Bulgarian Potentially Undervalued Companies

Bayerische Motoren Werke

Market Cap: €42.4b

Develops, manufactures, and sells automobiles and motorcycles, spare parts, and accessories worldwide.

Mercedes-Benz Group

Market Cap: €44.7b

Operates as an automotive company in Europe, Germany, North America, the United States, Asia, China, and internationally.

Bayer

Market Cap: €35.1b

Operates as a life science company in Europe, the Middle East, Africa, Germany, Switzerland, North America, the United States, the Asia Pacific, China, Latin America, and Brazil.

Carnival

Market Cap: €37.9b

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

Aumovio

Market Cap: €4.0b

Engages in the development, production, and supply of hardware, software, and mobility solutions in Germany, Europe, North America, Asia-Pacific, and internationally.

Heidelberg Materials

Market Cap: €30.5b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

MTU Aero Engines

Market Cap: €16.2b

Engages in the development, manufacture, sale, and maintenance of commercial and military aircraft engines, and aero-derivative industrial gas turbines in Germany, other European countries, North America, Asia, and internationally.

Siemens Healthineers

Market Cap: €38.3b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers in Germany, the United States, rest of Europe, CIS, Africa, the Middle East, the Americas, the Asia Pacific, Japan, and China.

Akumplast JSC

Market Cap: €1.1m

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

Shell

Market Cap: €174.2b

Operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, the United States, and other parts of the Americas.

Fresenius Medical Care

Market Cap: €10.3b

Provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally.

Stellantis

Market Cap: €17.8b

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

Bulgartabac Holding AD

Market Cap: €5.3m

Processes, produces, and sells tobacco products in Bulgaria.

Medical Properties Trust

Market Cap: €2.9b

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

adidas

Market Cap: €28.9b

Designs, develops, produces, and markets a range of athletic and sports lifestyle products in Europe, Greater China, Japan, South Korea, Latin America, North America, and internationally.

HelloFresh

Market Cap: €609.0m

Operates as meal kit provider in the United States, Canada, and internationally.

HELLENiQ ENERGY Holdings

Market Cap: €3.1b

Operates in the energy sector in Greece, the Southeastern Europe, and the East Mediterranean.

Aurora Cannabis

Market Cap: €282.0m

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

Aroundtown

Market Cap: €2.2b

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

UniCredit

Market Cap: €107.4b

Provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe.

Central Cooperative Bank AD

Market Cap: €208.5m

Operates as a commercial bank providing a range of financial products and services in Bulgaria and internationally.

Deutsche Telekom

Market Cap: €133.0b

Provides integrated telecommunication services worldwide.

Salesforce

Market Cap: €149.5b

Provides customer relationship management technology services that connect companies and customers together in the United States, Europe, and the Asia Pacific.

Fairplay Properties REIT

Market Cap: €40.8m

A real estate investment trust.

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.

Fraport

Market Cap: €6.7b

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

K+S

Market Cap: €2.7b

Operates as a supplier of mineral products for the agricultural, industrial, pharma, consumer, and community sectors in Europe, Germany, North America, South America, Asia, Africa, and Oceania.

Vulcan Energy Resources

Market Cap: €1.9b

Engages in the geothermal energy, and lithium exploration and production activities in Europe, Germany, and Australia.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €57.4b

Engages in the insurance and reinsurance businesses worldwide.

AXA

Market Cap: €81.6b

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

Neo London Capital

Market Cap: €14.6m

Engages in the real estate business in Bulgaria.

AGRANA Beteiligungs-Aktiengesellschaft

Market Cap: €728.0m

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

TUI

Market Cap: €3.4b

Provides tourism services internationally.

Alibaba Group Holding

Market Cap: €274.2b

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

DWS Group GmbH KGaA

Market Cap: €11.7b

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