Italian Undervalued over 20% based on DCF

UniCredit

Market Cap: €102.7b

Provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe.

Eni

Market Cap: €70.4b

Operates as an integrated energy company in Italy, Other European Union, Rest of Europe, the United States, Asia, Africa, and internationally.

Assicurazioni Generali

Market Cap: €53.9b

Provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania.

Tenaris

Market Cap: €25.7b

Manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Snam

Market Cap: €22.8b

Engages in the operation of natural gas transport and storage infrastructure.

Unipol Assicurazioni

Market Cap: €15.5b

Provides insurance products and services primarily in Italy.

Telecom Italia

Market Cap: €14.3b

Engages in the fixed and mobile telecommunications services and products for individuals, households, and supports small and medium-sized enterprises in Italy and internationally.

Recordati Industria Chimica e Farmaceutica

Market Cap: €10.0b

Researches, develops, produces, and sells pharmaceuticals in Italy, the United States, Spain, France, Germany, Russia, Ukraine, Turkey, Portugal, North Africa, and internationally.

Saipem

Market Cap: €8.0b

Provides energy and infrastructure solutions worldwide.

Hera

Market Cap: €6.2b

A multi-utility company, engages in the waste management, water services, and energy businesses in Italy.

Azimut Holding

Market Cap: €5.0b

Provides asset management and advisory solutions in Italy, Europe, the Middle East, the Americas, and the Asia-Pacific.

Nexi

Market Cap: €4.0b

Provides electronic money and payment services to banks, small and medium-sized enterprises, large international corporations, institutions, and public administrations in Italy, Nordics and Baltics, Germany, Austria, Switzerland, Poland, Southeast Europe, and internationally.

Cementir Holding

Market Cap: €2.6b

Operates in the building materials sector in Italy, Nordic and Baltic, Belgium, North America, Turkiye, Egypt, and the Asia Pacific.

Anima Holding

Market Cap: €2.2b

Anima Holding S.p.A. is a publicly owned investment manager.

Rai Way

Market Cap: €1.7b

Provides network infrastructure and services for broadcasters, telecommunications operators, private companies, and public administrations in Italy and internationally.

Banca IFIS

Market Cap: €1.4b

Provides financial services and solutions for enterprises.

Ferretti

Market Cap: €1.4b

Designs, constructs, markets, and sells yachts and vessels under the Riva, Wally, Ferretti Yachts, Pershing, Itama, Easy Boat, CRN, and Custom Line brand names.

Salvatore Ferragamo

Market Cap: €1.3b

Through its subsidiaries, creates, produces, and sells luxury goods for men and women in Europe, North America, Japan, the Asia Pacific, and Central and South America.

Sanlorenzo

Market Cap: €1.1b

Designs, builds, and sells boats and pleasure boats in Italy, rest of Europe, the Asia-Pacific, the United States, the Middle East, and internationally.

NewPrinces

Market Cap: €783.9m

Engages in the agri-food sector in Italy, Germany, the United Kingdom, and internationally.

GVS

Market Cap: €713.8m

Produces and sells filter solutions for applications in the healthcare and life sciences, energy and mobility, and health and safety sectors in Italy and internationally.

Zignago Vetro

Market Cap: €637.3m

Produces, markets, and sells hollow glass containers in Italy, rest of Europe, and internationally.

Next Geosolutions Europe

Market Cap: €621.6m

Provides marine geoscience and offshore construction support services in Europe, Asia, and North America.

RCS MediaGroup

Market Cap: €504.5m

Provides multimedia publishing services in Italy, Spain, and internationally.

Reway Group

Market Cap: €411.3m

Through its subsidiaries, engages in the road and motorway infrastructure rehabilitation activities in Italy.

Cairo Communication

Market Cap: €318.4m

Operates as a communication company in Italy and Spain.

Gas Plus

Market Cap: €284.1m

Engages in the extraction, distribution, and sale of natural gas in Italy.

Sogefi

Market Cap: €242.4m

Designs, develops, and produces filtration systems, suspension components, air intake products, and engine cooling systems for the automotive industry in Europe, South America, North America, China, and internationally.

eVISO

Market Cap: €189.7m

Supplies electricity and gas in Italy and Europe.

Adventure

Market Cap: €183.1m

Operates a price and tariff comparison site in Italy.

Intred

Market Cap: €143.1m

A telecommunications operator, provides data and voice services in Italy.

Banca Sistema

Market Cap: €133.1m

Provides various business and retail banking products and services in Italy.

Racing Force

Market Cap: €122.5m

Engages in the production of safety equipment for the racing and motorsport industry in the Americas, Asia, Oceania, Europe, the Middle East, and Africa.

Franchi Umberto Marmi

Market Cap: €106.7m

Provides marble slabs and blocks in Italy and internationally.

Star7

Market Cap: €104.4m

Provides engineering, product knowledge, global content, and printing services worldwide.

Somec

Market Cap: €99.0m

Somec S.p.A. engineers, designs, and deploys turnkey projects in the civil and naval engineering in Italy, rest of Europe, North America, and internationally.