Bulgarian Potentially Undervalued Companies

Devon Energy

Market Cap: €21.3b

An independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States.

Aroundtown

Market Cap: €3.4b

Operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally.

Covestro

Market Cap: €11.2b

Supplies high-tech polymer materials and application solutions.

Akumplast JSC

Market Cap: €1.1m

Engages in the production and sale of plastic accumulator boxes in Bulgaria.

Central Cooperative Bank AD

Market Cap: €123.3m

A commercial bank, provides various financial products and services.

CNH Industrial

Market Cap: €11.7b

An equipment and services company, engages in the design, production, marketing, sale, and financing of agricultural and construction equipment in North America, Europe, the Middle East, Africa, South America, and the Asia Pacific.

HelloFresh

Market Cap: €815.6m

Operates as meal kit provider for home industry.

Aurora Cannabis

Market Cap: €334.0m

Engages in the production, distribution, and sale of cannabis and cannabis-derivative products in Canada and internationally.

Stellantis

Market Cap: €27.8b

Engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems worldwide.

Medical Properties Trust

Market Cap: €3.1b

A self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities.

DWS Group GmbH KGaA

Market Cap: €10.4b

Offers asset management services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

GFT Technologies

Market Cap: €605.6m

Provides digital transformation services.

SCOR

Market Cap: €4.9b

Provides life and non-life reinsurance products in Europe, the Middle East, Africa, the Americas, Latin America, and the Asia Pacific.

Johnson & Johnson

Market Cap: €453.9b

Engages in the research and development, manufacture, and sale of various products in the healthcare field worldwide.

Eleven Capital AD

Market Cap: €20.5m

A venture capital firm.

Crédit Agricole

Market Cap: €53.7b

Provides retail and corporate banking, insurance, and investment banking products and services in France, Italy, rest of the European Union, rest of Europe, North America, Central and South America, Africa, the Middle East, the Asia Pacific, and Japan.

AGRANA Beteiligungs-Aktiengesellschaft

Market Cap: €703.0m

Operates as an industrial processor of agricultural raw materials in Austria, European Union, rest of Europe, and internationally.

TUI

Market Cap: €4.6b

Provides tourism services internationally.

Bayer

Market Cap: €37.6b

Operates as a life science company worldwide.

Altria Group

Market Cap: €96.2b

Through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States.

Gradus AD

Market Cap: €97.0m

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

Alibaba Group Holding

Market Cap: €349.1b

Through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally.

Fraport

Market Cap: €6.6b

Owns and operates airports in Germany, rest of Europe, Asia, and the United States.

Daimler Truck Holding

Market Cap: €29.1b

Manufactures and sells light, medium- and heavy-duty trucks and buses in Europe, North America, Asia, Latin America, and internationally.

AXA

Market Cap: €83.2b

Through its subsidiaries, insurance, asset management, and banking services worldwide.

Rio Tinto Group

Market Cap: €84.6b

Engages in exploring, mining, and processing mineral resources worldwide.

ProSiebenSat.1 Media

Market Cap: €1.6b

Operates as a media company in Germany, Austria, Switzerland, the United States, and internationally.

Air Canada

Market Cap: €5.6b

Provides domestic, U.S. transborder, and international airline services.

Fresenius SE KGaA

Market Cap: €14.6b

A health care company, provides products and services for chronically ill patients.

Sanofi

Market Cap: €100.2b

Engages in the research, development, manufacture, and marketing of therapeutic solutions.

Carnival Corporation &

Market Cap: €40.6b

A cruise company, provides leisure travel services in North America, Australia, Europe, and internationally.

Zarneni Hrani Bulgaria AD

Market Cap: €11.7m

Provides services to agricultural producers in Bulgaria.

Aumovio

Market Cap: €4.4b

Develops, produces, and supplies hardware, software, and mobility solutions in Germany, Europe, North America, Asia-Pacific, and internationally.

Bulgarian Real Estate Fund REIT

Market Cap: €92.1m

Focuses on the development, management, and leasing of properties that have potential for cash-flow growth and capital appreciation.

Microsoft

Market Cap: €3.5t

Develops and supports software, services, devices, and solutions worldwide.

Deutsche Bank

Market Cap: €64.5b

A stock corporation, provides corporate and investment banking, private clients, and asset management products and services in Germany, the United Kingdom, rest of Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.