The Deep Value Index (DEEPI)

Small and Micro Cap Deep Value Index


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About The Deep Value Index (DEEPI)

The Deep Value Index identifies undervalued stocks using The Acquirer’s Multiple®.

The Index is composed of the 100 most undervalued, fundamentally strong stocks listed in the US.

Constituent stocks are selected from the smallest 75% of all stocks by number (equivalent to a market cap smaller than about $2.5 billion).


How it works

Step 1.

The Index identifies potentially undervalued stocks using The Acquirer’s Multiple®.

The initial universe of stocks is valued holistically—assets, earnings, and cash flows are examined—to understand the economic reality of each stock. Each stock is ranked on the basis of such valuation.

Potential components are further evaluated using statistical measures of fraudearnings manipulation, and financial distress.


Step 2.

Each potential component is examined for a margin of safety in three ways:

(a) a wide discount to a conservative valuation,

(b) a strong, liquid balance sheet, and

(c) a robust business capable of generating free cash flows.


Step 3.

Finally, a forensic-accounting due diligence review of each of the remaining potential components’ financial statements, particularly the notes and management’s discussion and analysis, is undertaken.

The Index is formed from the components passing each stage. Each position will be weighted to about 1% of the Index value.

The Index is reconstituted and rebalanced quarterly.



About The Acquirer’s Multiple®



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Constituents

Weight
Name
1.24%B. Riley Financial Inc
1.22%O-I Glass Inc
1.21%Systemax Inc.
1.20%Rocky Brands Inc
1.17%BlueLinx Holdings Inc.
1.17%BrightSphere Investment Group Inc
1.14%Sierra Metals Inc
1.11%Boise Cascade Co
1.11%Boise Cascade Co
1.10%Tri Pointe Homes Inc (Delaware)
1.10%Stewart Information Services Corp
1.10%Great Lakes Dredge & Dock Corporation
1.09%Citi Trends, Inc.
1.08%Green Brick Partners Inc
1.08%Progress Software Corp
1.08%Oppenheimer Holdings Inc.
1.08%Pro-Dex Inc
1.08%Core-Mark Holding Company, Inc.
1.08%Atlantic Power Corp
1.07%M/I Homes Inc
1.06%Greenhill & Co., Inc.
1.06%AudioCodes Ltd
1.05%Mueller Industries, Inc.
1.05%Golden Ocean Group Ltd
1.05%Iamgold Corp
1.05%Atkore Inc
1.04%SLR Senior Investment Corp
1.04%ODP Corp
1.04%Gray Television, Inc.
1.03%PJT Partners Inc
1.03%IES Holdings Inc
1.03%Johnson Outdoors Inc.
1.02%First of Long Island Corp
1.02%Albany International Corp.
1.02%Donnelley Financial Solutions Inc
1.01%Resources Connection, Inc.
1.01%Encore Wire Corporation
1.01%Methode Electronics Inc.
1.01%GrafTech International Ltd
1.01%Prestige Consumer Healthcare Inc
1.01%Kimball International Inc
1.01%Primoris Services Corp
1.00%SpartanNash Co
1.00%Enterprise Financial Services Corp
1.00%First Bancshares Inc (Mississippi)
0.99%Amerisafe, Inc.
0.99%Employers Holdings, Inc.
0.99%CNB Financial Corp
0.99%Standard Motor Products, Inc.
0.99%American National Group Inc
0.99%Community Trust Bancorp, Inc.
0.98%Big 5 Sporting Goods Corporation
0.98%Dime Community Bancshares Inc (New York)
0.98%Universal Corp
0.98%Caledonia Mining Corporation Plc
0.98%Financial Institutions, Inc.
0.98%Central Pacific Financial Corp.
0.98%La-Z-Boy Incorporated
0.98%Safety Insurance Group, Inc.
0.97%Dorian LPG Ltd
0.97%First Community Bankshares Inc
0.97%Northwest Pipe Company
0.97%USANA Health Sciences, Inc.
0.97%Ennis, Inc.
0.97%Miller Industries, Inc.
0.97%ACCO Brands Corporation
0.96%Costamare Inc
0.96%Diamond Hill Investment Group, Inc.
0.96%Herman Miller, Inc.
0.95%Great Southern Bancorp, Inc.
0.95%Barrett Business Services, Inc.
0.95%1st Source Corporation
0.95%Hope Bancorp Inc
0.95%Adtalem Global Education Inc
0.95%Zumiez Inc.
0.94%Meridian Bancorp Inc (MARYLAND)
0.94%Eagle Bancorp, Inc.
0.94%PC Connection, Inc.
0.94%International Bancshares Corp
0.94%Perdoceo Education Corp
0.94%First Busey Corporation
0.93%National HealthCare Corporation
0.93%Flagstar Bancorp Inc
0.93%Curo Group Holdings Corp
0.93%Cathay General Bancorp
0.92%DHT Holdings Inc
0.92%National Western Life Group Inc
0.91%Clearwater Paper Corp
0.91%Consolidated Water Co. Ltd.
0.91%TriCo Bancshares
0.91%Biglari Holdings Inc Class B
0.90%Rent-A-Center Inc
0.90%Apogee Enterprises Inc
0.90%DXP Enterprises Inc
0.90%International Seaways Inc
0.89%Koppers Holdings Inc.
0.89%FutureFuel Corp.
0.88%Steelcase Inc.
0.87%Seneca Foods Corp Class A
0.75%The GEO Group Inc
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  • tobias@acquirersmultiple.com
  • 646.535.8629