U.S. Undervalued over 20% based on DCF

Tri City Bankshares

Market Cap: US$138.0m

Through its subsidiary, Tri City National Bank, provides various banking products and services in Southeastern Wisconsin.

Funko

Market Cap: US$136.2m

A pop culture consumer products company, designs, manufactures, and markets licensed pop culture products in the United States, Europe, and internationally.

BARK

Market Cap: US$134.2m

A dog-centric company, provides products, services, and content for dogs.

Jushi Holdings

Market Cap: US$133.1m

A vertically integrated cannabis company, engages in the cultivation, processing, retail, and distribution of cannabis for the medical and adult-use markets in the United States.

a.k.a. Brands Holding

Market Cap: US$131.4m

Operates a portfolio of online fashion brands in the United States, Australia, New Zealand, and internationally.

SB Financial Group

Market Cap: US$131.0m

Operates as the financial holding company for the State Bank and Trust Company that provides a range of commercial banking and wealth management services to individual and corporate customers primarily in Ohio, Indiana, and Michigan.

QNB

Market Cap: US$130.2m

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.

M-tron Industries

Market Cap: US$127.2m

Designs, manufactures, and markets frequency and spectrum control products to control the frequency and timing of signals in electronic circuits in the United States and internationally.

Community Bancorp

Market Cap: US$126.0m

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.

South Atlantic Bancshares

Market Cap: US$122.5m

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

Finward Bancorp

Market Cap: US$122.0m

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

First Capital

Market Cap: US$119.6m

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.

American Riviera Bancorp

Market Cap: US$119.5m

Provides a range of community banking products and services for businesses and consumers in California.

Union Bankshares

Market Cap: US$118.9m

Operates as the bank holding company for Union Bank that provides retail, commercial, and municipal banking products and services in the United States.

Primary Bank

Market Cap: US$118.7m

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

Pacific Financial

Market Cap: US$114.7m

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

Foresight Financial Group

Market Cap: US$114.7m

Provides banking services to individuals and businesses through its facilities in the Rockford, Freeport, German Valley, Davis, Lena, Winnebago, Pecatonica, Kankakee, Loves Park, Machesney Park, Belvidere, and Herscher, and Illinois areas.

Kish Bancorp

Market Cap: US$110.5m

A diversified financial services company, provides various banking products and services primarily in central Pennsylvania and the surrounding areas.

Tri-County Financial Group

Market Cap: US$108.7m

Operates as a bank holding company for First State Bank, providing various banking and mortgage banking services and insurance services to individuals and businesses in the United States.

Southern Michigan Bancorp

Market Cap: US$107.5m

Operates as the bank holding company for Southern Michigan Bank & Trust that provides a range of commercial banking services to individuals, businesses, institutions, and governmental agencies primarily in the southwest and south-central Michigan communities.

ENB Financial

Market Cap: US$103.7m

Operates as the bank holding company for Ephrata National Bank that provides various financial services to individuals and small-to-medium-sized businesses in the United States.

CNB Bank Shares

Market Cap: US$103.7m

Operates as the bank holding company for CNB Bank & Trust, N.A.

PSB Holdings

Market Cap: US$103.2m

Operates as a bank holding company for Peoples State Bank that provides a range of retail consumer and commercial banking products and services to individuals and businesses in the United States.

Croghan Bancshares

Market Cap: US$103.2m

Operates as the holding company for the Croghan Colonial Bank, a state-chartered bank that provides a range of commercial and retail banking services to individuals and business clients in Ohio.

Chesapeake Financial Shares

Market Cap: US$100.5m

Operates as the bank holding company for Chesapeake Bank that provides various banking products and services for individuals and businesses in the United States.

American Bank

Market Cap: US$99.7m

Operates as the bank holding company for American Bank that provides various banking products and services to individual, business, government, and public and institutional customers in the United States.

Intellicheck

Market Cap: US$97.0m

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

Trinity Bank N.A

Market Cap: US$96.7m

Provides personal and business banking products and services in Texas.

Senstar Technologies

Market Cap: US$95.2m

Provides physical, video, and access control security products and solutions worldwide.

Auburn National Bancorporation

Market Cap: US$94.3m

Operates as the bank holding company for AuburnBank that provides various banking products and services in East Alabama.

Granite Falls Energy

Market Cap: US$91.1m

Engages in the production and sale of ethanol and its co-products in the continental United States.

Mountain Pacific Bancorp

Market Cap: US$90.8m

A bank holding company, provides various banking services to individual and corporate customers in Whatcom, Skagit, Snohomish, and King Counties.

Lifetime Brands

Market Cap: US$90.2m

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

Fortitude Gold

Market Cap: US$87.4m

Operates as a mining company that explores for gold and silver projects in the United States.

blueharbor bank

Market Cap: US$86.6m

Provides various banking products and services in North Carolina.

Peoples

Market Cap: US$86.3m

Operates as the holding company for PS Bank that provides various financial services to individuals, small businesses, and corporate customers in Pennsylvania, the United States.