Bulgarian Potentially Undervalued Companies

Devon Energy

Market Cap: €24.0b

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

GFT Technologies

Market Cap: €593.7m

Provides digital transformation services.

Daimler Truck Holding

Market Cap: €29.7b

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

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: €56.7b

Operates as a science and technology company in Germany.

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.

Heidelberger Druckmaschinen

Market Cap: €350.6m

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: €233.2b

Operates as a healthcare company worldwide.

Covestro

Market Cap: €10.3b

Supplies high-tech polymer materials and application solutions.

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.

Orpheus Club Wellness AD

Market Cap: лв58.3k

Provides tourist products and services in Bulgaria.

Central Cooperative Bank AD

Market Cap: лв204.7m

A commercial bank, provides various financial products and services.

STMicroelectronics

Market Cap: €20.1b

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

HelloFresh

Market Cap: €1.3b

Operates as meal kit provider for home industry.

First Investment Bank AD

Market Cap: лв596.3m

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

Bayerische Motoren Werke

Market Cap: €49.1b

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

Salesforce

Market Cap: €274.8b

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

Orange

Market Cap: €31.0b

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

Aroundtown

Market Cap: €2.6b

Operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, 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: €32.6b

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.

Mercedes-Benz Group

Market Cap: €56.5b

Operates as an automotive company in Germany and internationally.

Specialized Business Systems AD

Market Cap: лв1.5m

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

Medical Properties Trust

Market Cap: €3.7b

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

Meituan

Market Cap: €993.2b

Operates as a technology retail company in the People’s Republic of China.

Bayer

Market Cap: €22.0b

Operates as a life science company worldwide.

Banco Santander

Market Cap: €98.0b

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: лв121.2m

Designs and integrates IT infrastructure solutions for companies.

Gradus AD

Market Cap: лв270.2m

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

Eleven Capital AD

Market Cap: лв34.3m

A venture capital firm.

Albena AD

Market Cap: лв109.5m

Operates resorts on the Bulgarian Black Sea coast.

AGRANA Beteiligungs-Aktiengesellschaft

Market Cap: €693.6m

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

AXA

Market Cap: €86.1b

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

Kraft Heinz

Market Cap: €34.8b

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