By James Dennin for Kapitall. The global stock market had its best day of the summer on Monday, seeing its greatest gains since April. The MSCI Emerging Markets advanced 1.5%, the most since February. Most the gains may be attributed to a global consensus that risk from several crises is abating. Russia stopped drilling its war planes in the Ukraine, US airstrikes directed at ISIS seemed mostly successful, and there is even talk of improving prospects for Israeli and Gaza peace talks. What all that points to is a surge in confidence at the end of a tumultuous summer. The VIX volatility index fell 12 points throughout the day Monday. With that in mind we decided to screen emerging market stocks for the most promising names. We built a list of Chinese, Russian, Indian, and Latin American equities, which also looked undervalued relative to levered free cash flow to enterprise value. This means that stock has a lot of extra cash on its hands after paying off taxes and expenses, giving it flexibility as it pursues more growth. Do you think emerging markets will continue to recover this summer? Use the list below to begin your analysis and let us know what you think in the comments. Click on the interactive chart to view data over time. 1. Gafisa S.A. ( GFA): Operates as a homebuilder in Brazil. Market cap at $553.95M, most recent closing price at $2.59. Levered free cash flow at $294.86M vs. enterprise value at $1.31B (implies a LFCF/EV ratio at 21.44%). 2. GOL Linhas A ( GOL): Operates as a low-cost low-fare airline in Latin America. Market cap at $1.38B, most recent closing price at $5.01. Levered free cash flow at $310.58M vs. enterprise value at $2.91B (implies a LFCF/EV ratio at 10.7%).