U.S. Undervalued over 20% based on DCF

CS Disco

Market Cap: US$212.2m

Provides cloud-native and artificial intelligence-powered legal products for legal hold, legal request, ediscovery, legal document review, and case management in the United States and internationally.

Malaga Financial

Market Cap: US$210.8m

Operates as the holding company for Malaga Bank that provides various community banking products and services to personal and business customers in the United States.

Utah Medical Products

Market Cap: US$209.9m

Offers medical devices for the healthcare industry in the United States, Europe, and internationally.

First Farmers and Merchants

Market Cap: US$209.9m

Operates as the bank holding company for First Farmers and Merchants Bank that provides a range of banking and financial services to individual and corporate customers in Middle Tennessee and Northern Alabama.

Eagle Financial Services

Market Cap: US$206.8m

Operates as the bank holding company for Bank of Clarke that provides various retail and commercial banking products and services in the United States.

RADCOM

Market Cap: US$202.6m

Provides cloud-native and 5G-ready network intelligence solutions for communication service providers (CSPs).

Citizens Community Bancorp

Market Cap: US$199.1m

Operates as a bank holding company for Citizens Community Federal N.A.

PB Financial

Market Cap: US$197.6m

Operates as the financial holding company for Providence Bank that provides commercial and retail banking products and services.

Richardson Electronics

Market Cap: US$194.3m

Provides engineered solutions, power grid and microwave tube, and related consumables in North America, the Asia Pacific, Europe, and Latin America.

Community Bancorp

Market Cap: US$193.5m

Operates as the bank holding company for Community National Bank that provides various financial services to individuals, businesses, nonprofit organizations, and municipalities in northern and central Vermont.

Citizens Bancorp Investment

Market Cap: US$192.4m

Provides various banking products and services.

CF Bankshares

Market Cap: US$192.0m

Operates as the bank holding company for CFBank, National Association that provides various banking products and services.

Information Services Group

Market Cap: US$187.8m

Operates as an artificial intelligence (AI) centered technology research and advisory company in the Americas, Europe, and the Asia Pacific.

Goodheart-Willcox Company

Market Cap: US$187.4m

The Goodheart-Willcox Company, Inc. publishes print and digital textbooks.

Oakworth Capital

Market Cap: US$186.5m

Operates as a bank holding company for Oakworth Capital Bank that provides range of banking services in the United States.

CuriosityStream

Market Cap: US$186.4m

A media and entertainment company, provides factual content through multiple channels.

CB Financial Services

Market Cap: US$185.6m

Operates as the bank holding company for Community Bank that provides banking products and services for individuals and businesses.

Honat Bancorp

Market Cap: US$184.6m

Operates as a holding company for The Honesdale National Bank that provides banking services in the United States.

FS Bancorp

Market Cap: US$183.0m

Operates as the holding company for Farmers State Bank that provides banking products and services to individuals and business customers in Indiana and Michigan.

Playboy

Market Cap: US$182.6m

Operates as a pleasure and leisure company in the United States, Australia, China, the United Kingdom, and internationally.

First Capital

Market Cap: US$181.2m

Operates as the bank holding company for First Harrison Bank that provides various banking services to individuals and business customers in Indiana and Kentucky, the United States.

First Ottawa Bancshares

Market Cap: US$180.4m

Operates as the bank holding company for American Commercial Bank & Trust, National Association that provides a range of banking and financial services to individual and corporate customers in LaSalle, Grundy, Cook, and other counties in Illinois.

FutureFuel

Market Cap: US$180.3m

Manufactures and sells diversified inorganic chemicals, bio-based fuel, and bio-based specialty chemical products in the United States.

Inogen

Market Cap: US$172.4m

A medical technology company, develops, manufactures, and markets respiratory health products in the United States and internationally.

Lifetime Brands

Market Cap: US$170.4m

Designs, sources, and sells branded kitchenware, tableware, and other home solution products for use in the home, and market in the United States and internationally.

QNB

Market Cap: US$169.1m

Operates as the bank holding company for QNB Bank that engages in the provision of commercial and retail banking products, and retail brokerage services in the United States.

Perfect

Market Cap: US$167.0m

An artificial intelligence software as a service company, provides artificial intelligence (AI)- and augmented reality (AR)-powered solutions for beauty, fashion, and skincare industries worldwide.

MainStreet Bancshares

Market Cap: US$165.5m

Operates as the bank holding company for MainStreet Bank that provides various banking products and services for individuals, small to medium-sized businesses, and professional service organizations.

CSB Bancorp

Market Cap: US$162.9m

Operates as the bank holding company for The Commercial and Savings Bank of Millersburg that provides various banking, trust, financial, and brokerage services to corporate, institutional, and individual customers in Northeast Ohio.

Landmark Bancorp

Market Cap: US$162.3m

Operates as the financial holding company for Landmark National Bank that provides various financial and banking services to its local communities.

NCS Multistage Holdings

Market Cap: US$161.5m

Provides engineered products and support services for oil and natural gas well completions and construction, and field development strategies in the United States, Canada, and internationally.

Kaltura

Market Cap: US$160.6m

Provides various software-as-a-service (SaaS) products and solutions and a platform-as-a-service (PaaS) in the United States, Europe, the Middle East, Africa, and internationally.

Summit Bank Group

Market Cap: US$154.7m

Summit Bank Group, Inc., together with its subsidiaries, commercial banking, financing, real estate lending, and other services in Lane, Deschutes, Multnomah, and Washington counties in Oregon.

Intellicheck

Market Cap: US$153.8m

A technology company, provides on-demand digital identity validation solutions for KYC, fraud, and age verification needs in North America.

Finward Bancorp

Market Cap: US$151.6m

Operates as the holding company for Peoples Bank that provides various banking products and services.

Primary Bank

Market Cap: US$147.7m

Provides financial services to small and medium-sized businesses in New Hampshire, the United States.