As readers would likely know, many ASX-listed companies with UK or European exposure have seen their share prices hammered in the past few days.

Whether their earnings are at risk or not.

The market has chucked them all into the same bath and dumped them all. But there’s no guarantee that any or all of these companies will see earnings fall because of Brexit.

There’s a simple reason for that. We really don’t know what form Brexit will take and what the implications are, so the market is shooting first and asking questions later.

One of Britain’s most well-known fund managers, Neil Woodford provided his view of Brexit in this short video, which is well-worth watching.

Here are a few companies that have been hammered and could be bargains.

GBST Holdings Limited (ASX: GBT)

GBST has seen its share price sink by 15% from near $5 last week, to around $4.10 currently and a 24% fall over the past month. And yet, 60% of revenues are from recurring licence fees, from a variety of customer types and financial software solutions. Australia’s big four banks are customers, as are several well-known global companies.

While the company generated 46% of revenues from Europe in the last half, given the nature of GBST’s products, it’s unlikely that the company will see all or even half of that revenue dry up.

Henderson Group plc (ASX: HGG)

Fund manager Henderson Group has significant exposure to the UK given its £93 billion in funds under management (FUM). The company is also dual-listed in the UK and is subject to swings in the British Pound exchange rate. That might explain the market’s dislike and the 30% plus fall in the share price in the past month.

However, Henderson also has substantial FUM in the US, Africa, Asia and even Australia across a multitude of managed funds. Should Brexit prove to a storm in a tea cup, Henderson could be an opportunity now.

CYBG PLC CDI 1:1 (ASX: CPB)

The Clydesdale and Yorkshire Banking Group (CYBG) was a spin-off from National Australia Bank Ltd (ASX: NAB) and has seen its share price sink 25% from above $5.50 to around $4.15 currently as a result of Brexit. But according to S&P Global Market Intelligence data, CYBG is trading at a Price to Book (P/B) ratio of just 0.5x. That’s cheap compared to many banks around the world.

Foolish takeaway

These companies are by any measure high-risk bets. Should Brexit herald doomsday, then all three companies could rapidly see their share prices smashed from here. However, Neil Woodford’s view (see video link above) appears much more likely and we may look back on their current prices as a missed opportunity.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.