U.K. Undervalued over 20% based on DCF

Tribal Group

Market Cap: UK£113.6m

Through its subsidiaries, provides software and services to education institutions worldwide.

Eurocell

Market Cap: UK£111.4m

Engages in manufacture, distribution, and recycling of windows, doors, and roofline polyvinyl chloride (PVC) building products in the United Kingdom and the Republic of Ireland.

EKF Diagnostics Holdings

Market Cap: UK£104.3m

Engages in the design, development, manufacture, and sale of diagnostic instruments, reagents, and other ancillary products in the Americas, Europe, the Middle East, Asia, Africa, and internationally.

Residential Secure Income

Market Cap: UK£101.8m

A real estate investment trust (REIT) focused on delivering secure, inflation-linked returns.

Xaar

Market Cap: UK£101.5m

Designs, develops, manufactures, markets, and sells industrial printheads and print systems in Europe, the Middle East, Africa, Asia, and the Americas.

Record

Market Cap: UK£98.9m

Through its subsidiaries, provides currency and asset management services in the United Kingdom, North America, Switzerland, rest of Europe, Australia, and internationally.

Speedy Hire

Market Cap: UK£97.7m

Provides tools and equipment hire and services to the construction, infrastructure, and industrial markets in the United Kingdom and Ireland.

Bioventix

Market Cap: UK£96.7m

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

Focusrite

Market Cap: UK£96.1m

Engages in the development, manufacturing, and marketing of professional audio and electronic music products in North America, Europe, the Middle East, Africa, and internationally.

Tracsis

Market Cap: UK£95.3m

Engages in the provision of software, hardware, data analytics and geographic information systems, and services in the United Kingdom, Ireland, rest of Europe, Europe, North America, and internationally.

Distribution Finance Capital Holdings

Market Cap: UK£95.2m

An investment holding company, engages in personal savings and commercial lending banking business in the United Kingdom.

SDI Group

Market Cap: UK£81.6m

Designs and manufactures scientific and technology products based on digital imaging and sensing and control applications worldwide.

1Spatial

Market Cap: UK£80.5m

Engages in the development and distribution of software solutions with associated consultancy and support in the United Kingdom, Ireland, Rest of Europe, the United States, and Australia.

accesso Technology Group

Market Cap: UK£78.5m

Develops technology solutions for the attractions and leisure industry.

Spectra Systems

Market Cap: UK£76.0m

Spectra Systems Corporation invents, develops, and sells integrated optical systems in the United States and internationally.

Michelmersh Brick Holdings

Market Cap: UK£68.8m

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

Topps Tiles

Market Cap: UK£68.3m

Engages in the retail and wholesale distribution of ceramic and porcelain tiles, natural stone, and related products for residential and commercial markets in the United Kingdom.

Hansard Global

Market Cap: UK£65.4m

Engages in the distribution and servicing of long-term investment products in the Isle of Man, the Bahamas, the Republic of Ireland, Malaysia, Japan, and the United Arab Emirates.

NWF Group

Market Cap: UK£65.0m

Engages in the sale and distribution of fuel oils in the United Kingdom.

DP Poland

Market Cap: UK£64.7m

Develops, operates, and sub-franchises Domino's Pizza stores in Poland and Croatia.

Alternative Income REIT

Market Cap: UK£62.1m

Alternative Income REIT PLC aims to generate a sustainable, secure and attractive income return for shareholders from a diversified portfolio of UK property investments, with a particular focus on alternative and specialist real estate sectors.

Likewise Group

Market Cap: UK£53.9m

Likewise Group Plc, together with its subsidiaries, wholesales and distributes floorcoverings, rugs, and matting products for domestic and commercial flooring markets in the United Kingdom and Rest of Europe.

Triad Group

Market Cap: UK£50.5m

Provides information technology consultancy services to the public, private, and not-for-profit sectors in the United Kingdom.

Billington Holdings

Market Cap: UK£49.6m

Through its subsidiaries, provides structural steel and construction safety solutions in the United Kingdom and Europe.

Kooth

Market Cap: UK£45.2m

Provides digital mental health services to children, young people, and adults in the United Kingdom.

J. Smart (Contractors)

Market Cap: UK£44.6m

Engages in the contracting, developing, and constructing public works, shopping centers, offices, factories, warehouses, local authority, and landlords and private housing projects in the United Kingdom.

Victoria

Market Cap: UK£43.8m

Designs, manufactures, and distributes flooring products primarily in the United Kingdom, Italy, Belgium, Spain, Australia, the Netherlands, Turkey, France, Ireland, Portugal, and the United States.

Time Finance

Market Cap: UK£39.2m

Provides financial products and services to consumers and businesses in the United Kingdom.

System1 Group

Market Cap: UK£38.3m

Provides market research data and insight services in the United Kingdom, the United States, Latin America, rest of Europe, and the Asia Pacific.

Ultimate Products

Market Cap: UK£38.3m

Supplies branded household products in the United Kingdom, Rest of Europe, and internationally.

PCI-PAL

Market Cap: UK£35.9m

Through its subsidiaries, engages in the provision of payment card industry (PCI) compliance solutions and telephony services primarily in the United Kingdom, the United States, Canada, rest of Europe, and the Asia Pacific.

Synectics

Market Cap: UK£33.2m

Provides specialist video based electronic surveillance systems and technology for use in security applications, environments, and transport applications in the United Kingdom, rest of Europe, North America, the Middle East, Africa, and the Asia Pacific.

Lords Group Trading

Market Cap: UK£30.8m

Distributes building materials, plumbing, heating, and DIY goods to local tradesmen, developers, small and medium construction companies, and retail customers.

Wynnstay Properties

Market Cap: UK£23.6m

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

M Winkworth

Market Cap: UK£21.9m

Operates as a franchisor to the Winkworth estate agencies in the United Kingdom.

Creightons

Market Cap: UK£16.1m

Develops, manufactures, and markets personal care, beauty care, and fragrance products in the United Kingdom and internationally.