Bulgarian Potentially Undervalued Companies

Sanofi

Market Cap: €97.5b

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

TotalEnergies

Market Cap: €113.2b

A multi-energy company, produces and markets oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables, and electricity in France, rest of Europe, and internationally.

Merck

Market Cap: €202.7b

Operates as a healthcare company worldwide.

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.

Fresenius Medical Care KGaA

Market Cap: €11.2b

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

Warner Bros. Discovery

Market Cap: €36.8b

Operates as a media and entertainment company worldwide.

Medical Properties Trust

Market Cap: €2.6b

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

adidas

Market Cap: €31.9b

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

Aurora Cannabis

Market Cap: €389.0m

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

Deutsche Telekom

Market Cap: €139.3b

Provides integrated telecommunication services worldwide.

Covestro

Market Cap: €10.9b

Supplies high-tech polymer materials and application solutions.

Aroundtown

Market Cap: €3.6b

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

Stellantis

Market Cap: €23.8b

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.

CNH Industrial

Market Cap: €13.6b

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: €1.2b

Operates as meal kit provider for home industry.

Mercedes-Benz Group

Market Cap: €49.6b

Operates as an automotive company in Germany and internationally.

Park REIT

Market Cap: лв7.0m

Operates as a diversified REIT company.

First Investment Bank AD

Market Cap: лв775.2m

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

Central Cooperative Bank AD

Market Cap: лв213.6m

A commercial bank, provides various financial products and services.

AXA

Market Cap: €87.3b

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

DWS Group GmbH KGaA

Market Cap: €10.4b

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

Crédit Agricole

Market Cap: €49.9b

Provides retail, corporate, insurance, and investment banking products and services in France and internationally.

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.

GFT Technologies

Market Cap: €605.6m

Provides digital transformation services.

TUI

Market Cap: €4.0b

Provides tourism services worldwide.

Daimler Truck Holding

Market Cap: €28.5b

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

BYD

Market Cap: €1.1t

Engages in automobiles and batteries business in the People’s Republic of China, Hong Kong, Macau, Taiwan, and internationally.

Bayer

Market Cap: €27.1b

Operates as a life science company worldwide.

AGRANA Beteiligungs-Aktiengesellschaft

Market Cap: €753.0m

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

Eleven Capital AD

Market Cap: лв37.1m

A venture capital firm.

Gradus AD

Market Cap: лв230.9m

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

Altria Group

Market Cap: €107.4b

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

Telelink Business Services Group AD

Market Cap: лв113.2m

Designs and integrates IT infrastructure solutions for companies.

Teva Pharmaceutical Industries

Market Cap: €19.1b

Develops, manufactures, markets, and distributes generic and other medicines, and biopharmaceutical products in the United States, Europe, Israel, and internationally.

ProSiebenSat.1 Media

Market Cap: €1.6b

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

Fresenius SE KGaA

Market Cap: €14.6b

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