U.S. Undervalued over 20% based on DCF

Sturm Ruger

Market Cap: US$653.1m

Designs, manufactures, and sells firearms under the Ruger name and trademark in the United States.

American Business Bank

Market Cap: US$645.4m

A California-chartered bank, provides banking products and services to small and medium-sized firms, non-profits, business executives, and professionals in Southern California.

Northpointe Bancshares

Market Cap: US$641.6m

Operates as the bank holding company for Northpointe Bank provides various banking products and services in the United States.

Greenlight Capital Re

Market Cap: US$627.7m

Through its subsidiaries, operates as a property and casualty reinsurance company worldwide.

AMERISAFE

Market Cap: US$621.5m

An insurance holding company, underwrites workers’ compensation insurance in the United States.

Red River Bancshares

Market Cap: US$616.2m

Operates as a bank holding company for Red River Bank that provides banking products and services to commercial and retail customers in the United States.

Waterdrop

Market Cap: US$614.8m

Through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in the People’s Republic of China.

Mitek Systems

Market Cap: US$614.0m

Provides digital identity verification and fraud prevention solutions worldwide.

Natural Grocers by Vitamin Cottage

Market Cap: US$609.5m

Natural Grocers by Vitamin Cottage, Inc., together with its subsidiaries, retails natural and organic groceries, and dietary supplements in the United States.

American Woodmark

Market Cap: US$607.4m

Manufactures and distributes kitchen, bath, and home organization products for the remodeling and new home construction markets in the United States.

Corsair Gaming

Market Cap: US$606.9m

Designs and sells gaming and streaming peripherals, components, and systems in Europe, the Middle East, North Africa, North America, Latin America, and the Asia Pacific.

Arko

Market Cap: US$603.2m

Through its subsidiary, operates a chain of convenience stores in the United States.

California BanCorp

Market Cap: US$594.2m

Operates as the bank holding company for California Bank of Commerce, N.A.

Cognyte Software

Market Cap: US$592.7m

A software-driven technology company, focuses on investigative analytics solutions worldwide.

Gladstone Commercial

Market Cap: US$591.0m

An established real estate investment trust (REIT) that invests in single tenant and anchored multi-tenant net leased assets.

Thomasville Bancshares

Market Cap: US$589.4m

Operates as the bank holding company for Thomasville National Bank that provides a range of banking services to individual and corporate customers primarily in Thomas and Glynn counties, Georgia, Leon County, Florida, and the surrounding counties.

Bar Harbor Bankshares

Market Cap: US$587.8m

Operates as the holding company for Bar Harbor Bank & Trust that provides banking and nonbanking products and services primarily to consumers and businesses.

Energy Recovery

Market Cap: US$586.9m

Designs, manufactures, and sells energy efficiency technology solutions in the United States, North, South and Latin America, the Middle East, Northern Africa, Asia, and Europe.

AH REALTY TRUST

Market Cap: US$586.0m

A vertically integrated, self-managed real estate investment trust.

HealthStream

Market Cap: US$583.6m

Provides Software-as-a-Service (SaaS) based applications for healthcare organizations in the United States.

TAT Technologies

Market Cap: US$580.5m

Provides solutions and services to the commercial and military aerospace and ground defense industries in the United States, Israel, and internationally.

Peoples Financial Services

Market Cap: US$577.4m

Operates as the bank holding company for Peoples Security Bank and Trust Company that provides commercial and retail banking services in Pennsylvania, New Jersey and New York.

Vallant Financial

Market Cap: US$568.8m

Through its subsidiaries operates a regional bank.

Ennis

Market Cap: US$562.5m

Produces and sells business forms and other printed products in the United States.

Northrim BanCorp

Market Cap: US$548.8m

Operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals.

Carter Bankshares

Market Cap: US$540.8m

Operates as the bank holding company for Carter Bank & Trust that provides various retail and commercial banking products and insurance services in the United States.

Tactile Systems Technology

Market Cap: US$533.0m

A medical technology company, develops and provides medical devices to treat underserved chronic diseases in the United States.

Mistras Group

Market Cap: US$531.3m

Provides technology-enabled industrial asset integrity and laboratory testing solutions in the United States, Europe, the Middle East, Africa, Asia, and South America.

ACNB

Market Cap: US$530.3m

A financial holding company, offers banking, insurance, and financial services to individual, business, and government customers in the United States.

Mesa Laboratories

Market Cap: US$529.5m

Develops, designs, manufactures, sells, and services life sciences tools and quality control products and services in North America, Europe, the Asia Pacific, and internationally.

Bridgewater Bancshares

Market Cap: US$526.4m

Operates as the bank holding company for Bridgewater Bank that provides banking products and services in the United States.

Bally's

Market Cap: US$524.2m

Bally’s Corporation is a fast-growing global entertainment brand with 19 casinos across 11 US states and one casino in Newcastle, UK, along with a golf course in New York and a horse racetrack in Colorado.

Malibu Boats

Market Cap: US$519.7m

Designs, engineers, manufactures, markets, and sells various recreational powerboats.

Home Bancorp

Market Cap: US$508.5m

Operates as the bank holding company for Home Bank, National Association that provides various banking products and services for individuals and businesses in Louisiana, Mississippi, and Texas, the United States.

Legacy Housing

Market Cap: US$502.4m

Engages in the building, sale, and financing of manufactured homes and tiny houses primarily in the southern United States.

Monro

Market Cap: US$491.4m

Engages in the operation of retail tire and automotive repair stores in the United States.