U.S. Undervalued over 20% based on DCF

CMUV Bancorp

Market Cap: US$42.1m

Operates as the bank holding company for Community Valley Bank that provides financial services to individuals and businesses in California.

Citizens National

Market Cap: US$41.3m

Operates as the bank holding company for Citizens Bank of Kentucky that provides various banking products and services in Eastern Kentucky, the United States.

Golden Valley Bancshares

Market Cap: US$40.7m

Operates as a bank holding company for Golden Valley Bank that provides various commercial banking products and services to small to middle-market businesses, professionals, and not-for-profit organizations.

LGL Group

Market Cap: US$39.3m

Engages in the design, manufacture, and marketing of time and frequency instruments in the United States and internationally.

Home Federal Bancorp of Louisiana

Market Cap: US$39.1m

Operates as the holding company for Home Federal Bank that provides various financial services to individuals, corporate entities, and other organizations in Louisiana.

MariMed

Market Cap: US$38.9m

Engages in cultivation, production, and selling of branded cannabis products in the United States and internationally.

Beam Global

Market Cap: US$38.7m

A clean-technology innovation company, engages in the design, development, engineering, manufacture, and sale of renewably energized infrastructure products and battery solutions in the United States and Romania.

Community Capital Bancshares

Market Cap: US$37.1m

Operates as the holding company for AB&T that provides various banking products and services to individual and corporate customers.

United-Guardian

Market Cap: US$37.0m

Develops, manufactures, sells, and markets specialty cosmetic ingredients, pharmaceutical products, medical lubricants, and sexual wellness ingredients in the United States and internationally.

Kun Peng International

Market Cap: US$30.8m

Engages in the distribution of health care and health-related household products through its online platforms in the People’s Republic of China.

Security Bancorp

Market Cap: US$28.6m

Operates as the bank holding company for Security Federal Savings Bank that provides banking products and services to individual and corporate customers in Tennessee.

Horizon Group Properties

Market Cap: US$27.9m

Based in Chicago, Illinois, Horizon Group Properties, Inc.

MIND C.T.I

Market Cap: US$27.7m

Develops, manufactures, markets, sells, and implements billing and customer care software solutions in the Americas, Europe, Israel, the Asia Pacific, and Africa.

Farmers Bank of Appomattox

Market Cap: US$26.8m

Together with its subsidiary Farmers Bank Financial Services, Inc., provides various personal and business banking products and services.

Huachen AI Parking Management Technology Holding

Market Cap: US$25.2m

A technology company, designs, manufactures, sells, installs, and maintains cubic parking garage and equipment in the People’s Republic of China.

Mauch Chunk Trust Financial

Market Cap: US$25.1m

Operates as the bank holding company for Mauch Chunk Trust Company that provides various banking products and services in Pennsylvania.

Reserve Petroleum

Market Cap: US$24.7m

An independent oil and gas company, engages in oil and natural gas exploration, development, and minerals management with areas of concentration in Arkansas, Kansas, Oklahoma, South Dakota, Texas, and Wyoming.

Huron Valley Bancorp

Market Cap: US$24.3m

Operates as the bank holding company for Huron Valley State Bank that provides various banking products and services to individuals and businesses in Michigan.

Victory Bancorp

Market Cap: US$23.7m

Operates as the bank holding company for The Victory Bank that provides commercial and consumer banking products and services in the United States.

First Robinson Financial

Market Cap: US$23.5m

Operates as the holding company for First Robinson Savings Bank, National Association that provides various banking and financial products and services to individual and corporate customers in the United States.

Enterprise Financial Services Group

Market Cap: US$22.1m

Through its wholly owned subsidiary, Enterprise Bank, provides various banking products and services in the United States.

First Community

Market Cap: US$20.6m

Operates as the holding company for First Community Bank of East Tennessee that provides various banking services to individuals and businesses.

Commercial National Financial

Market Cap: US$19.9m

Operates as a bank holding company for Commercial Bank & Trust of PA that provides a range of banking and financial services in Pennsylvania, the United States.

INLIF

Market Cap: US$18.4m

Through its subsidiaries, engages in the research, development, manufacture, and sale of injection molding machine-dedicated manipulator arms under the iNLIF brand in the People’s Republic of China.

Logansport Financial

Market Cap: US$17.8m

Operates as the holding company for Logansport Savings Bank that provides various banking products and services to individuals and businesses in Cass County, Indiana.

CBC Holding

Market Cap: US$17.3m

Operates as the holding company for Community Banking Company of Fitzgerald that provides various banking products and services.

Crazy Woman Creek Bancorp

Market Cap: US$16.4m

Operates as the holding company for Buffalo Federal Bank that provides a range of banking products and services to individuals, families, and businesses in North-Central Wyoming.

United Tennessee Bankshares

Market Cap: US$15.6m

Operates as the holding company for Newport Federal Bank that provides various financial services to individuals and corporate customers.

Fleetwood Bank

Market Cap: US$15.6m

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

Wilhelmina International

Market Cap: US$15.2m

Primarily engages in the fashion model management business.

William H. Sadlier

Market Cap: US$14.5m

William H. Sadlier, Inc. publishes print, digital, and online educational materials for public and nonpublic schools.

Pharma-Bio Serv

Market Cap: US$13.8m

Operates as a regulatory affairs, compliance, and technology transfer services consulting firm in Puerto Rico, the United States, Europe, Brazil, and internationally.

Glen Burnie Bancorp

Market Cap: US$11.9m

Operates as the bank holding company for The Bank of Glen Burnie that provides commercial and retail banking services to individuals, associations, partnerships, and corporations.

CS Diagnostics

Market Cap: US$11.0m

Engages in designing, manufacturing, and selling of wellness and medical products in Germany and internationally.

Mills Music Trust

Market Cap: US$7.4m

Mills Music Trust holds the right to receive payment of a deferred contingent purchase price obligation relating to music and lyric copyright catalogue payable to Mills Music, Inc.

Kontrol Technologies

Market Cap: US$5.8m

Through its subsidiaries, provides energy compliance and consulting services in Canada and the United States.