Bulgarian Undiscovered Gems With Strong Fundamentals

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.

Tchaikapharma High Quality Medicines AD

Market Cap: €915.8m

Develops, manufactures, and sells medicines in Bulgaria.

First Investment Bank AD

Market Cap: €456.2m

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

Sopharma AD

Market Cap: €909.2m

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

Speedy AD

Market Cap: €484.0m

Provides courier services in Bulgaria and internationally.

Sopharma Trading AD

Market Cap: €101.5m

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

Bulgarian Stock Exchange AD

Market Cap: €109.3m

Operates as a stock exchange in Bulgaria.

Doverie United Holding AD

Market Cap: €116.6m

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

Himsnab Bulgaria AD

Market Cap: €88.3m

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

Chimimport AD

Market Cap: €99.6m

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

Atomenergoremont AD

Market Cap: €136.7m

Provides repair services for equipment in power plants in Bulgaria.

Stara Planina Hold

Market Cap: €99.7m

Manufactures and sells hydraulic systems in Bulgaria and internationally.

Shelly Group

Market Cap: €1.0b

Engages in the acquisition, management, evaluation, and sale of interests in Bulgaria and internationally.