Bulgarian Potentially Undervalued Companies

Bayerische Motoren Werke

Market Cap: €43.3b

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

Bayer

Market Cap: €33.5b

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.

Medtronic

Market Cap: €95.0b

Develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients in the United States, Ireland, 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.

Carnival

Market Cap: €38.2b

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

MTU Aero Engines

Market Cap: €16.1b

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.

Geely Automobile Holdings

Market Cap: €202.3b

An investment holding company, operates as an automobile manufacturer primarily in the People’s Republic of China.

Heidelberg Materials

Market Cap: €31.2b

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

Siemens Healthineers

Market Cap: €38.0b

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.

Abbott Laboratories

Market Cap: €151.5b

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide.

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.

Deutsche Telekom

Market Cap: €139.2b

Provides integrated telecommunication services worldwide.

Central Cooperative Bank AD

Market Cap: €211.0m

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

Fairplay Properties REIT

Market Cap: €40.8m

A real estate investment trust.

HelloFresh

Market Cap: €609.5m

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

Fresenius Medical Care

Market Cap: €9.6b

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

Bulmetal JSC

Market Cap: €28.6m

Manufactures and sells metal packaging for food and chemical, cosmetic and other industries in Bulgaria.

Aurora Cannabis

Market Cap: €288.5m

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

Bulgartabac Holding AD

Market Cap: €5.3m

Processes, produces, and sells tobacco products in Bulgaria.

UniCredit

Market Cap: €112.3b

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

Aroundtown

Market Cap: €2.5b

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

Medical Properties Trust

Market Cap: €3.0b

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

Stellantis

Market Cap: €19.2b

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

HELLENiQ ENERGY Holdings

Market Cap: €3.2b

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

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.

Telelink Business Services Group AD

Market Cap: €60.8m

Provides IT infrastructure solutions.

AGRANA Beteiligungs-Aktiengesellschaft

Market Cap: €740.5m

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

TUI

Market Cap: €3.5b

Provides tourism services internationally.

DWS Group GmbH KGaA

Market Cap: €12.5b

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

AXA

Market Cap: €81.8b

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