Global Retail Undervalued over 20% based on DCF

Carreras

Market Cap: JA$84.9b

Carreras Limited markets and distributes cigarettes primarily in Jamaica.

K Car

Market Cap: ₩731.9b

Operates as an automobile distribution company in South Korea.

RVRC Holding

Market Cap: SEK 4.8b

Engages in the e-commerce outdoor clothing business in Germany, Sweden, Finland, and internationally.

Aspirasi Hidup Indonesia

Market Cap: Rp8.2t

Engages in the retail of household appliances and lifestyle products in Indonesia.

Padini Holdings Berhad

Market Cap: RM 2.1b

An investment holding company, engages in the retail of garments and ancillary products.

Betterware de MéxicoP.I. de

Market Cap: US$468.2m

Operates as a direct-to-consumer selling company in the United Staes and Mexico.

Grupo SBF

Market Cap: R$2.5b

Engages in the retail and wholesale of sports and leisure products in Brazil.

Monro

Market Cap: US$458.7m

Engages in the operation of retail tire and automotive repair stores in the United States.

Hyundai Home Shopping Network

Market Cap: ₩608.6b

Operates an online shopping company in South Korea.

Diversified Royalty

Market Cap: CA$566.2m

A multi-royalty corporation, engages in the acquisition of royalties from multi-location businesses and franchisors in North America.

Symphony Holdings

Market Cap: HK$3.1b

An investment holding company, engages in the operation of sports brands and retail business in the People's Republic of China, Hong Kong, the United States, other Asian countries, and internationally.

Tan Chong International

Market Cap: HK$2.9b

An investment holding company, provides vehicles and related spare parts in Singapore, Taiwan, the People’s Republic of China, Japan, Thailand, and internationally.

China MeiDong Auto Holdings

Market Cap: HK$2.9b

An investment holding company, operates as an automobile dealer in the People’s Republic of China.

Japan Eyewear Holdings

Market Cap: JP¥53.8b

Through its subsidiaries, engages in the planning, designing, manufacturing, wholesaling, and retailing of eyewear products in Japan.

Byggmax Group

Market Cap: SEK 3.3b

Sells building materials and related products for DIY projects in Sweden, Norway, and internationally.

Test-Rite International

Market Cap: NT$10.3b

Imports and exports hand tools, auto parts, machinery, furniture, and other home appliances in the United States of America, Canada, Great Britain, France, Germany, and Australia.

Pou Sheng International (Holdings)

Market Cap: HK$2.6b

An investment holding company, engages in distributing and retailing sportswear and footwear in the People’s Republic of China and internationally.

Xebio Holdings

Market Cap: JP¥47.1b

Through its subsidiaries, operates in the sporting goods business in Japan.

Supreme

Market Cap: UK£222.9m

Owns, manufactures, and distributes batteries, lighting, vaping, sports nutrition and wellness, and branded household consumer goods in the United Kingdom, Ireland, the Netherlands, France, rest of Europe, and internationally.

Victorian Plumbing Group

Market Cap: UK£222.0m

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

Oponeo.pl

Market Cap: zł1.0b

Engages in the online retail of tires and wheels for motor vehicles in Poland and internationally.

Ku HoldingsLtd

Market Cap: JP¥39.6b

Engages in the import and sale of new and used cars in Japan.

AutoWallis Nyilvánosan Muködo Részvénytársaság

Market Cap: Ft88.0b

A publicly owned investment manager.

Vertu Motors

Market Cap: UK£190.3m

Operates as an automotive retailer in the United Kingdom.

Zumiez

Market Cap: US$251.8m

Operates as a specialty retailer of apparel, footwear, accessories, and hardgoods for young men and women in the United States, Australia, Canada, Europe, and internationally.

J.Jill

Market Cap: US$227.7m

Operates as an omnichannel retailer for women’s apparel in the United States.

Torrid Holdings

Market Cap: US$224.9m

Provides apparel, intimates, and accessories for curvy women in North America.

Alleanza Holdings

Market Cap: JP¥32.1b

Engages in the home improvement business, pet store business, and related businesses.

Index Living Mall

Market Cap: ฿6.9b

Engages in the retail and wholesale of furniture, electronic, and home decorative products in Thailand.

Oriental Watch Holdings

Market Cap: HK$1.7b

An investment holding company, engages in watch trading business in Hong Kong, the People’s Republic of China, and Macau.

Peter Warren Automotive Holdings

Market Cap: AU$311.3m

Engages in the sale of new and used motor vehicles in Australia.

Mr Max Holdings

Market Cap: JP¥29.2b

Operates discount stores in Japan.

Verkkokauppa.com Oyj

Market Cap: €164.0m

Operates as an online retailer in Finland.

Globrands

Market Cap: ₪651.5m

Distributes consumer goods in Israel.

SSI Group

Market Cap: ₱9.9b

Operates as a specialty retailer primarily in the Philippines.

Warehouse Group

Market Cap: NZ$283.2m

Engages in the operation of retail stores in New Zealand.