Global Media Undervalued over 20% based on DCF

Mobile Factory

Market Cap: JP¥7.4b

Engages in the development of mobile games in Japan.

Mufeed

Market Cap: ر.س161.7m

Engages in the event management business in the Kingdom of Saudi Arabia.

One More Level

Market Cap: zł152.0m

A gaming company, produces and publishes games for consoles and personal computers in Poland.

coconala

Market Cap: JP¥6.5b

Operates a platform to buy and sell knowledge, skills, and experience in production, business support, and consultation categories in Japan.

Pacific Online

Market Cap: HK$300.9m

An investment holding company, provides internet advertising services in the People’s Republic of China.

geechs

Market Cap: JP¥6.0b

Engages in the IT human resources businesses.

New Media Lab

Market Cap: HK$288.0m

A digital media company, provides digital and print advertising products and services, and related businesses in Hong Kong.

Casta Diva Group

Market Cap: €29.0m

Operates as a communication company in Italy and internationally.

Zeta

Market Cap: JP¥5.4b

Engages in digital marketing solutions business in Japan.

Gendai Agency

Market Cap: JP¥5.3b

Engages in planning and production of advertising and promotion services in Japan.

Living Technologies

Market Cap: JP¥4.6b

Provides real estate web services in Japan.

Snail

Market Cap: US$25.5m

Develops and publishes interactive digital entertainment worldwide.

Townnews-ShaLtd

Market Cap: JP¥3.7b

Engages in the publishing business in Japan.

360 Ludashi Holdings

Market Cap: HK$178.9m

An investment holding company, engages in online advertising and online game platform businesses in the People's Republic of China and internationally.

Chuco

Market Cap: JP¥3.6b

Engages in the magazine business in Japan.

Arbeit-Times

Market Cap: JP¥3.0b

Engages in editing and publishing of free job information magazines under the DOMO name in Japan.

Gumtree Australia Markets

Market Cap: AU$25.7m

Operates a digital business news and investor relations platform in Australia and internationally.

Asmarq

Market Cap: JP¥2.7b

Provides online research and research panel recruitment services in Japan.

Tokyo Communications GroupInc

Market Cap: JP¥2.6b

Engages in media, platform, and other businesses.

Rebl Group Oyj

Market Cap: €13.5m

Primarily engages in the printing and design of magazines and newspapers business in Finland.

Fines

Market Cap: JP¥2.2b

Provides video production services in Japan.

KIDS STAR

Market Cap: JP¥2.1b

Engages in planning, developing, producing, and operating educational apps for children in Japan.

Motio

Market Cap: AU$17.1m

Operates as an audience experience and digital place-based media company in Australia.

Market Connections Asia

Market Cap: ฿294.4m

Provides event marketing services in Thailand and Singapore.

Transmit Entertainment

Market Cap: HK$70.1m

An investment holding company, operates as a media and entertainment company in Hong Kong and the People’s Republic of China.

Cinevista

Market Cap: ₹816.2m

Engages in the production and distribution of television programmes, ad commercials, and feature films in India and internationally.

Mills Music Trust

Market Cap: US$7.1m

Mills Music Trust holds the right to receive payment of a deferred contingent purchase price obligation relating to music and lyric copyright catalogue payable in the United States.

Raj Television Network

Market Cap: ₹544.6m

Operates as a television satellite broadcaster in India.

shopper360

Market Cap: S$7.2m

An investment holding company, provides shopper marketing services in the retail and consumer goods industries primarily in Malaysia.

CinemaONE

Market Cap: TT$31.9m

Engages in the provision of digital cinema entertainment in Trinidad and Tobago.

Sostravel.com

Market Cap: €3.6m

Provides digital services for travelers in Italy, rest of Europe, and internationally.

Billboard AD

Market Cap: €3.0m

Engages in the various format digital printing business in Bulgaria.

DCD Media

Market Cap: UK£2.5m

DCD Media Plc, together with its subsidiaries, operates as an independent television production and distribution company in the United Kingdom, rest of Europe, North and South America, and internationally.