U.S. Undervalued over 20% based on DCF

Parke Bancorp

Market Cap: US$348.4m

Operates as the bank holding company for Parke Bank that provides personal and business financial services to individuals and small to mid-sized businesses.

Matrix Service

Market Cap: US$343.4m

Provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets in the United States, Canada, and internationally.

Strattec Security

Market Cap: US$343.4m

Designs, develops, manufactures, and markets automotive security, access control, and user interface controls products in North America and internationally.

PCB Bancorp

Market Cap: US$342.2m

Operates as the bank holding company for PCB Bank that provides various banking products and services to small and middle market businesses and individuals in the United States.

First Bancorp

Market Cap: US$330.7m

Operates as the bank holding company for First National Bank that provides a range of banking products and services to individual and corporate customers.

Citizens Financial Services

Market Cap: US$321.0m

A bank holding company, provides various banking products and services for individual, business, governmental, and institutional customers.

Allot

Market Cap: US$320.6m

Develops, sells, and markets network intelligence and security solutions in Israel, Europe, Asia, Oceania, the Americas, the Middle East, and Africa.

European Wax Center

Market Cap: US$317.4m

Operates as the franchisor and operator of out-of-home waxing services in the United States.

BayCom

Market Cap: US$314.7m

Operates as the bank holding company for United Business Bank that provides various financial services to small and mid-sized businesses, service professionals, and individuals.

L.B. Foster

Market Cap: US$309.2m

Provides engineered and manufactured products and services for building and supporting infrastructure in the United States, Canada, the United Kingdom, and internationally.

Materialise

Market Cap: US$296.9m

Provides additive manufacturing and medical software tools, and 3D printing services in the Americas, Europe, Africa, and the Asia-Pacific.

First Community

Market Cap: US$290.5m

Operates as the bank holding company for First Community Bank that provides various commercial and retail banking products and services to small-to-medium sized businesses, professionals, and individuals.

CN Healthy Food Tech Group

Market Cap: US$287.8m

Engages in the research and development, production, and sale of food biotech and healthy products in Asia and internationally.

Oak Valley Bancorp

Market Cap: US$284.7m

Operates as the bank holding company for Oak Valley Community Bank that provides a range of commercial banking services to individuals and small to medium-sized businesses in the Central Valley and the Eastern Sierras.

NL Industries

Market Cap: US$283.9m

Through its subsidiaries, operates in the component products industry in Europe, North America, the Asia Pacific, and internationally.

Chemung Financial

Market Cap: US$282.7m

Operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services.

CompX International

Market Cap: US$277.4m

Manufactures and sells security products and recreational marine components primarily in North America.

Perma-Pipe International Holdings

Market Cap: US$271.6m

Designs, engineers, manufactures, and sells specialty piping and leak detection systems in the United States, Canada, the Middle East, North Africa, Europe, India, and internationally.

Fidelity D & D Bancorp

Market Cap: US$270.4m

Operates as the bank holding company for The Fidelity Deposit and Discount Bank that provides a range of banking, trust, and financial services to individuals, small businesses, and corporate customers.

Citizens

Market Cap: US$269.6m

A diversified financial services company providing life, living benefits and final expense insurance and other financial products to individuals and small businesses in the U.S., Latin America, and Asia.

Simulations Plus

Market Cap: US$263.5m

Develops drug discovery and development software for modeling and simulation, and prediction of molecular properties utilizing artificial intelligence and machine learning based technology worldwide.

Hudson Technologies

Market Cap: US$254.8m

Through its subsidiary, Hudson Technologies Company, provides solutions to recurring problems within the refrigeration industry in the United States.

C&F Financial

Market Cap: US$254.4m

Operates as a bank holding company for Citizens and Farmers Bank that provides banking services to individuals and businesses.

First Northern Community Bancorp

Market Cap: US$253.9m

Operates as the bank holding company for First Northern Bank of Dixon that provides commercial banking products and services to individuals, and small and medium sized businesses.

Exchange Bank

Market Cap: US$249.6m

A community bank, provides a range of personal, commercial, and trust and investment management services in California.

GDEV

Market Cap: US$249.0m

Develops and publishes online games in the United States, Europe, Asia, and internationally.

First United

Market Cap: US$248.7m

Operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals in the United States.

Truxton

Market Cap: US$248.3m

Through its subsidiaries, provides various banking, investment management, and trust administration services to individuals, businesses, and charitable institutions in the United States.

Princeton Bancorp

Market Cap: US$244.3m

Operates as the bank holding company for The Bank of Princeton that provides various banking products and services.

Meridian

Market Cap: US$242.8m

Operates as the bank holding company for Meridian Bank that provides commercial banking products and services in Pennsylvania, New Jersey, Delaware, Maryland, and Florida.

8x8

Market Cap: US$241.0m

Provides contact center, voice, video, chat, and enterprise-class application programmable interface (API) solutions worldwide.

Hawthorn Bancshares

Market Cap: US$241.0m

Operates as the bank holding company for Hawthorn Bank that provides various banking products and services to families and businesses.

Butler National

Market Cap: US$229.4m

Designs, engineers, manufactures, sells, integrates, installs, repairs, modifies, overhauls, services, and distributes a portfolio of aerostructures, aircraft components, avionics, accessories, subassemblies, and systems.

Scope Industries

Market Cap: US$227.8m

Offers waste material recycling services in the United States.

Peoples Bancorp of North Carolina

Market Cap: US$221.8m

Operates as the bank holding company for Peoples Bank that provides various banking products and services for individuals and small-to medium-sized businesses in the North Carolina, United States.

Virginia National Bankshares

Market Cap: US$218.4m

Operates as the holding company for Virginia National Bank that provides a range of commercial and retail banking products and services in Virginia.