U.S. Undervalued over 20% based on DCF

United Bancorp

Market Cap: US$93.4m

Operates as the bank holding company for Unified Bank that provides commercial and retail banking services in Ohio.

FitLife Brands

Market Cap: US$90.3m

Provides nutritional supplements and wellness products for health-conscious consumers in the United States and internationally.

US Metro Bancorp

Market Cap: US$89.6m

Operates as the bank holding company for US Metro Bank that provides various banking services to commercial business and individual consumers.

First US Bancshares

Market Cap: US$88.4m

Operates as the bank holding company for First US Bank that provides commercial banking products and services in the United States.

iHuman

Market Cap: US$85.9m

Provides intellectual development products to individual users, kindergartens, and distributors in the People's Republic of China and internationally.

JBT Bancorp

Market Cap: US$85.7m

Operates as the bank holding company for Jonestown Bank and Trust Company that provides financial services in Pennsylvania.

Farmers Bancorp

Market Cap: US$85.4m

Operates as the holding company of The Farmers Bank that provides a range of banking products and services for individuals and businesses in north central Indiana, the United States.

Bank of South Carolina

Market Cap: US$84.9m

Operates as a bank holding company for The Bank of South Carolina that provides financial products and services primarily in Charleston, Dorchester, and Berkeley counties of South Carolina.

Auburn National Bancorporation

Market Cap: US$83.0m

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

PhenixFIN

Market Cap: US$82.9m

A business development company.

Bank of San Francisco

Market Cap: US$82.1m

Provides various banking products and services to businesses, nonprofits, and individuals in the greater San Francisco Bay Area.

Potomac Bancshares

Market Cap: US$81.9m

Operates as the bank holding company for Bank of Charles Town that provides various banking products and services to individuals, businesses, and local governments in the United States.

Golden State Bancorp

Market Cap: US$81.8m

Operates as the holding company for Golden State Bank that provides personal and business banking services in Los Angeles, Orange, Riverside, San Diego, Ventura, and San Bernardino counties in California.

Optex Systems Holdings

Market Cap: US$80.6m

Manufactures and sells optical sighting systems and assemblies primarily for the U.S.

Park Dental Partners

Market Cap: US$80.1m

Operates as a dental resource organization that provides administrative business support services to dentists in Minnesota, Wisconsin, and Arizona.

Citizens Financial

Market Cap: US$78.0m

Operates as the bank holding company for Citizens Bank of West Virginia, Inc.

InsCorp

Market Cap: US$77.0m

Operates as a bank holding company for InsBank that provides banking products and services in Tennessee.

Research Solutions

Market Cap: US$76.8m

Through its subsidiaries, provides research cloud-based software-as-a-service software platform and related services to corporate, academic, government and individual researchers in the United States, Europe, and internationally.

First Bancshares

Market Cap: US$75.9m

Operates as the bank holding company for Stockmens Bank that provides banking and mortgage services to individual and corporate customers in southern Missouri, eastern Colorado, and southwestern Nebraska.

Mercer International

Market Cap: US$74.9m

Manufactures and sells northern bleached softwood kraft (NBSK) and northern bleached hardwood kraft (NBHK) pulp in the United States, Germany, China, and internationally.

HCB Financial

Market Cap: US$69.7m

Operates as the bank holding company for Highpoint Community Bank that provides various banking products and services in the United States.

Lightstone Value Plus REIT I

Market Cap: US$69.5m

Lightstone Value Plus REIT I, Inc. has elected to be taxed and qualify as a real estate investment trust for United States federal income tax purposes.

Unifi

Market Cap: US$69.5m

Engages in the manufacture and sale of recycled and synthetic products in North America, Central America, South America, Asia, and Europe.

Reitmans (Canada)

Market Cap: US$69.0m

Primarily engages in the retail sale of women’s specialty apparel in Canada under the Reitmans, Penningtons, and RW&CO brand names.

SVB & T

Market Cap: US$68.1m

Operates as a financial holding company for Springs Valley Bank & Trust Company, providing banking, financial, and wealth management services to families and businesses in Dubois, Daviess, Gibson, Orange, and surrounding counties in southern Indiana.

Juniata Valley Financial

Market Cap: US$67.8m

Operates as the bank holding company for The Juniata Valley Bank that provides retail and commercial banking services to small and mid-sized businesses in central and northern Pennsylvania, the United States.

IZEA Worldwide

Market Cap: US$67.8m

Operates as a technology-enabled influencer marketing company that connects social influencers and content creators in North America, the Asia Pacific, and internationally.

First Resource Bancorp

Market Cap: US$63.5m

Operates as the bank holding for First Resource Bank that provides personal and business banking products and services to businesses and families primarily in the southeastern area of Pennsylvania.

Cross Timbers Royalty Trust

Market Cap: US$62.4m

Operates as an express trust in the United States.

Mission Valley Bancorp

Market Cap: US$61.9m

Operates as a bank holding company, providing various banking products and services to individuals and corporate customers.

Partners Bank of California

Market Cap: US$60.0m

Provides various banking products and services to individuals, and small and medium market businesses in California.

Medinotec

Market Cap: US$58.7m

Engages in the research and development, production, and sale of medical devices for the treatment of vascular and airway diseases in South Africa, the United States, and internationally.

Farmers and Merchants Bancshares

Market Cap: US$58.2m

Operates as the bank holding company for Farmers and Merchants Bank that provides commercial and retail banking services to individuals and businesses in Maryland.

Home Loan Financial

Market Cap: US$57.9m

A unitary thrift holding company, provides various banking products and services in the United States.

Paragon Financial Solutions

Market Cap: US$57.7m

Through its subsidiary, Paragon Bank, provides various banking products and services to individuals, and small and mid-sized businesses in the United States.

Chino Commercial Bancorp

Market Cap: US$57.0m

Operates as the bank holding company for Chino Commercial Bank, N.A.