Bulgarian Potentially Undervalued Companies

Devon Energy

Market Cap: €23.4b

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

Daimler Truck Holding

Market Cap: €29.9b

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

GFT Technologies

Market Cap: €591.0m

Provides digital transformation services.

Lockheed Martin

Market Cap: €103.5b

An aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide.

Merck KGaA

Market Cap: €57.1b

Operates as a science and technology company in Germany.

Heidelberger Druckmaschinen

Market Cap: €351.2m

Manufactures, sells, and deals in printing presses and other print media industry products in Europe, the Middle East, Africa, the Asia Pacific, and the Americas.

Merck

Market Cap: €235.2b

Operates as a healthcare company worldwide.

Adobe

Market Cap: €168.4b

Operates as a technology company worldwide.

QUALCOMM

Market Cap: €173.3b

Engages in the development and commercialization of foundational technologies for the wireless industry worldwide.

Covestro

Market Cap: €10.3b

Supplies high-tech polymer materials and application solutions.

Orpheus Club Wellness AD

Market Cap: лв58.3k

Provides tourist products and services in Bulgaria.

Fresenius Medical Care KGaA

Market Cap: €11.2b

Provides dialysis and related services for individuals with renal diseases in Germany, North America, and internationally.

Warner Bros. Discovery

Market Cap: €36.8b

Operates as a media and entertainment company worldwide.

Aroundtown

Market Cap: €2.7b

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

Orange

Market Cap: €31.5b

Provides fixed telephony, mobile telecommunication, data transmission, and other value-added services to individuals, professionals, and large companies in France and internationally.

Aurora Cannabis

Market Cap: €358.4m

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

Stellantis

Market Cap: €32.5b

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.

HelloFresh

Market Cap: €1.2b

Operates as meal kit provider for home industry.

Central Cooperative Bank AD

Market Cap: лв208.5m

A commercial bank, provides various financial products and services.

Mercedes-Benz Group

Market Cap: €56.2b

Operates as an automotive company in Germany and internationally.

First Investment Bank AD

Market Cap: лв617.2m

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

Salesforce

Market Cap: €269.7b

Provides customer relationship management (CRM) technology that connects companies and customers together worldwide.

Bulmetal JSC

Market Cap: лв68.0m

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

Bayerische Motoren Werke

Market Cap: €49.0b

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

STMicroelectronics

Market Cap: €19.8b

Designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Medical Properties Trust

Market Cap: €3.6b

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

Specialized Business Systems AD

Market Cap: лв1.5m

Engages in the manufacture, import, export, distribution, and servicing of PC components and systems in Bulgaria.

Kraft Heinz

Market Cap: €35.5b

Manufactures and markets food and beverage products in North America and internationally.

AXA

Market Cap: €84.3b

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

Banco Santander

Market Cap: €97.0b

Provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide.

Telelink Business Services Group AD

Market Cap: лв123.7m

Designs and integrates IT infrastructure solutions for companies.

Albena AD

Market Cap: лв109.5m

Operates resorts on the Bulgarian Black Sea coast.

Eleven Capital AD

Market Cap: лв34.1m

A venture capital firm.

Bayer

Market Cap: €23.7b

Operates as a life science company worldwide.

SCOR

Market Cap: €4.8b

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

Gradus AD

Market Cap: лв281.7m

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