Bulgarian Potentially Undervalued Companies

Bayerische Motoren Werke

Market Cap: €45.1b

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

Mercedes-Benz Group

Market Cap: €46.6b

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

Carnival

Market Cap: €36.0b

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

Aumovio

Market Cap: €3.5b

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

AT&T

Market Cap: €173.2b

Provides telecommunications and technology services worldwide.

Heidelberg Materials

Market Cap: €30.4b

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

Tencent Holdings

Market Cap: €4.0t

An investment holding company, provides value-added services, marketing services, fintech, and business services in Mainland China and internationally.

Geely Automobile Holdings

Market Cap: €210.0b

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

MTU Aero Engines

Market Cap: €15.4b

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.

Akumplast JSC

Market Cap: €1.1m

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

Fresenius Medical Care

Market Cap: €10.3b

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

UniCredit

Market Cap: €108.3b

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

Aurora Cannabis

Market Cap: €282.0m

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

Shell

Market Cap: €182.0b

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

HELLENiQ ENERGY Holdings

Market Cap: €3.1b

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

Central Cooperative Bank AD

Market Cap: €207.2m

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

Stellantis

Market Cap: €18.3b

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

Salesforce

Market Cap: €144.2b

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

Bulgartabac Holding AD

Market Cap: €5.3m

Processes, produces, and sells tobacco products in Bulgaria.

HelloFresh

Market Cap: €617.7m

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

Deutsche Telekom

Market Cap: €140.3b

Provides integrated telecommunication services worldwide.

Bulmetal JSC

Market Cap: €28.6m

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

Medical Properties Trust

Market Cap: €3.1b

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

Aroundtown

Market Cap: €2.5b

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

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.

Vulcan Energy Resources

Market Cap: €1.6b

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

K+S

Market Cap: €2.6b

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.

Münchener Rückversicherungs-Gesellschaft in München

Market Cap: €61.7b

Engages in the insurance and reinsurance businesses worldwide.

Telelink Business Services Group AD

Market Cap: €57.6m

Provides IT infrastructure solutions.

Bayer

Market Cap: €38.2b

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.

DWS Group GmbH KGaA

Market Cap: €12.2b

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

AGRANA Beteiligungs-Aktiengesellschaft

Market Cap: €731.1m

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

AXA

Market Cap: €82.4b

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

Fraport

Market Cap: €6.2b

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

TUI

Market Cap: €3.3b

Provides tourism services internationally.