Bulgarian Potentially Undervalued Companies

Altria Group

Market Cap: €98.3b

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

Gradus AD

Market Cap: лв261.0m

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

Eleven Capital AD

Market Cap: лв34.5m

A venture capital firm.

Aker Carbon Capture

Market Cap: €2.0b

Provides products, technology, and solutions within the field of carbon capture technologies, utilization, and storage in Norway and internationally.

Meituan

Market Cap: €959.6b

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

Telelink Business Services Group AD

Market Cap: лв120.6m

Designs and integrates IT infrastructure solutions for companies.

SMA Solar Technology

Market Cap: €644.4m

Develops, produces, and sells PV and battery inverters, transformers, chokes, monitoring systems for PV systems, and charging solutions for electric vehicles in Germany and internationally.

Fresenius SE KGaA

Market Cap: €14.6b

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

BP

Market Cap: €70.6b

An integrated energy company, provides carbon products and services.

Teva Pharmaceutical Industries

Market Cap: €17.7b

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

Air Canada

Market Cap: €4.7b

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

Deutsche Bank

Market Cap: €43.2b

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.

Aroma AD

Market Cap: лв17.0m

Manufactures and sells hygiene and cosmetic products in Bulgaria and internationally.

Bulgarian Real Estate Fund REIT

Market Cap: лв143.4m

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

AMC Entertainment Holdings

Market Cap: €1.3b

Through its subsidiaries, engages in the theatrical exhibition business in the United States and Europe.

Carnival Corporation &

Market Cap: €27.6b

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

Zarneni Hrani Bulgaria AD

Market Cap: лв25.4m

Provides services to agricultural producers in Bulgaria.

Marathon Digital Holdings

Market Cap: €5.2b

Operates as a digital asset technology company in the United States.

HSBC Holdings

Market Cap: €127.6b

Engages in the provision of banking and financial products and services worldwide.

Exclusive Property REIT-Sofia

Market Cap: лв21.2m

n/a

Novo Nordisk

Market Cap: €2.1t

Engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally.

China Construction Bank

Market Cap: €1.7t

Engages in the provision of various banking and related financial services to individuals and corporate customers in the People's Republic of China and internationally.

Engie

Market Cap: €43.8b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

Sopharma Trading AD

Market Cap: лв191.9m

Operates as a trading company in the pharmaceutical sector in Bulgaria and Serbia.

Lockheed Martin

Market Cap: €103.9b

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

Verizon Communications

Market Cap: €189.1b

Through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide.

Delta Air Lines

Market Cap: €30.0b

Provides scheduled air transportation for passengers and cargo in the United States and internationally.

Agro Finance REIT

Market Cap: лв121.1m

Agro Finance REIT invests in real estate properties, primarily agricultural lands in Bulgaria.

Match Group

Market Cap: €8.6b

Engages in the provision of digital technologies.

Block

Market Cap: €35.5b

Block, Inc., together with its subsidiaries, builds ecosystems focused on commerce and financial products and services in the United States and internationally.

Geely Automobile Holdings

Market Cap: €147.4b

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

PUMA

Market Cap: €3.5b

Engages in the development and sale of sports and sports lifestyle products, including footwear, apparel and accessories in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Volkswagen

Market Cap: €50.6b

Manufactures and sells automobiles in Germany, other European countries, North America, South America, the Asia-Pacific, and internationally.

Evotec

Market Cap: €1.1b

Operates as drug discovery and development partner for the pharmaceutical and biotechnology industry worldwide.

Valneva

Market Cap: €544.7m

A specialty vaccine company, develops, manufactures, and commercializes prophylactic vaccines for infectious diseases with unmet needs.

Doverie United Holding AD

Market Cap: лв170.7m

Acquires, manages, assesses, and sells shares and shareholdings in Bulgarian and foreign companies.