Bulgarian Undiscovered Gems With Strong Fundamentals

Tchaikapharma High Quality Medicines AD

Market Cap: €901.5m

Develops, manufactures, and sells medicines in Bulgaria.

Sopharma AD

Market Cap: €986.6m

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

First Investment Bank AD

Market Cap: €521.8m

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

Gradus AD

Market Cap: €106.2m

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

Speedy AD

Market Cap: €518.9m

Provides courier services in Bulgaria and internationally.

Advance Terrafund REIT

Market Cap: €119.2m

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

Holding Varna AD

Market Cap: €160.9m

Manages a portfolio of investments in commercial companies that provide Bulgarian and foreign consumers with products and services in the field of tourism, finance, design, media, and communications.

Sopharma Trading AD

Market Cap: €118.4m

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

Bulgarian Stock Exchange AD

Market Cap: €106.0m

Operates as a stock exchange in Bulgaria.

Chimimport AD

Market Cap: €113.2m

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

Stara Planina Hold

Market Cap: €111.1m

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.