Global Retail Undervalued over 20% based on DCF

Rainbow Digital Commercial

Market Cap: CN¥5.0b

Operates a chain of department stores, shopping centers, and supermarkets in China.

Hangzhou Jiebai Group

Market Cap: CN¥4.6b

Operates department stores and shopping malls in China.

Central Automotive Products

Market Cap: JP¥110.2b

Engages in the development, import and export, and sale of automotive parts and related services.

AO World

Market Cap: UK£503.6m

Engages in the online retailing of domestic appliances and ancillary services in the United Kingdom and Germany.

Betterware de MéxicoP.I. de

Market Cap: US$657.0m

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

Italtile

Market Cap: R10.7b

Manufactures, retails, and franchises tiles, bathroom ware, and related home-finishing products in South Africa, rest of Africa, and Australia.

THG

Market Cap: UK£485.6m

Operates as an online retailer in the United Kingdom, the United States, Europe, and internationally.

Hyundai Home Shopping Network

Market Cap: ₩978.4b

Operates as an online shopping company in South Korea.

DoshishaLtd

Market Cap: JP¥101.7b

Plans, develops, produces, and sells lifestyle-related products in Japan and Internationally.

C&A Modas

Market Cap: R$3.2b

Operates as a fashion retailer for women, men, and children in Brazil and internationally.

KojimaLtd

Market Cap: JP¥100.2b

Engages in the sale, repair, and installation of home appliances and electrical products in Japan.

Autohellas

Market Cap: €534.0m

Engages in the car rental and sale activities under the Hertz, Thrifty, Dollar, and Firefly brands.

M.video

Market Cap: ₽36.0b

Public Joint Stock Company M.video, together with its subsidiaries, operates a chain of household appliances and consumer electronics stores, and online stores in the Russian Federation.

B&S Group

Market Cap: €492.4m

Distributes consumer goods worldwide.

Briscoe Group

Market Cap: NZ$1.0b

Engages in retailing homeware and sporting products in New Zealand.

CA Sales Holdings

Market Cap: P6.8b

Engages in the fast-moving consumer good business in Botswana, Eswatini, Namibia, South Africa, Lesotho, Kenya, Tanzania, Uganda, Mauritius, Zambia, and Zimbabwe.

Yinchuan Xinhua Commercial (Group)

Market Cap: CN¥3.3b

Yinchuan Xinhua Commercial (Group) Co., Ltd.

Tokmanni Group Oyj

Market Cap: €417.5m

Operates as a variety discount retailer in Finland, Sweden, and Denmark.

Samse

Market Cap: €413.3m

Distributes construction materials and tools in France.

Haypp Group

Market Cap: SEK 4.4b

An e-commerce company, engages in the sale of nicotine pouches and snus products in Sweden, Norway, Europe, and the United States.

Grupo SBF

Market Cap: R$2.3b

Engages in the sale of sporting goods and leisure products in Brazil.

Shoe Station Group

Market Cap: US$433.9m

Operates as a family footwear retailer in the United States.

AFG International

Market Cap: ر.س1.6b

Operates as a franchise retailer of fashion products in the Kingdom of Saudi Arabia, Jordan, Egypt, the Republic of Kazakhstan, Uzbekistan, the Republic of Azerbaijan, Georgia, and Armenia.

Castro Model

Market Cap: ₪1.2b

Engages in the retail sale of fashion products, home fashion, fashion accessories and cosmetics and care products in Israel.

Urbanica (Palo) Retail

Market Cap: ₪1.2b

Engages in the designing, purchasing, marketing, and retail sale of clothing for women, men, and children in Israel.

BHG Group

Market Cap: SEK 3.7b

Operates as a consumer e-commerce company in Sweden, Finland, Denmark, Norway, rest of Europe, and internationally.

Moshi Moshi Retail Corporation

Market Cap: ฿12.2b

Engages in the retail and wholesale of lifestyle products in Thailand.

I.C.C. International

Market Cap: ฿12.2b

Engages in the distribution of consumer products in Thailand.

Weyco Group

Market Cap: US$363.7m

Designs, markets, and distributes footwear for men, women, and children in the United States, Canada, Australia, Asia, and South Africa.

Victorian Plumbing Group

Market Cap: UK£263.6m

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

Westwing Group

Market Cap: €300.5m

Operates as an e-commerce retailer in the home and living sector.

Test-Rite International

Market Cap: NT$10.8b

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.

Padini Holdings Berhad

Market Cap: RM 1.4b

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

Japan Eyewear Holdings

Market Cap: JP¥52.9b

Through its subsidiaries, engages in the designing, manufacturing, and selling eyeglasses in Japan.

Soho Holly

Market Cap: CN¥2.0b

Engages in export, import, and domestic trading business in Mainland China.

Card Factory

Market Cap: UK£224.9m

Operates as a specialist retailer of cards, gifts, and celebration essentials in the United Kingdom, South Africa, Republic of Ireland, the United States, and internationally.