Bulgarian Undiscovered Gems With Strong Fundamentals

First Investment Bank AD

Market Cap: €462.2m

Provides various banking products and services to individuals and corporate clients in Bulgaria and Cyprus.

Sopharma AD

Market Cap: €893.4m

Produces, distributes, and exports pharmaceutical products in Europe, Bulgaria, and internationally.

Tchaikapharma High Quality Medicines AD

Market Cap: €872.7m

Develops, manufactures, and sells medicines in Bulgaria.

M+S Hydraulic AD

Market Cap: €197.2m

Engages in the production, repair, and sale of hydraulic products and systems in Bulgaria, the rest of Europe, and internationally.

Speedy AD

Market Cap: €435.6m

Provides courier services in Bulgaria and internationally.

Advance Terrafund REIT

Market Cap: €117.5m

A real estate investment trust launched and managed by Karoll Finance, Asset Management Arm.

Sopharma Trading AD

Market Cap: €104.2m

Engages in the wholesale and retail trade of medicinal products for the pharmaceutical sector in Bulgaria and Serbia.

Doverie United Holding AD

Market Cap: €126.7m

Acquires, manages, assesses, and sells shares and shareholdings in Bulgarian and foreign companies.

Bulgarian Stock Exchange AD

Market Cap: €106.6m

Operates as a stock exchange in Bulgaria.

Atomenergoremont AD

Market Cap: €138.2m

Provides repair services for equipment in power plants in Bulgaria.

Himsnab Bulgaria AD

Market Cap: €87.3m

Engages in the real estate rental business in Bulgaria and internationally.

Stara Planina Hold

Market Cap: €110.1m

Manufactures and sells hydraulic systems in Bulgaria and internationally.

Chimimport AD

Market Cap: €100.5m

Acquires, manages, and sells shares in Bulgarian and foreign companies.

Shelly Group

Market Cap: €1.0b

Engages in the internet of things business in Bulgaria, European Union, and internationally.