Global Software Undervalued over 20% based on DCF

Novabase S.G.P.S

Market Cap: €345.7m

Through its subsidiaries, provides IT consulting and services in Portugal, rest of Europe, Africa, the Middle East, and internationally.

Computer Engineering & Consulting

Market Cap: JP¥62.7b

Engages in digital industry and system integration businesses in Japan.

Base

Market Cap: JP¥60.7b

Engages in the computer software development and related work in Japan.

Cresco

Market Cap: JP¥59.3b

Engages in the provision of information technology (IT) services and digital solutions in Japan.

Xunlei

Market Cap: US$371.5m

Operates an internet platform for digital media content in the People's Republic of China.

Sword Group

Market Cap: €295.8m

Provides IT and software solutions.

Allot

Market Cap: US$342.0m

Develops, sells, and markets network intelligence and security solutions in Israel, Europe, Asia, Oceania, the Americas, the Middle East, and Africa.

F-Secure Oyj

Market Cap: €291.1m

Operates as a cybersecurity company in Finland and internationally.

Hengfeng Information Technology

Market Cap: CN¥2.3b

Hengfeng Information Technology Co., Ltd.

Route Mobile

Market Cap: ₹30.5b

Provides cloud-communication platform solutions to enterprises, over-the-top service providers, and mobile network operators in India and internationally.

Pinewood Technologies Group

Market Cap: UK£243.4m

Operates as a cloud-based dealer management software provider in the United Kingdom, rest of Europe, Africa, Asia, the Middle East, and internationally.

Hancom

Market Cap: ₩481.1b

Develops and sells office software products and solutions in South Korea and internationally.

m-up holdings

Market Cap: JP¥50.7b

Engages in the development and distribution of mobile and PC content, and e-commerce businesses in Japan.

Shoper

Market Cap: zł1.1b

Provides software as a service solution for e-commerce in Poland.

Softcreate Holdings

Market Cap: JP¥48.9b

Through its subsidiaries, provides system integration and other IT-related services in Japan.

Michpal Technologies

Market Cap: ₪910.6m

Designs and develops payroll software that offers attendance system and pension operations.

Materialise

Market Cap: US$297.5m

Provides additive manufacturing and medical software tools, and 3D printing services in the Americas, Europe, Africa, and the Asia-Pacific.

Comture

Market Cap: JP¥46.5b

Provides cloud, digital, business, platform and operation, and digital learning solutions in Japan.

CHT Security

Market Cap: NT$9.2b

Provides telco-centric network security and cyber security services in Taiwan.

Lime Technologies

Market Cap: SEK 2.7b

Lime Technologies AB (publ) software as a service (SaaS) based customer relationship management (CRM) solutions in the Nordic region.

Coveo Solutions

Market Cap: CA$394.8m

Provides software-as-a-service artificial intelligence (AI) platform in Canada, the United States, and internationally.

Avant Group

Market Cap: JP¥44.0b

Through its subsidiaries, provides accounting, business intelligence, and outsourcing services in Japan.

Sidetrade

Market Cap: €231.5m

Operates as a SaaS company in France and internationally.

Text

Market Cap: zł970.8m

Develops and distributes online text communication software for businesses worldwide.

CELSYS

Market Cap: JP¥42.1b

Engages in content creation solutions business in Japan.

Trifork Group

Market Cap: DKK 1.7b

Provides information technology and other business services in Switzerland, Denmark, the United Kingdom, the Netherlands, the United States, and internationally.

Mastersystem Infotama

Market Cap: Rp4.4t

Engages in the provision of information and communication technology infrastructure solutions and system integration services to enterprise banking, oil and gas, enterprise, and telecommunication markets in Indonesia.

Linedata Services

Market Cap: €215.7m

Develops, publishes, and distributes financial software in Southern Europe, Northern Europe, North America, and Asia.

Gofore Oyj

Market Cap: €215.4m

Provides digital transformation consultancy services for private and public sectors in Finland and internationally.

Computer Modelling Group

Market Cap: CA$344.6m

A software and consulting technology company, engages in the development and licensing of reservoir simulation and seismic interpretation software and related services.

Vista Group International

Market Cap: NZ$425.1m

Provides software and technology solutions to the film industry sectors in New Zealand and internationally.

Netcall

Market Cap: UK£184.2m

Engages in the design, development, sale, and support of software products and services in the United Kingdom.

Chanjet Information Technology

Market Cap: HK$1.9b

Engages in the cloud service and software businesses in Mainland China and internationally.

Dimerco Data System

Market Cap: NT$7.8b

Engages in the design, development, and sale of various software products in Taiwan.

Ryoyu Systems

Market Cap: JP¥38.4b

Provides design, development, operation and maintenance of information and communication systems for various industries in Japan.

Global Security Experts

Market Cap: JP¥37.9b

Operates as a cybersecurity education company in Japan.