Dutch Undervalued over 20% based on DCF

Koninklijke Ahold Delhaize

Market Cap: €36.7b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.

Coca-Cola Europacific Partners

Market Cap: €35.8b

Produces, distributes, and sells a range of non-alcoholic ready-to-drink beverages.

ArcelorMittal

Market Cap: €34.8b

Operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa.

Universal Music Group

Market Cap: €31.4b

Operates as a music company worldwide.

Adyen

Market Cap: €26.7b

Operates a payments platform in Europe, the Middle East, Africa, North America, the Asia Pacific, and Latin America.

CSG

Market Cap: €24.9b

Manufactures and sells defence products in the Czech Republic, Europe, the United States, and the Asia Pacific.

Koninklijke Philips

Market Cap: €22.4b

Operates as a health technology company in North America, the Greater China, and internationally.

Koninklijke KPN

Market Cap: €18.5b

Provides telecommunications and information technology (IT) services in the Netherlands.

JDE Peet's

Market Cap: €15.4b

Operates as a coffee and tea company worldwide.

DSM-Firmenich

Market Cap: €15.4b

Provides nutrition, health, and beauty solutions in Switzerland, the Netherlands, rest of Europe, the Middle East and Africa, North America, Latin America, China, and rest of Asia.

HAL Trust

Market Cap: €15.4b

Operates through multi-sectors in Europe, the United States, Canada, Asia, and internationally.

ASR Nederland

Market Cap: €12.5b

Provides insurance, pensions, and mortgages products and services for consumers, businesses, and employers in the Netherlands.

CVC Capital Partners

Market Cap: €11.9b

A private equity and venture capital firm specializing in middle market secondaries, infrastructure and credit, management buyouts, leveraged buyouts, growth equity, mature, recapitalizations, strip sales, and spinouts.

Akzo Nobel

Market Cap: €8.4b

Produces and sells paints and coatings worldwide.

SBM Offshore

Market Cap: €6.0b

Provides floating production solutions to the offshore energy industry worldwide.

IMCD

Market Cap: €5.3b

Distributes, markets, and sells specialty chemicals and ingredients in the Netherlands, rest of Europe, the Middle East, Africa, North America, South America, and the Asia-Pacific.

Banijay Group

Market Cap: €3.6b

Engages in the content production, distribution, online sports betting, and gaming businesses in the United States, Europe, and internationally.

Aalberts

Market Cap: €3.2b

Offers mission-critical technologies for building, industry, and semicon markets in Europe, the United States, the Asia Pacific, the Middle East, and Africa.

Aperam

Market Cap: €2.5b

Produces and sells stainless steel and alloy products worldwide.

Signify

Market Cap: €2.2b

Provides lighting products, systems, and services in Europe, the Americas, and internationally.

Basic-Fit

Market Cap: €1.9b

Operates and franchises fitness clubs under the Basic-Fit brand in the Netherlands, Belgium, Luxembourg, France, Spain, Germany, Austria, Switzerland, Slovenia, Romania, Croatia, and the Czech Republic.

TKH Group

Market Cap: €1.5b

Engages un the automation and electrification business.

Eurocommercial Properties

Market Cap: €1.5b

A Euronext-quoted property investment company and one of Europe’s shopping centre specialists.

Flow Traders

Market Cap: €1.2b

Operates as a financial technology-enabled multi-asset class liquidity provider in Europe, the Americas, and Asia.

Fugro

Market Cap: €1.2b

Provides geo-data services for the infrastructure, energy, and water industries in Europe, Africa, the Americas, the Asia Pacific, the Middle East, and India.

Corbion

Market Cap: €1.1b

Provides lactic acid and derivatives, food preservation solutions, functional ingredient systems, and algae-derived nutritional ingredients in the Netherlands, the United States, Asia, rest of Americas, the rest of Europe, the Middle East, and Africa.

Wereldhave

Market Cap: €1.0b

Wereldhave N.V. contributes to a better everyday life for visitors and better business for tenants.

Acomo

Market Cap: €807.3m

Engages in sourcing, trading, processing, packaging, and distributing conventional and organic food ingredients and solutions for the food and beverage industry in the Netherlands, Germany, other European countries, North America, and internationally.

Ferrari Group

Market Cap: €753.2m

Provides shipping, integrated logistics, and value-added services for jewelry and precious goods in Europe, Asia, North America, Brazil, and internationally.

Sligro Food Group

Market Cap: €598.1m

Engages in the foodservice businesses in the Netherlands and Belgium.

PostNL

Market Cap: €570.7m

Provides postal and logistics services to businesses and consumers in the Netherlands, rest of Europe, and internationally.

Nedap

Market Cap: €536.8m

Develops and manufactures electronic equipment and software in the Netherlands, Germany, rest of Europe, North America, and internationally.

B&S Group

Market Cap: €492.4m

Distributes consumer goods worldwide.

Triodos Bank

Market Cap: €408.0m

Provides retail, business, and private banking and financial products and services in the Netherlands, the United Kingdom, Spain, Belgium, and Germany.

Brunel International

Market Cap: €333.5m

Provides secondment, project management, recruitment, and consultancy services in the Netherlands, Germany, Austria, Switzerland, the Czech Republic, Australasia, the Middle East, India, rest of Asia, the Americas, and internationally.

Hydratec Industries

Market Cap: €273.0m

Through its subsidiaries, manufactures and sells industrial systems and plastic components for food, health, and mobility markets in the Netherlands, rest of Europe, Asia, North America, South America, Africa, the Middle East, and Oceania.