK£292.0m

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.

NIOX Group

Market Cap: UK£288.3m

Engages in the design, development, and commercialization of medical devices for asthma diagnosis, monitoring, and management worldwide.

Warpaint London

Market Cap: UK£286.8m

Produces and sells cosmetics.

XP Power

Market Cap: UK£279.1m

An investment holding company, designs, manufactures, and sells power supply solutions in Europe, North America, and Asia.

Franchise Brands

Market Cap: UK£261.7m

Through its subsidiaries, engages in franchising and related activities in the United Kingdom, Ireland, North America, and Continental Europe.

Big Technologies

Market Cap: UK£261.5m

Engages in the development and delivery of remote monitoring technologies and services to the offender and remote personal monitoring industry under the Buddi brand name.

Literacy Capital

Market Cap: UK£258.8m

A venture capital and private equity firm specializing in early stage investments, direct private equity investments, buyout, growth capital, MBIs, M&A, mature, family owned, fund investments and co investments with private equity managers.