U.S. Undervalued over 20% based on DCF

Embassy Bancorp

Market Cap: US$147.7m

Operates as the bank holding company for Embassy Bank for the Lehigh Valley that provides banking and financial products and services in Pennsylvania.

HireQuest

Market Cap: US$144.2m

Provides staffing solutions in the United States.

AMREP

Market Cap: US$143.2m

Through its subsidiaries, engages in the real estate business in the United States.

ENB Financial

Market Cap: US$140.6m

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.

Calvin B. Taylor Bankshares

Market Cap: US$139.8m

Operates as the holding company for Calvin B.

Pacific Financial

Market Cap: US$129.3m

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

RF Industries

Market Cap: US$127.9m

Engages in the design, manufacture, and marketing of interconnect products and systems in the United States, Canada, Germany, China, and internationally.

GreenTree Hospitality Group

Market Cap: US$127.9m

Through its subsidiaries, develops leased-and-operated, and franchised-and-managed hotels and restaurants in the People’s Republic of China.

China Automotive Systems

Market Cap: US$127.3m

Through its subsidiaries, manufactures and sells automotive systems and components in the People’s Republic of China, the United States, and internationally.

51Talk Online Education Group

Market Cap: US$125.0m

Through its subsidiaries, engages in providing online education platform with English language education services to students in the People's Republic of China, Hong Kong, the Philippines, Singapore, Malaysia, and Thailand.

Skyline Bankshares

Market Cap: US$124.7m

Operates as the bank holding company for the Skyline National Bank that provides a range of retail and commercial banking services to individuals, and small and medium-sized businesses in the United States.

DHI Group

Market Cap: US$124.2m

Provides data, insights, and employment connections through specialized services for technology professionals and other select online communities in the United States.

blueharbor bank

Market Cap: US$122.6m

Provides various banking products and services in North Carolina.

Bassett Furniture Industries

Market Cap: US$121.1m

Designs, manufactures, sources, distributes, and retails home furnishings and furniture products in the United States.

Dimeco

Market Cap: US$120.9m

Operates as the bank holding company for The Dime Bank that provides banking products and services to individuals and businesses in Pennsylvania.

Century Next Financial

Market Cap: US$119.5m

Operates as the holding company for the Century Next Bank that provides various banking products and services in Louisiana and Arkansas.

Southern Michigan Bancorp

Market Cap: US$118.5m

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

American Bank

Market Cap: US$118.4m

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.

Union Bankshares

Market Cap: US$112.7m

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

NameSilo Technologies

Market Cap: US$112.5m

Through its subsidiaries, provides domain name registration services in the United States, East and South Asia, South East Asia, Australasia, and internationally.

PSB Holdings

Market Cap: US$112.2m

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.

Peoples

Market Cap: US$107.7m

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.

Aldeyra Therapeutics

Market Cap: US$107.1m

A biotechnology company, discovers and develops therapies designed to treat immune-mediated diseases.

Mountain Pacific Bancorp

Market Cap: US$106.6m

A bank holding company, provides various banking services to individual and corporate customers.

Coastal Carolina Bancshares

Market Cap: US$105.3m

Provides banking services to domestic markets, principally in Horry County, Richland County, Aiken County, Greenville County, Spartanburg County, and Orangeburg County, South Carolina.

Trinity Bank N.A

Market Cap: US$104.9m

Provides personal and business banking products and services in Texas.

Katahdin Bankshares

Market Cap: US$104.4m

Operates as the bank holding company for Katahdin Trust Company, a state-chartered commercial bank that provides various commercial and retail banking services for individuals and businesses in Maine.

Pinnacle Bankshares

Market Cap: US$104.4m

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

United Bancshares

Market Cap: US$102.6m

Operates as the bank holding company for The Union Bank Company that provides various commercial and consumer banking services.

Bank of the James Financial Group

Market Cap: US$101.0m

Operates as the bank holding company for Bank of the James that provides general retail and commercial banking services to individuals, businesses, associations and organizations, and governmental authorities in Virginia, the United States.

Bank of Botetourt

Market Cap: US$98.6m

Provides various banking products and services in Virginia.

Crystal Valley Financial

Market Cap: US$97.4m

Operates as the holding company for First State Bank that provides various personal and business banking products and services in the United States.

Harleysville Financial

Market Cap: US$96.4m

Operates as the bank holding company for Harleysville Bank that provides banking products and services in Pennsylvania.

New Peoples Bankshares

Market Cap: US$95.6m

Operates as a financial holding company for New Peoples Bank, Inc.

PBCO Financial

Market Cap: US$94.5m

Operates as a bank holding company for People's Bank of Commerce that provides commercial banking services for businesses and individuals in Oregon.

First Berlin Bancorp

Market Cap: US$93.7m

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