U.S. Undervalued over 20% based on DCF

Hewlett Packard Enterprise

Market Cap: US$32.9b

Develops intelligent solutions in the United States, the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and internationally.

Kimberly-Clark

Market Cap: US$32.5b

Manufactures and markets personal care products in the United States.

Iron Mountain

Market Cap: US$32.3b

A global leader in information management services, and is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

Otis Worldwide

Market Cap: US$31.6b

Engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally.

Paychex

Market Cap: US$31.5b

Provides human capital management solutions (HCM) for payroll, employee benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India.

Waters

Market Cap: US$31.2b

Provides analytical workflow solutions in Asia, the Americas, and Europe.

VICI Properties

Market Cap: US$30.0b

An S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.

Raymond James Financial

Market Cap: US$29.2b

A diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Canada, and Europe.

Natera

Market Cap: US$28.8b

A diagnostics company, engages in the development and commercialization of molecular testing services worldwide.

IQVIA Holdings

Market Cap: US$28.4b

Provides clinical research services, commercial insights, and healthcare intelligence to the life sciences and healthcare industries in the Americas, Europe, Africa, and the Asia-Pacific.

Constellation Brands

Market Cap: US$28.3b

Produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy.

Sunbelt Rentals Holdings

Market Cap: US$27.8b

Engages in the construction, industrial, and general equipment rental business under the Sunbelt Rentals brand name in the United States, the United Kingdom, and Canada.

Citizens Financial Group

Market Cap: US$27.6b

Operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions in the United States.

Steel Dynamics

Market Cap: US$27.5b

Operates as a steel producer and metal recycler in the United States.

Dow

Market Cap: US$27.4b

Through its subsidiaries, provides various materials science solutions for packaging, infrastructure, mobility, and consumer applications in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America.

Estée Lauder Companies

Market Cap: US$26.5b

Manufactures, markets, and sells skin care, makeup, fragrance, and hair care products worldwide.

Dollar General

Market Cap: US$26.4b

A discount retailer, provides various merchandise products in the southern, southwestern, midwestern, and eastern United States.

Veeva Systems

Market Cap: US$25.7b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

Fair Isaac

Market Cap: US$25.4b

Provides analytics software in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

LPL Financial Holdings

Market Cap: US$25.2b

Provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions in the United States.

Fox

Market Cap: US$25.2b

Operates as a news, sports, and entertainment company in the United States.

W. R. Berkley

Market Cap: US$25.2b

An insurance holding company, operates as a commercial line writer worldwide.

Zoom Communications

Market Cap: US$24.8b

Provides an Artificial Intelligence-first open work platform for human connection in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

Markel Group

Market Cap: US$24.6b

Engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific.

PPG Industries

Market Cap: US$24.6b

Manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa.

AerCap Holdings

Market Cap: US$23.6b

Engages in the lease, financing, sale, and management of commercial flight equipment in the United States, China, and internationally.

AvalonBay Communities

Market Cap: US$23.6b

A member of the S&P 500, is an equity REIT.

Sociedad Química y Minera de Chile

Market Cap: US$23.5b

Produces and sells specialty plant nutrients, and iodine and its derivatives worldwide.

Equity Residential

Market Cap: US$23.4b

Equity Residential is committed to creating communities where people thrive.

First Citizens BancShares

Market Cap: US$23.3b

Operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

LyondellBasell Industries

Market Cap: US$23.3b

Operates as a chemical company in the United States, Germany, China, Mexico, Italy, Japan, France, Poland, the Netherlands, and internationally.

KeyCorp

Market Cap: US$23.2b

Operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States.

Church & Dwight

Market Cap: US$22.8b

Develops, manufactures, and markets household, personal care, and specialty products.

Williams-Sonoma

Market Cap: US$22.8b

Operates as an omni-channel specialty retailer of various products for home the United States and internationally.

Labcorp Holdings

Market Cap: US$22.5b

Provides laboratory services.

Coca-Cola FEMSA. de

Market Cap: US$22.2b

A franchise bottler, produces, markets, sells, and distributes Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Brazil, Argentina, and Uruguay.