Global Software Undervalued over 20% based on DCF

Streamwide

Market Cap: €216.3m

Designs, develops, markets, and maintains a set of service software for mobiles and telecommunication operators worldwide.

Expensify

Market Cap: US$240.7m

Provides a cloud-based expense management software platform in the United States and internationally.

Mastersystem Infotama

Market Cap: Rp4.2t

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.

FFRI Security

Market Cap: JP¥37.8b

Engages in research and consulting related to computer security products in Japan.

Hunan Copote Science TechnologyLtd

Market Cap: CN¥1.6b

Provides software and information technology services in the postal industry in China.

Hitit Bilgisayar Hizmetleri

Market Cap: ₺11.1b

Develops and sells airline and travel technology solutions under the Crane brand in Turkey and internationally.

ID Holdings

Market Cap: JP¥36.6b

Provides information technology (IT) services in Japan.

Computer Modelling Group

Market Cap: CA$315.9m

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

Advanced Information Technology

Market Cap: ฿7.4b

Engages in sale, design, installation, project management, repair and maintenance, training, and turnkey for network infrastructure and information and communication technology systems in Thailand.

cBrain

Market Cap: DKK 1.4b

A software company, provides software solutions for government, private, education, and non-profit sectors in Denmark, the European Union, and internationally.

Gofore Oyj

Market Cap: €187.1m

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

Ryoyu Systems

Market Cap: JP¥34.0b

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

Allgeier

Market Cap: €178.8m

Provides information technology (IT) solutions and software services in Germany.

Densan System Holdings

Market Cap: JP¥32.9b

Provides information and collection agency services in Japan.

eGain

Market Cap: US$200.4m

Engages in the development, license, implementation, and support of its customer service infrastructure software solutions in North America, Europe, the Middle East, Africa, and the Asia Pacific.

Computer Institute of Japan

Market Cap: JP¥30.6b

Provides system development and related services in Japan.

ULS Group

Market Cap: JP¥30.0b

Provides consulting and contract development services related to information systems in Japan.

Tecnotree Oyj

Market Cap: €161.2m

Provides telecommunication IT solutions for charging, billing, customer care, and messaging and content services in Europe, the Americas, the Middle East, Africa, and the Asia Pacific.

DUG Technology

Market Cap: AU$258.1m

A technology company, provides hardware and software solutions for the technology and resource sectors in Australia, the United States, the United Kingdom, Malaysia, and the United Arab Emirates.

Commerce.com

Market Cap: US$183.9m

Provides artificial intelligence-driven commerce ecosystem in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally.

System Support Holdings

Market Cap: JP¥28.9b

Engages in the planning, development, operation, and maintenance of IT systems in Japan and North America.

Digital Information Technologies

Market Cap: JP¥28.8b

Operates as an information services company.

Startia HoldingsInc

Market Cap: JP¥28.3b

Engages in the IT business in Japan and internationally.

Nippon Information Development

Market Cap: JP¥27.8b

Offers information technology solutions in Japan and internationally.

Elad Software Systems

Market Cap: ₪519.8m

Provides information technology solutions and services, and consulting and management activities in Israel.

Digia Oyj

Market Cap: €149.0m

Operates as a software and service company in Finland, Sweden, and internationally.

Micro Systemation

Market Cap: SEK 1.6b

Provides forensic technology for mobile device examination and analysis in Sweden and internationally.

RADCOM

Market Cap: US$172.7m

Provides cloud-native and 5G-ready network intelligence solutions for communication service providers (CSPs).

Ad-Sol Nissin

Market Cap: JP¥25.3b

Develops information and embedded systems for companies in Japan.

Focus Systems

Market Cap: JP¥25.3b

Provides IT services for public and private clients in Japan.

Abra Information Technologies

Market Cap: ₪472.9m

Provides information technology solutions in Israel.

User Local

Market Cap: JP¥24.8b

Engages in data cloud business in Japan.

GMO GlobalSign Holdings K.K

Market Cap: JP¥24.3b

Provides digital authentication and electronic signature technologies to government agencies and enterprises worldwide.

ReposiTrak

Market Cap: US$145.4m

A software-as-a-service provider, operates a business-to-business, e-commerce, compliance and traceability, and supply chain management platform in North America.

NEOJAPAN

Market Cap: JP¥22.8b

Engages in the development and sale of packaged software in Japan and internationally.

ReadyTech Holdings

Market Cap: AU$195.8m

Provides technology-based solutions in Australia and New Zealand, the United Kingdom, and the United States of America.