Global Software Undervalued over 20% based on DCF

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.

Redelfi

Market Cap: €119.8m

Operates as an ESG management company in Italy, the United States, and Switzerland.

EMRO

Market Cap: ₩192.7b

Provides supply chain management software in South Korea and internationally.

Korea Information Certificate Authority

Market Cap: ₩187.6b

Korea Information Certificate Authority, Inc.

accesso Technology Group

Market Cap: UK£98.3m

Engages in the development and application of technology solutions in the United Kingdom, Europe, North America, Central and South America, the Middle East, South Pacific, Asia, and Africa.

Bluebik Group

Market Cap: ฿4.4b

A service provider for software design and development, management strategic consulting, strategic project management, big data implementation and data analytics in Thailand and Laos.

Spyrosoft Spólka Akcyjna

Market Cap: zł444.2m

Operates as a software engineering company.

Uniforce Technology

Market Cap: NT$3.8b

Engages in the distribution of professional information security hardware and software products in Taiwan.

Spir Group

Market Cap: €99.2m

Provides software solutions in Norway, Sweden, and internationally.

SSH Communications Security Oyj

Market Cap: €99.9m

Operates as a cybersecurity company for humans, systems, and networks in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

SERAKU

Market Cap: JP¥18.3b

Operates as internet system integrator in Japan.

Advanced Media

Market Cap: JP¥16.1b

Engages in planning, design, and development of speech recognition solutions in Japan and internationally.

q.beyond

Market Cap: €84.7m

Engages in the cloud, applications, artificial intelligence (AI), and security businesses in Germany and internationally.

Mitake Information

Market Cap: NT$3.1b

Provides information software services in Taiwan.

Saudi Networkers Services

Market Cap: ر.س367.4m

Saudi Networkers Services Company is involved in implementing, establishing, maintaining, operating, installing, and managing of telecommunication networks in the Kingdom of Saudi Arabia and Algeria.

BSN Media Holdings

Market Cap: JP¥15.2b

Engages in the radio and television broadcasting business.

UNIRITA

Market Cap: JP¥15.0b

Provides software and solutions for information technology (IT) systems operation in Japan and internationally.

TI Cloud

Market Cap: HK$726.6m

Provides cloud-native customer contact solutions that enables enterprises to engage in multi-channel customer interactions in the People's Republic of China and Hong Kong.

WILLs

Market Cap: JP¥14.7b

Develops and offers a shareholder management platform utilizing blockchain technology in Japan and internationally.

Micware

Market Cap: US$91.5m

Provides software development services and information technology solutions focusing on the automotive and mobility sectors in Japan and internationally.

Feedforce Group

Market Cap: JP¥14.5b

Engages in data feed, digital advertising, social media marketing, and other businesses in Japan.

Lemonsoft Oyj

Market Cap: €77.6m

A software company, designs, develops, and delivers enterprise resource planning software solutions in Finland and internationally.

FatPipe

Market Cap: US$90.1m

Develops application-aware, secure software-defined wide area network, secure access service edge, and network monitoring service (NMS) software solutions in the United States, India, and internationally.

Lasernet Group

Market Cap: SEK 850.1m

Provides software and consulting services for capturing, managing, and distributing information in Sweden, Denmark, the rest of Nordic countries, the United Kingdom, Germany, the rest of Europe, North America, and internationally.

ibis

Market Cap: JP¥14.2b

Operates as a mobile-savvy engineering company in Japan, the United States, and internationally.

Loihde Oyj

Market Cap: €71.5m

Through its subsidiaries, provides digital development and security solutions in Finland and internationally.

WINS Technet

Market Cap: ₩111.2b

Provides information security solutions and services in South Korea.

HIMACS

Market Cap: JP¥12.6b

Provides defined valued processes for various system lifecycles in Japan.

NameSilo Technologies

Market Cap: US$77.2m

Through its subsidiaries, provides domain name registration services in the United States, East and South Asia, South East Asia, Australasia, and internationally.

Solutions 30

Market Cap: €64.9m

Provides support solutions for new digital technologies in Benelux, France, Spain, Italy, Germany, Portugal, Poland, and the United Kingdom.

Netbay

Market Cap: ฿2.5b

Engages in the provision of Software as a Service (SaaS) for online electronic transactions between business-to-government, business-to-business, and business-to-consumer groups in Thailand.

PCI Holdings

Market Cap: JP¥11.5b

Engages in the information service business.

Kwong Fong Industries

Market Cap: NT$2.2b

Engages in the information software service and real estate businesses in Taiwan.

ATLED

Market Cap: JP¥10.6b

Engages in the development and sale of software solutions in Japan.

Enterprise Development Holdings

Market Cap: HK$489.8m

An investment holding company, engages in the provision of integrated business software and hardware solutions in the People’s Republic of China, Thailand, and Hong Kong.