Global Software Undervalued over 20% based on DCF

Fabrica Holdings

Market Cap: JP¥11.4b

Engages in the business communication activities in Japan.

Cyberlinks

Market Cap: JP¥11.1b

Provides various cloud services primarily in Japan.

GaeaSoft

Market Cap: ₩103.4b

Operates as an IT service and digital marketing company in South Korea.

Thinkific Labs

Market Cap: CA$96.2m

Engages in the development, marketing, and support management of cloud-based platform in Canada, the United States, and internationally.

Triad Group

Market Cap: UK£50.5m

Provides information technology consultancy services to the public, private, and not-for-profit sectors in the United Kingdom.

Infraset

Market Cap: ฿2.1b

Infraset Public Company Limited constructs data centers, information technology system, and telecommunications and transportation network infrastructure in Thailand.

ATLED

Market Cap: JP¥10.5b

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

Progress Technologies Group

Market Cap: JP¥10.4b

Provides consulting, engineering, and digital integration services for manufacturing companies in Japan.

PCI Holdings

Market Cap: JP¥10.3b

Engages in the information service business.

Raonsecure

Market Cap: ₩94.0b

Provides mobile and IoT integrated security solutions.

GMO Pepabo

Market Cap: JP¥9.9b

Provides internet services in Japan.

Property Data Bank

Market Cap: JP¥9.5b

Provides cloud services in Japan.

DreamArts

Market Cap: JP¥9.3b

Engages in the planning, development, and sale of cloud products for large companies in Japan.

Keyware Solutions

Market Cap: JP¥9.2b

Develops and sells information systems for the support of social infrastructure in Japan.

Doxee

Market Cap: €47.4m

A high-tech company, provides services for customer communications management (CCM), paperless, and digital customer experience markets.

AI inside

Market Cap: JP¥8.8b

Develops and provides artificial intelligence and related information services in Japan.

Ailleron

Market Cap: zł200.2m

Provides technological services and IT solutions worldwide.

Tokai Soft

Market Cap: JP¥8.7b

Provides factory automation and embedded software development and network infrastructure technology services in Japan.

AR advanced technology

Market Cap: JP¥8.7b

Provides DX solutions utilizing cloud technology, data, and AI in Japan.

JapaniaceLtd

Market Cap: JP¥8.6b

Engages in the advanced engineering business in Japan.

ORBIS

Market Cap: €46.2m

Provides software and business consultancy services in Germany and internationally.

Subex

Market Cap: ₹4.9b

Provides operations and business support systems to communication service providers (CSPs) worldwide.

Ifirma

Market Cap: zł188.2m

IFirma SA provides accounting services. The company operates a website, ifirma.pl, which offers services and tools for tax settlements and supporting business activities.

Valtes HoldingsLtd

Market Cap: JP¥8.1b

Provides QA process consulting, software testing and QA training, vulnerability diagnosis, and other quality assurance and software quality services in Japan.

S&J

Market Cap: JP¥8.1b

Provides various information processing and information related services.

OGX Group Berhad

Market Cap: RM 198.8m

Provides IT infrastructure solutions.

Gigas Hosting

Market Cap: €41.9m

Engages in the provision and marketing of cloud computing and infrastructure as a service and telecommunications services.

Opter

Market Cap: SEK 446.4m

Provides transport planning solutions primarily in Sweden.

Quality & ReliabilityE.E

Market Cap: €40.8m

Quality & Reliability A.B.E.E, together with its subsidiaries, delivers integrated information systems for large and mid-size enterprises in the public and private sector in Greece and internationally.

DBA Group

Market Cap: €38.3m

Provides consultancy, architecture, engineering, and project management services.

Showa System Engineering

Market Cap: JP¥6.8b

Engages in the development, operation, and consulting of information systems.

TeamSpirit

Market Cap: JP¥6.7b

Engages in the SaaS business in Japan.

AxisLtd

Market Cap: JP¥6.7b

Engages in the research and development, sale, consultation, and operation management of computer systems.

CYND

Market Cap: JP¥6.6b

Provides a cloud-based reservation management system primarily for the hairdressing and beauty industry.

Metriks AI. Società Benefit

Market Cap: €34.5m

Develops Service as a Software platform that helps companies and organizations to make strategic decisions, optimize performance, and transform data into value.

WITZ

Market Cap: JP¥6.2b

Engages in the provision of control software engineering services in Japan.