Global Undervalued over 20% based on DCF

ConocoPhillips

Market Cap: US$117.7b

Explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids.

Palo Alto Networks

Market Cap: US$115.5b

Provides cybersecurity solutions worldwide.

DBS Group Holdings

Market Cap: S$138.6b

Provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally.

Constellation Energy

Market Cap: US$107.7b

Produces and sells energy products and services in the United States.

Altria Group

Market Cap: US$105.0b

Through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States.

AXA

Market Cap: €88.7b

Through its subsidiaries, insurance, asset management, and banking services worldwide.

Banco Bilbao Vizcaya Argentaria

Market Cap: €87.7b

Provides retail banking, wholesale banking, and asset management services primarily in Spain, Mexico, Turkey, South America, rest of Europe, the United States, and Asia.

Zurich Insurance Group

Market Cap: CHF 82.3b

Provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific.

China Shenhua Energy

Market Cap: HK$800.3b

Engages in the production and sale of coal and power; railway, port, and shipping transportation; and coal-to-olefins businesses in the People’s Republic of China and internationally.

Lockheed Martin

Market Cap: US$100.0b

An aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide.

Marsh & McLennan Companies

Market Cap: US$98.6b

A professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide.

Sumitomo Mitsui Financial Group

Market Cap: JP¥14.5t

Provides banking, leasing, securities, consumer finance, and other services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania.

American Tower

Market Cap: US$98.4b

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 149,000 communications sites and a highly interconnected footprint of U.S.

AIA Group

Market Cap: HK$769.8b

Provides life insurance based financial services in Hong Kong.

Postal Savings Bank of China

Market Cap: HK$756.7b

Provides various banking products and services for retail and corporate customers in the People’s Republic of China.

China Yangtze Power

Market Cap: CN¥684.4b

Engages in operation, management, consultation, investment, and financing of hydropower stations in the People’s Republic of China, Portugal, Peru, Brazil, and Pakistan.

Rheinmetall

Market Cap: €81.7b

Provides mobility and security technologies in Germany; the rest of Europe; North, Middle, and South America; Asian regions, and internationally.

Sea

Market Cap: US$89.7b

Through its subsidiaries, operates as a consumer internet company in Southeast Asia, Latin America, the rest of Asia, and internationally.

Intel

Market Cap: US$88.4b

Designs, develops, manufactures, markets, and sells computing and related products and services worldwide.

Dell Technologies

Market Cap: US$88.3b

Designs, develops, manufactures, markets, sells, and supports various comprehensive and integrated solutions, products, and services in the Americas, Europe, the Middle East, Asia, and internationally.

CSL

Market Cap: AU$130.5b

Researches, develops, manufactures, markets, and distributes biopharmaceutical and vaccines in Australia, the United States, Germany, the United Kingdom, Switzerland, China, Hong Kong, and internationally.

Apollo Global Management

Market Cap: US$82.5b

A private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets.

Bank of Montreal

Market Cap: CA$111.7b

Provides diversified financial services primarily in North America.

Recruit Holdings

Market Cap: JP¥11.9t

Provides HR technology and business solutions that transforms the world of work.

Mondelez International

Market Cap: US$80.6b

Through its subsidiaries, manufactures, markets, and sells snack food and beverage products in the Latin America, North America, Asia, the Middle East, Africa, and Europe.

Airbnb

Market Cap: US$80.2b

Operates a platform that enables hosts to offer stays and experiences to guests worldwide.

Tokio Marine Holdings

Market Cap: JP¥11.8t

Engages in the non-life and life insurance, and financial and general businesses in Japan and internationally.

Gazprom

Market Cap: ₽4.7t

Public Joint Stock Company Gazprom, an integrated energy company, engages in the geological exploration, production, processing, storage, transportation, and sale of gas, gas condensates, and oil in Russia and internationally.

Midea Group

Market Cap: CN¥547.7b

Manufactures and sells home appliances, and robotic and automation systems in China and internationally.

Equinix

Market Cap: US$76.2b

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company.

Mizuho Financial Group

Market Cap: JP¥11.1t

Engages in banking, trust banking, securities, and other businesses related to financial services in Japan, the Americas, Europe, Asia/Oceania, and internationally.

Illinois Tool Works

Market Cap: US$74.6b

Provides industrial products and equipment in North America, Europe, the Middle East, Africa, the Asia Pacific, and South America.

PNC Financial Services Group

Market Cap: US$74.4b

Operates as a diversified financial services company in the United States.

United Parcel Service

Market Cap: US$73.5b

A package delivery and logistics provider, offers transportation and delivery services.

Fiserv

Market Cap: US$73.0b

Provides payments and financial services technology solutions in the United States, Europe, the Middle East and Africa, Latin America, the Asia-Pacific, and internationally.

Bank of Nova Scotia

Market Cap: CA$95.4b

Provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally.