Bulgarian Potentially Undervalued Companies

Carnival Corporation &

Market Cap: €42.9b

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

Aroundtown

Market Cap: €3.4b

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

Akumplast JSC

Market Cap: €1.1m

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

Stellantis

Market Cap: €23.5b

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.

Park REIT

Market Cap: €3.4m

Operates as a diversified REIT company.

Devon Energy

Market Cap: €25.1b

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

Reisswolf Bulgaria AD

Market Cap: €16.7m

Provides data management solutions in Europe.

Aurora Cannabis

Market Cap: €321.5m

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

Bayerische Motoren Werke

Market Cap: €53.6b

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

Deutsche Telekom

Market Cap: €130.5b

Provides integrated telecommunication services worldwide.

Medical Properties Trust

Market Cap: €3.0b

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

Central Cooperative Bank AD

Market Cap: €236.5m

A commercial bank, provides various financial products and services.

HelloFresh

Market Cap: €810.0m

Operates as meal kit provider for home industry.

DWS Group GmbH KGaA

Market Cap: €10.4b

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

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.

Gradus AD

Market Cap: €122.4m

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

TUI

Market Cap: €4.6b

Provides tourism services internationally.

Bayer

Market Cap: €43.2b

Operates as a life science company worldwide.

AXA

Market Cap: €76.4b

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

Fraport

Market Cap: €7.1b

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

Eleven Capital AD

Market Cap: €22.3m

A venture capital firm.

Neo London Capital

Market Cap: €13.2m

Engages in the real estate business.

AGRANA Beteiligungs-Aktiengesellschaft

Market Cap: €712.4m

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

Daimler Truck Holding

Market Cap: €31.4b

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

ProSiebenSat.1 Media

Market Cap: €1.6b

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

Air Canada

Market Cap: €5.6b

Provides domestic, U.S. transborder, and international airline services.

Fresenius SE KGaA

Market Cap: €14.6b

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

Deutsche Post

Market Cap: €50.2b

Operates as a mail and logistics company in Germany, rest of Europe, the Americas, the Asia Pacific, the Middle East, and Africa.

Toplofikatsia-Ruse AD

Market Cap: €130.4m

Produces and sells electricity and thermal energy in Bulgaria.

Vodafone Group

Market Cap: €24.9b

Provides telecommunication services in Germany, the United Kingdom, rest of Europe, Turkey, and South Africa.

Bulgarian Real Estate Fund REIT

Market Cap: €93.5m

Focuses on the development, management, and leasing of properties that have potential for cash-flow growth and capital appreciation.

Zarneni Hrani Bulgaria AD

Market Cap: €13.9m

Provides services to agricultural producers in Bulgaria.

Sanofi

Market Cap: €95.7b

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

Aumovio

Market Cap: €4.1b

Develops, produces, and supplies hardware, software, and mobility solutions in Germany, Europe, North America, Asia-Pacific, and internationally.

Deutsche Bank

Market Cap: €63.4b

A stock corporation, provides corporate and investment banking, private clients, and asset management products and services in Germany, the United Kingdom, rest of Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.