U.K. Undervalued over 20% based on DCF

Gym Group

Market Cap: UK£317.2m

Operates a network of gym facilities under the Gym Group brand name in the United Kingdom.

Mears Group

Market Cap: UK£311.0m

Provides various outsourced services to the public and private sectors in the United Kingdom.

Yü Group

Market Cap: UK£306.8m

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

Social Housing REIT

Market Cap: UK£296.3m

Social Housing REIT plc (the "Company") is a Real Estate Investment Trust ("REIT") incorporated in England and Wales under the Companies Act 2006 as a public company limited by shares on 12 June 2017.

Big Technologies

Market Cap: UK£283.5m

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.

Property Franchise Group

Market Cap: UK£278.0m

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

Essentra

Market Cap: UK£267.5m

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.

Norcros

Market Cap: UK£266.9m

Designs and supplies bathroom and kitchen products in the United Kingdom, Ireland, and South Africa.

ASOS

Market Cap: UK£257.5m

Operates as an online fashion retailer in the United Kingdom, the European Union, the United States, and internationally.

Secure Trust Bank

Market Cap: UK£252.2m

Provides banking and financial products and services in the United Kingdom.

Henry Boot

Market Cap: UK£248.3m

Engages in the property investment and development, land promotion, and construction activities in the United Kingdom.

S4 Capital

Market Cap: UK£247.2m

Provides digital advertising and marketing services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

James Fisher and Sons

Market Cap: UK£244.8m

Operates as an engineering services company worldwide.

Victorian Plumbing Group

Market Cap: UK£243.6m

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

Schroder Real Estate Investment Trust

Market Cap: UK£243.1m

As at 30 June 2025, the underlying portfolio comprised 37 properties valued at 481.6 million pounds.

NIOX Group

Market Cap: UK£242.5m

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

Pinewood Technologies Group

Market Cap: UK£242.3m

Operates as a cloud-based dealer management software provider in the United Kingdom, rest of Europe, Africa, Asia, the Middle East, and internationally.

S&U

Market Cap: UK£233.3m

Provides motor, property bridging, and specialist finance services in the United Kingdom.

Science Group

Market Cap: UK£230.1m

Operates as a science and technology consultancy and systems businesses in the United Kingdom, other European Countries, North America, and Asia.

CAB Payments Holdings

Market Cap: UK£219.8m

Through its subsidiaries, provides foreign exchange (FX) and cross-border payments services to banks, fintech companies, supranationals, and governments in the United Kingdom and internationally.

Brooks Macdonald Group

Market Cap: UK£216.3m

Through its subsidiaries, provides wealth management and financial planning services to private individuals, trusts, charities, and pension funds in the United Kingdom.

Andrews Sykes Group

Market Cap: UK£203.0m

An investment holding company, engages in the hire, sale, and installation of environmental control equipment in the United Kingdom, Rest of Europe, the Middle East, Africa, and internationally.

CLS Holdings

Market Cap: UK£192.1m

Engages in the investment, development, and management of commercial properties in the United Kingdom, Germany, and France.

Zotefoams

Market Cap: UK£189.8m

Manufactures, distributes, and sells polyolefin foams in the United Kingdom, rest of Europe, North America, and internationally.

Netcall

Market Cap: UK£184.2m

Engages in the design, development, sale, and support of software products and services in the United Kingdom.

Tristel

Market Cap: UK£183.3m

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

BRCK Group

Market Cap: UK£179.9m

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.

Fonix

Market Cap: UK£171.1m

Provides mobile payments and messaging, and managed services for media, charity, gaming, e-mobility, and other digital service businesses in the United Kingdom and the rest of Europe.

Stelrad Group

Market Cap: UK£168.7m

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

Keystone Law Group

Market Cap: UK£153.0m

Provides conventional legal services in the United Kingdom.

Accsys Technologies

Market Cap: UK£149.9m

Engages in the production and sale of solid wood and wood elements in the United Kingdom, Ireland, rest of Europe, the Americas, and internationally.

Duke Capital

Market Cap: UK£132.2m

A private equity firm specializing in Management Buyouts, buy-and-build strategies, mid-market, minority buyouts, restructuring investments & royalty financing in small and medium size businesses.

Aptitude Software Group

Market Cap: UK£128.1m

Provides financial management software in the United Kingdom and internationally.

Foxtons Group

Market Cap: UK£124.9m

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

Multitude

Market Cap: €141.3m

Provides digital lending and online banking services in Finland.

Pharos Energy

Market Cap: UK£113.9m

An independent energy company, explores, develops, and produces oil and gas properties in Vietnam and Egypt.