Global Banks Undervalued over 20% based on DCF

Melhus Sparebank

Market Cap: NOK 472.0m

A savings bank, provides various banking products and services to businesses, agriculture customers, and private individuals in Norway.

Kraft Bank

Market Cap: NOK 470.4m

Provides refinancing of mortgages on loans and unsecured loans with and without collateral to individuals in Norway.

Infinity Bancorp

Market Cap: US$45.5m

Operates as the bank holding company for Infinity Bank that provides various banking products and services for individuals and businesses in Southern California.

Commencement Bancorp

Market Cap: US$45.0m

Operates as a bank holding company for Commencement Bank that provides various banking products and services for individuals, and small and midsized businesses in western Washington.

MBT Bancshares

Market Cap: US$44.4m

Operates as a bank holding company for the Metairie Bank and Trust Company that provides various banking products and services in the United States.

Hvidbjerg Bank

Market Cap: DKK 283.9m

Provides various banking products and services to private and business customers in Denmark.

Peoples Bancorp

Market Cap: US$43.9m

Operates as the holding company for The Peoples Bank that provides various banking products and services to individuals, small businesses, associations, and government entities in Kent, Cecil, Queen Anne's, and Talbot Counties, Maryland.

FFW

Market Cap: US$43.0m

Operates as the bank holding company for Crossroads Bank that provides various banking products and services.

Northeast Indiana Bancorp

Market Cap: US$43.0m

Operates as the bank holding company for First Federal Savings Bank, which provides various banking and financial advisory services in the United States.

Touchmark Bancshares

Market Cap: US$42.5m

Operates as the bank holding company for Touchmark National Bank that provides various banking products and services to individuals and businesses in Georgia.

Oconee Financial

Market Cap: US$42.2m

Operates as the bank holding company for Oconee State Bank that provides a range of commercial and consumer banking products and services to consumers, businesses, and communities.

CMUV Bancorp

Market Cap: US$42.1m

Operates as the bank holding company for Community Valley Bank that provides financial services to individuals and businesses in California.

Citizens National

Market Cap: US$41.3m

Operates as the bank holding company for Citizens Bank of Kentucky that provides various banking products and services in Eastern Kentucky, the United States.

Golden Valley Bancshares

Market Cap: US$40.7m

Operates as a bank holding company for Golden Valley Bank that provides various commercial banking products and services to small to middle-market businesses, professionals, and not-for-profit organizations.

Home Federal Bancorp of Louisiana

Market Cap: US$39.8m

Operates as the holding company for Home Federal Bank that provides various financial services to individuals, corporate entities, and other organizations in Louisiana.

First Security Islami Bank

Market Cap: ৳4.6b

Provides commercial banking services in Bangladesh.

Community Capital Bancshares

Market Cap: US$37.0m

Operates as the holding company for AB&T that provides various banking products and services to individual and corporate customers.

High Country Bancorp

Market Cap: US$30.2m

A bank holding company, provides various banking products and services.

Security Bancorp

Market Cap: US$28.6m

Operates as the bank holding company for Security Federal Savings Bank that provides banking products and services to individual and corporate customers in Tennessee.

Farmers Bank of Appomattox

Market Cap: US$27.1m

Together with its subsidiary Farmers Bank Financial Services, Inc., provides various personal and business banking products and services.

Shimane BankLtd

Market Cap: JP¥3.9b

Provides various banking products and services for individual and corporate customers in Japan.

Huron Valley Bancorp

Market Cap: US$24.3m

Operates as the bank holding company for Huron Valley State Bank that provides various banking products and services to individuals and businesses in Michigan.

First Robinson Financial

Market Cap: US$24.2m

Operates as the holding company for First Robinson Savings Bank, National Association that provides various banking and financial products and services to individual and corporate customers in the United States.

Victory Bancorp

Market Cap: US$23.7m

Operates as the bank holding company for The Victory Bank that provides commercial and consumer banking products and services in the United States.

Enterprise Financial Services Group

Market Cap: US$22.1m

Through its wholly owned subsidiary, Enterprise Bank, provides various banking products and services in the United States.

First Community

Market Cap: US$20.1m

Operates as the holding company for First Community Bank of East Tennessee that provides various banking services to individuals and businesses.

Commercial National Financial

Market Cap: US$19.2m

Operates as a bank holding company for Commercial Bank & Trust of PA that provides a range of banking and financial services in Pennsylvania, the United States.

Logansport Financial

Market Cap: US$17.8m

Operates as the holding company for Logansport Savings Bank that provides various banking products and services to individuals and businesses in Cass County, Indiana.

CBC Holding

Market Cap: US$17.3m

Operates as the holding company for Community Banking Company of Fitzgerald that provides various banking products and services.

Crazy Woman Creek Bancorp

Market Cap: US$16.4m

Operates as the holding company for Buffalo Federal Bank that provides a range of banking products and services to individuals, families, and businesses in North-Central Wyoming.

ICB Islamic Bank

Market Cap: ৳1.9b

Provides commercial banking products and services in Bangladesh.

Fleetwood Bank

Market Cap: US$15.8m

Operates as the bank holding company for Fleetwood Bank that provides various banking products and services.

United Tennessee Bankshares

Market Cap: US$15.7m

Operates as the holding company for Newport Federal Bank that provides various financial services to individuals and corporate customers.

Glen Burnie Bancorp

Market Cap: US$11.6m

Operates as the bank holding company for The Bank of Glen Burnie that provides commercial and retail banking services to individuals, associations, partnerships, and corporations.

Chester Bancorp

Market Cap: US$2.9m

Operates as the holding company for Chester National Bank that provides various banking products and services to individuals and businesses in Chester, Illinois.

Heidelberg District Community Enterprise

Market Cap: AU$459.7k

Heidelberg District Community Enterprise Limited operates franchised branches of Bendigo and Adelaide Bank Limited in Australia.