U.S. Undervalued over 20% based on DCF

RADA Electronic Industries

Market Cap: US$490.9m

RADA Electronic Industries Ltd., a defense technology company, develops, manufactures, markets, and sells defense electronics to various air forces and companies worldwide.

Shoe Carnival

Market Cap: US$484.0m

Operates as a family footwear retailer in the United States.

Kforce

Market Cap: US$483.9m

Provides professional staffing services and solutions in the United States.

Build-A-Bear Workshop

Market Cap: US$472.8m

Operates as a multi-channel retailer of plush animals and related products in the United States, Canada, the United Kingdom, Ireland, and internationally.

Nature's Sunshine Products

Market Cap: US$471.5m

A natural health and wellness company, manufactures and sells nutritional and personal care products in Asia, Europe, North America, Latin America, and internationally.

Varex Imaging

Market Cap: US$468.7m

Designs, manufactures, and sells X-ray imaging components.

Sierra Bancorp

Market Cap: US$468.4m

Operates as the bank holding company for Bank of the Sierra that provides retail and commercial banking products and services to individuals and businesses in California.

Orange County Bancorp

Market Cap: US$465.9m

A bank holding company, through its subsidiaries, provides commercial and consumer banking products and services.

Brandywine Realty Trust

Market Cap: US$463.4m

Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX.

FrontView REIT

Market Cap: US$462.8m

FrontView is an internally managed net-lease real estate investment trust (REIT) that is experienced in acquiring, owning and managing properties with frontage that are net leased to a diversified group of tenants.

Innovative Aerosystems

Market Cap: US$447.5m

Engages in the engineering, manufacturing, and supply of advanced avionic solutions.

Ribbon Communications

Market Cap: US$433.7m

Provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally.

West Bancorporation

Market Cap: US$425.9m

Operates as the bank holding company for West Bank that provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.

Bank of Marin Bancorp

Market Cap: US$425.9m

Operates as the holding company for Bank of Marin that provides a range of financial services to small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors in the United States.

Citizens & Northern

Market Cap: US$425.2m

Operates as the bank holding company for Citizens & Northern Bank that provides various banking and related services to individual and corporate customers.

First Bank

Market Cap: US$424.6m

Provides various banking products and services to small and mid-sized businesses and individuals.

Gravity

Market Cap: US$421.0m

Develops and publishes online and mobile games worldwide.

Bankwell Financial Group

Market Cap: US$410.8m

Operates as the bank holding company for Bankwell Bank that provides various banking services for individual and commercial customers.

GBank Financial Holdings

Market Cap: US$409.4m

Operates as a bank holding company for GBank that provides banking services to commercial and consumer customers in Nevada.

AngioDynamics

Market Cap: US$408.5m

A medical technology company, designs, manufactures, and sells medical, surgical, and diagnostic devices for the use in treating peripheral vascular disease, and oncology and surgical settings in the United States and internationally.

G. Willi-Food International

Market Cap: US$399.8m

Designs, imports, markets, and distributes food products under the Willi-Food and Euro European Dairies brand name worldwide.

Greene County Bancorp

Market Cap: US$396.7m

Operates as a holding company for The Bank of Greene County that provides various financial services in the United States.

Investar Holding

Market Cap: US$392.4m

Operates as the bank holding company for Investar Bank that provides a range of commercial banking products to individuals, professionals, and small to medium-sized businesses in south Louisiana, southeast Texas, and Alabama in the United States.

Helen of Troy

Market Cap: US$386.0m

Provides various consumer products in the United States, Canada, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.

Concrete Pumping Holdings

Market Cap: US$384.9m

Provides concrete pumping and waste management services in the United States and the United Kingdom.

Oatly Group

Market Cap: US$384.4m

An oatmilk company, provides a range of plant-based dairy products in the United States, United Kingdom, Germany, China, Sweden, The Netherlands, Finland, and Switzerland.

Commercial Bancgroup

Market Cap: US$381.5m

Operates as the bank holding company for Commercial Bank that provides a range of banking and financial services to individual and corporate customers in Kentucky, North Carolina, and Tennessee.

Wabash National

Market Cap: US$374.2m

Manufactures engineered solutions and services for transportation, logistics and infrastructure industry in the United States.

Xponential Fitness

Market Cap: US$372.8m

Through its subsidiaries, operates as a boutique fitness brands franchisor in North America.

Fiverr International

Market Cap: US$370.7m

Operates an online marketplace worldwide.

Farmers & Merchants Bancorp

Market Cap: US$369.9m

Operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan.

Nu Skin Enterprises

Market Cap: US$369.8m

Engages in the development and distribution of various beauty and wellness products worldwide.

Xunlei

Market Cap: US$364.6m

Operates an internet platform for digital media content in the People's Republic of China.

Radiant Logistics

Market Cap: US$357.3m

Operates as a third-party logistics company, provides technology-enabled global transportation and value-added logistics services in the United States and Canada.

Inland Real Estate Income Trust

Market Cap: US$352.1m

Manages a portfolio of commercial real estate investments located in the United States.

MasterCraft Boat Holdings

Market Cap: US$350.5m

Through its subsidiaries, designs, manufactures, and markets recreational powerboats.