U.K. Undervalued over 20% based on DCF

Michelmersh Brick Holdings

Market Cap: UK£99.4m

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

Xaar

Market Cap: UK£96.7m

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

Cake Box Holdings

Market Cap: UK£94.6m

Engages in the retail of fresh cream celebration cakes in the United Kingdom.

Pebble Group

Market Cap: UK£94.0m

Engages in the sale of technology solutions, products, and other services to the promotional merchandise industry in the United Kingdom, Continental Europe, North America, and internationally.

Solid State

Market Cap: UK£93.6m

Designs, manufactures, distributes and supplies electronic equipment in the United Kingdom, rest of Europe, Asia, North America, and Internationally.

Schroder European Real Estate Investment Trust

Market Cap: UK£89.4m

SEREIT invests in European growth cities and regions.

NWF Group

Market Cap: UK£83.6m

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

Venture Life Group

Market Cap: UK£81.3m

Develops and commercializes healthcare products in the United Kingdom.

Topps Tiles

Market Cap: UK£76.7m

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.

Mincon Group

Market Cap: UK£73.3m

Engages in designing, manufacturing, selling, and servicing of rock drilling tools and associated products in Ireland, the Americas, Europe, Australasia, the Middle East, and Africa.

Carr's Group

Market Cap: UK£72.3m

Engages in the agriculture business in the United Kingdom and internationally.

Hansard Global

Market Cap: UK£69.2m

Operates as a specialist long-term savings provider that offers savings and investment products for investors, institutions, and wealth-management groups in the Isle of Man, Republic of Ireland, and The Bahamas.

Celebrus Technologies

Market Cap: UK£66.5m

Provides information technology products and services.

Mulberry Group

Market Cap: UK£64.9m

Designs and manufactures fashion accessories and clothing in the United Kingdom, North America, Asia Pacific, and internationally.

STV Group

Market Cap: UK£58.4m

Produces and broadcasts television programs in the United Kingdom.

Daniel Thwaites

Market Cap: UK£55.5m

Owns, operates, and manages pubs, inns, and hotels and spas in the United Kingdom.

System1 Group

Market Cap: UK£55.5m

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

Staffline Group

Market Cap: UK£54.8m

Provides recruitment and outsourced human resource services in the United Kingdom and the Republic of Ireland.

1Spatial

Market Cap: UK£54.6m

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.

Panther Securities

Market Cap: UK£50.3m

Panther Securities PLC ("the Company" or "the Group") is a property investment company quoted on the AIM market (AIM) since 2013.

Corero Network Security

Market Cap: UK£49.9m

Provides distributed denial of service (DDoS) protection solutions worldwide.

Centaur Media

Market Cap: UK£48.6m

Engages in the provision of business information, learning, and specialist consultancy to professional and commercial markets in the United Kingdom, rest of Europe, North America, and internationally.

ProCook Group

Market Cap: UK£47.9m

Through its subsidiaries, engages in the sale of kitchenware and related products in the United Kingdom.

Ultimate Products

Market Cap: UK£47.7m

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

Triad Group

Market Cap: UK£47.0m

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

Van Elle Holdings

Market Cap: UK£43.3m

Operates as a geotechnical and ground engineering contractor in the United Kingdom.

Calnex Solutions

Market Cap: UK£42.2m

Designs, produces, and markets test and measurement instrumentation and solutions for the telecoms and cloud computing industries in the Americas, North Asia, and internationally.

Manx Financial Group

Market Cap: UK£37.1m

Through its subsidiaries, provides asset and personal finance, investing, foreign exchange brokerage, and wealth management services in the Isle of Man, the United Kingdom, and the Channel Islands.

Steppe Cement

Market Cap: UK£35.0m

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

Kromek Group

Market Cap: UK£32.7m

Develops, manufactures, and sells radiation detection components and devices for the advanced imaging, CBRN detection, and biological threat detection markets.

CT Automotive Group

Market Cap: UK£27.6m

Designs, develops, manufactures, and supplies automotive interior components and kinematic assemblies for automotive brands in the United Kingdom and internationally.

Robinson

Market Cap: UK£21.8m

Manufactures and sells plastic and paperboard packaging products in the United Kingdom, Poland, Denmark, Germany, Hungary, Belgium, and internationally.

Facilities by ADF

Market Cap: UK£19.7m

Provides premium serviced production facilities, location, and equipment hire to the film and high-end television industry in the United Kingdom and Europe.

Portmeirion Group

Market Cap: UK£18.1m

Manufactures, markets, and distributes ceramics, home fragrances, and associated homeware products in the United Kingdom, South Korea, North America, and internationally.

Safestay

Market Cap: UK£14.9m

Engages in the development and operation of hostels and hotels under the Safestay brand in the United Kingdom and rest of Europe.

essensys

Market Cap: UK£13.9m

Engages in the provision of software and technology for critical software-as-a-service platforms to the flexible workspace segment of the real estate industry in North America, the United Kingdom, Europe, and the Asia-Pacific region.