U.K. Undervalued over 20% based on DCF

Yü Group

Market Cap: UK£248.5m

Through its subsidiaries, supplies energy and utility solutions primarily in the United Kingdom.

B.P. Marsh & Partners

Market Cap: UK£245.8m

Invests in early-stage and SME financial services intermediary businesses in the United Kingdom and internationally.

Fintel

Market Cap: UK£244.3m

Engages in the provision of intermediary services and distribution channels to the retail financial services sector in the United Kingdom.

Vp

Market Cap: UK£233.9m

Provides equipment rental and related services in the United Kingdom and internationally.

Liontrust Asset Management

Market Cap: UK£231.5m

Liontrust Asset Management Plc is a publicly owned investment manager.

Midwich Group

Market Cap: UK£231.2m

Distributes audio visual (AV) solutions to trade customers in the United Kingdom, Ireland, Europe, the Middle East, Africa, the Asia Pacific, and North America.

Victorian Plumbing Group

Market Cap: UK£225.3m

Operates as an online retailer of bathroom products and accessories for B2C and trade customers in the United Kingdom.

Supreme

Market Cap: UK£220.6m

Owns, manufactures, and distributes batteries, lighting, vaping, sports nutrition and wellness, and branded household consumer goods in the United Kingdom, Ireland, the Netherlands, France, rest of Europe, and internationally.

dotdigital Group

Market Cap: UK£214.8m

Engages in the provision of intuitive software as a service (SaaS) and managed services to digital marketing professionals worldwide.

Stelrad Group

Market Cap: UK£203.8m

Manufactures and distributes radiators in the United Kingdom, Ireland, Europe, Turkey, and internationally.

Regional REIT

Market Cap: UK£201.6m

Regional REIT Limited ("Regional REIT" or the "Company") and its subsidiaries (the "Group") is a United Kingdom ("UK") based real estate investment trust that launched in November 2015.

Brickability Group

Market Cap: UK£197.2m

Distributes specialist products and services to the construction industry in the United Kingdom.It operates through four segments: Bricks and Building Materials; Importing; Distribution; and Contracting.

Kitwave Group

Market Cap: UK£194.3m

Engages in the food and drink wholesale business in the United Kingdom.

Vertu Motors

Market Cap: UK£193.8m

Operates as an automotive retailer in the United Kingdom.

Luceco

Market Cap: UK£193.4m

Manufactures and distributes wiring accessories, LED lighting, and portable power products in the United Kingdom, the Americas, Europe, the Middle East, Africa, the Asia Pacific.

Optima Health

Market Cap: UK£191.8m

Provides occupational health and wellbeing services for the public and private sectors in the United Kingdom.

Animalcare Group

Market Cap: UK£187.0m

Develops, sells, and distributes licensed veterinary pharmaceuticals, and services for companion and production animals, and equine veterinary markets.

Begbies Traynor Group

Market Cap: UK£186.8m

Provides professional services to businesses, professional advisors, large corporations, and financial institutions in the United Kingdom.

Anglo Asian Mining

Market Cap: UK£182.9m

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

Tristel

Market Cap: UK£181.3m

Develops, manufactures, and sells infection prevention products in the United Kingdom, Australia, Germany, Western Europe, and internationally.

Foxtons Group

Market Cap: UK£171.7m

An estate agency, provides services to the residential property market in the United Kingdom.

AEW UK REIT

Market Cap: UK£169.2m

AEW UK REIT plc (LSE: AEWU) aims to deliver an attractive total return to shareholders by investing predominantly in smaller commercial properties (typically less than £15 million), on shorter occupational leases in strong commercial locations across the United Kingdom.

Arbuthnot Banking Group

Market Cap: UK£166.5m

Provides private and commercial banking products and services in the United Kingdom.

TT Electronics

Market Cap: UK£160.6m

Provides design-led advanced electronics technologies for performance critical applications in the healthcare, aerospace and defense, and automation and electrification markets in the United Kingdom, Rest of Europe, North America, Asia, and internationally.

Gooch & Housego

Market Cap: UK£157.8m

Engages in the manufacture and sale of acousto-optics, electro-optics, fiber optics, and precision optics and systems in the United Kingdom, North America, Europe, the Asia Pacific, and internationally.

Macfarlane Group

Market Cap: UK£156.8m

Through its subsidiaries, designs, manufactures, and distributes protective packaging products to businesses in the United Kingdom and Europe.

Aptitude Software Group

Market Cap: UK£154.7m

Provides financial management software in the United Kingdom and internationally.

Team Internet Group

Market Cap: UK£150.2m

Provides domain name services.

FDM Group (Holdings)

Market Cap: UK£135.6m

Provides information technology (IT) services in the United Kingdom, North America, Europe, the Middle East, Africa, rest of Europe, and the Asia Pacific.

Alumasc Group

Market Cap: UK£133.6m

Manufactures and sells building products, systems, and solutions in the United Kingdom, Europe, North America, the Middle East, the Far East, and internationally.

Kistos Holdings

Market Cap: UK£133.4m

Focuses on development and production of gas and other hydrocarbon reserves in the United Kingdom, Norway, and the Netherlands.

Seeing Machines

Market Cap: UK£133.2m

Provides driver and occupant monitoring system technologies in Australia, North America, the Asia Pacific, Europe, and internationally.

Benchmark Holdings

Market Cap: UK£127.1m

Engages in the provision of technical services, products, and specialist knowledge that supports the development of food and farming industries.

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.

Bioventix

Market Cap: UK£126.7m

Bioventix PLC creates, manufactures, and supplies sheep monoclonal antibodies (SMAs) for diagnostic applications worldwide.

Multitude

Market Cap: €140.3m

Provides digital lending and online banking services in Finland.