<div id="readability-page-1"><div><p>As the European markets navigate renewed trade tensions and geopolitical uncertainties, major indices like the STOXX Europe 600 have experienced declines, reflecting broader investor caution. Despite these challenges, opportunities may exist for discerning investors who can identify stocks potentially trading below their fair value. In such an environment, a good stock is often characterized by strong fundamentals and resilience to market volatility.</p><h3>Top 10 Undervalued Stocks Based On Cash Flows In Europe</h3><table><tbody><tr><td><strong>Name</strong></td><td><strong>Current Price</strong></td><td><strong>Fair Value (Est)</strong></td><td><strong>Discount (Est)</strong></td></tr><tr><td>Spindox (BIT:SPN)</td><td>€12.95</td><td>€25.34</td><td>48.9%</td></tr><tr><td>Nokian Panimo Oyj (HLSE:BEER)</td><td>€2.49</td><td>€4.88</td><td>48.9%</td></tr><tr><td>Knowit (OM:KNOW)</td><td>SEK114.00</td><td>SEK225.91</td><td>49.5%</td></tr><tr><td>Kitron (OB:KIT)</td><td>NOK83.95</td><td>NOK164.53</td><td>49%</td></tr><tr><td>DO &amp; CO (WBAG:DOC)</td><td>€202.00</td><td>€399.86</td><td>49.5%</td></tr><tr><td>DigiTouch (BIT:DGT)</td><td>€1.955</td><td>€3.90</td><td>49.8%</td></tr><tr><td>CCC (WSE:CCC)</td><td>PLN124.00</td><td>PLN246.52</td><td>49.7%</td></tr><tr><td>B&amp;S Group (ENXTAM:BSGR)</td><td>€5.85</td><td>€11.66</td><td>49.8%</td></tr><tr><td>Benefit Systems (WSE:BFT)</td><td>PLN3830.00</td><td>PLN7611.72</td><td>49.7%</td></tr><tr><td>Andritz (WBAG:ANDR)</td><td>€72.15</td><td>€142.07</td><td>49.2%</td></tr></tbody></table><p>Click here to see the full list of 219 stocks from our Undervalued European Stocks Based On Cash Flows screener.</p><p>Let's review some notable picks from our screened stocks.</p><h2>Asmodee Group (OM:ASMDEE B)</h2><p><strong>Overview:</strong> Asmodee Group AB (publ) is involved in the publishing and distribution of tabletop games, with a market cap of SEK25.26 billion.</p><p><strong>Operations:</strong> The company's revenue primarily comes from the Games &amp; Toys segment, generating €1.52 billion.</p><p><strong>Estimated Discount To Fair Value:</strong> 36.8%</p><p>Asmodee Group is trading at SEK104.1, significantly below its estimated future cash flow value of SEK164.78, indicating it may be undervalued based on cash flows. Despite a forecasted low return on equity of 8% in three years, the company anticipates robust earnings growth at 49.63% annually and is expected to become profitable within three years. Recent refinancing efforts have optimized Asmodee's debt profile, potentially enhancing financial stability amidst growing revenue streams from strategic partnerships like LEGO®.</p><ul><li>Insights from our recent growth report point to a promising forecast for Asmodee Group's business outlook.</li><li>Get an in-depth perspective on Asmodee Group's balance sheet by reading our health report here.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/c06740f5-2d85-4a03-9486-1274f0d00161/chart/dcf/query-dGhlbWU9bGlnaHQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/c06740f5-2d85-4a03-9486-1274f0d00161/chart/dcf/query-dGhlbWU9bGlnaHQ"/><figcaption>OM:ASMDEE B Discounted Cash Flow as at Jan 2026</figcaption></figure><h2>Lindab International (OM:LIAB)</h2><p><strong>Overview:</strong> Lindab International AB (publ) is a company that manufactures and sells ventilation system products and solutions across several countries including Sweden, Denmark, Germany, France, the United Kingdom, Norway, and Ireland with a market cap of SEK14.70 billion.</p><p><strong>Operations:</strong> Lindab International's revenue is primarily derived from its Ventilation Systems segment, which generated SEK10.22 billion, and its Profile Systems segment, contributing SEK2.85 billion.</p><p><strong>Estimated Discount To Fair Value:</strong> 15.2%</p><p>Lindab International, trading at SEK190.8, is 15.2% below its estimated fair value of SEK225.11 based on discounted cash flow analysis, suggesting potential undervaluation. The company's earnings are expected to grow significantly at 27% annually, outpacing the Swedish market's growth rate of 10.6%. However, its return on equity is forecasted to remain relatively low at 12.8%. Lindab also offers a reliable dividend yield of 2.83%, adding income appeal for investors.</p><ul><li>Our growth report here indicates Lindab International may be poised for an improving outlook.</li><li>Unlock comprehensive insights into our analysis of Lindab International stock in this financial health report.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5d1c25ab-4a62-4670-8a30-d705bea23395/chart/dcf/query-dGhlbWU9bGlnaHQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/5d1c25ab-4a62-4670-8a30-d705bea23395/chart/dcf/query-dGhlbWU9bGlnaHQ"/><figcaption>OM:LIAB Discounted Cash Flow as at Jan 2026</figcaption></figure><h2>Peab (OM:PEAB B)</h2><p><strong>Overview:</strong> Peab AB (publ) is a construction and civil engineering company operating in Sweden, Norway, Finland, Denmark, and internationally with a market cap of SEK25.25 billion.</p><p><strong>Operations:</strong> Peab's revenue segments include Construction (SEK23.05 billion), Civil Engineering (SEK17.24 billion), Industry (SEK20.49 billion), Project Development - Housing Development (SEK3.59 billion), and Project Development - Property Development (SEK777 million).</p><p><strong>Estimated Discount To Fair Value:</strong> 32.6%</p><p>Peab, trading at SEK88.5, is significantly undervalued compared to its estimated cash flow value of SEK131.26. Despite a forecasted revenue growth of 4.1% annually, which lags behind the 20% benchmark but surpasses the Swedish market's decline, Peab's earnings are projected to grow robustly at 21.6% per year over the next three years. However, challenges include an unstable dividend history and inadequate interest coverage by earnings despite securing substantial contracts like a SEK700 million project in Uppsala.</p><ul><li>Our comprehensive growth report raises the possibility that Peab is poised for substantial financial growth.</li><li>Click here and access our complete balance sheet health report to understand the dynamics of Peab.</li></ul><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/fe7d802f-9981-47df-9c2b-c089e7cf09d7/chart/dcf/query-dGhlbWU9bGlnaHQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/fe7d802f-9981-47df-9c2b-c089e7cf09d7/chart/dcf/query-dGhlbWU9bGlnaHQ"/><figcaption>OM:PEAB B Discounted Cash Flow as at Jan 2026</figcaption></figure><h2>Next Steps</h2><ul><li>Explore the 219 names from our Undervalued European Stocks Based On Cash Flows screener here.</li><li>Are any of these part of your asset mix? Tap into the analytical power of Simply Wall St's portfolio to get a 360-degree view on how they're shaping up.</li><li>Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.</li></ul><h2>Looking For Alternative Opportunities?</h2><ul><li>Explore high-performing small cap companies that haven't yet garnered significant analyst attention.</li><li>Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence.</li><li>Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.</li></ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data      and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.      It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your      financial situation.</strong> We aim to bring you long-term focused analysis driven by fundamental data.      Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.      Simply Wall St has no position in any stocks mentioned.</em></p></div></div>

L6EW

EUAD

IEUA

DJMC

DJSC

<p>European markets are facing renewed trade tensions and geopolitical uncertainties, leading to declines in major indices like the STOXX Europe 600. However, opportunities exist for investors to find undervalued stocks. Notable picks include Asmodee Group, Lindab International, and Peab, all trading below their estimated fair values, with potential for significant earnings growth. Asmodee is trading at SEK104.1, Lindab at SEK190.8, and Peab at SEK88.5, with respective discounts to fair value of 36.8%, 15.2%, and 32.6%. Investors are encouraged to explore these opportunities amidst market volatility.</p>

European Stocks That May Be Trading Below Fair Value In January 2026