Bulgarian Undiscovered Gems With Strong Fundamentals

Smart Organic AD

Market Cap: €191.7m

Produces and distributes organic food products in Bulgaria, the European Union, Asia, and the Americas.

First Investment Bank AD

Market Cap: €548.6m

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

Tchaikapharma High Quality Medicines AD

Market Cap: €901.5m

Develops, manufactures, and sells medicines in Bulgaria.

Sopharma AD

Market Cap: €945.0m

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

Speedy AD

Market Cap: €516.3m

Provides courier services in Bulgaria and internationally.

Gradus AD

Market Cap: €122.4m

Produces and sells poultry products in Bulgaria, Europe, and internationally.

Advance Terrafund REIT

Market Cap: €122.1m

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

Sopharma Trading AD

Market Cap: €135.3m

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

Bulgarian Stock Exchange AD

Market Cap: €107.3m

Operates as a stock exchange in Bulgaria.

Sopharma Properties REIT

Market Cap: €101.9m

n/a

Chimimport AD

Market Cap: €129.1m

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

Stara Planina Hold

Market Cap: €114.3m

Manufactures and sells hydraulic systems in Bulgaria and internationally.

Shelly Group

Market Cap: €1.2b

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