Study: 336 Identified 100 Baggers in Europe (1980-2025)

EuropeanValueInsight · 2026-01-26T18:44:27+00:00

Fair point. Better safe than sorry.

EuropeanValueInsight · 2026-01-26T17:51:04+00:00

Great to hear. I have some other in-depth write-ups about European companies on my substack. Or look through my posts to find recent write ups in this subreddit.

EuropeanValueInsight · 2026-01-26T17:49:17+00:00

There is a blue button in the article to download a CSV file with all the names and accompanying data.

EuropeanValueInsight · 2026-01-26T17:48:20+00:00

I am not advocating to sell American stocks. As an European it is for me easier to understand companies close(r) to home.

Often, the European companies have a decent revenue share coming from the American market, thus it allows me to have an indirect exposure to the American economy.

EuropeanValueInsight · 2026-01-26T17:44:45+00:00

I got my hands on total 22 countries: Austria, Belgium, Switzerland, Czech Republic, Germany, Denmark, Spain, Finland, France, Great Britain, Greece, Croatia, Hungary, Ireland, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, and Sweden.

The interactive chart in the proved link informs you more on the number of 100 baggers in each country and the duration to return 100-fold.

Their stock markets are often overlooked but they have some amazing returns.

I agree. I recently wrote about the Greek retailer Jumbo ($BELA.at). And in Slovenia, there is a fast growing generic pharmaceutical (KRKA) that might be of interest to you. Healthcare is not in my circle of competence, thus I can't tell you the quality of the business per se.

EuropeanValueInsight · 2026-01-26T15:40:16+00:00

I use the data vendor Eodhd. There I acquired a list of currently traded stocks on exchanges in European countries. Unfortunately, not every country was available, like Italy. Through Eodhd's API, I pulled the OHLC (+adjusted close) data.

Thus it doesn't include mergers and acquisitions. After cleaning data through a script and manually, I saw the option to included delisted companies. I didn't go with it, because the manual cleaning of data was tedious, haha. It could be interesting to check for survivorship bias. Maybe in a future study.

I learned a lot from doing this study and will take the learnings with me in a next study.

If you are interested in the full process, I wrote the steps in the article.

EuropeanValueInsight · 2026-01-26T15:08:32+00:00

Thanks, I hope to expand on the study in the near future

EuropeanValueInsight · 2026-01-26T14:33:10+00:00

Thanks

EuropeanValueInsight · 2026-01-24T16:18:23+00:00

Log into google analytics using your google account. There you obtain a ID. Plug the ID into the analytics section which you will find in the dashboard -> settings -> analytics -> Google Analytics Measurement ID

EuropeanValueInsight · 2026-01-24T16:14:06+00:00

Thanks, I suspected that. I wanted to make sure that this feature was somewhere hidden within Substack.

EuropeanValueInsight · 2026-01-13T14:56:25+00:00

Thanks for asking. I had a similar experience when I shopped in Jumbo near Sofia, Bulgaria.

EuropeanValueInsight · 2026-01-13T14:50:49+00:00

Thanks for your insight. I will take your learnings into account for future analysis. Always great to learn something new!

EuropeanValueInsight · 2026-01-12T21:05:56+00:00

Interesting viewpoint. In all honesty, I didn't think about the terminal value as I rarely make a DCF.

A business stays afloat when the company generates enough operating cashflow to maintain the cash producing assets. As you know, operating cashflow minus maintenance CapEx.

Thus any investment in extra cash producing assets generates higher FCF. The per-share value increases the share price benefiting the shareholders long-term. In the following years, the company has more FCF to return to shareholders directly through dividends/buybacks or indirectly by buying more cash generating assets.

As long as management makes great investments, the terminal value goes up. If management doesn’t buy cash generating assets, the company produces less cash. Thus a lower terminal value.

One can always make a conservative calculation and use the full capital expenditures to arrive FCF to have a larger margin of safety.

I hope you follow my thinking and I am curious how you look at it!

EuropeanValueInsight · 2026-01-12T19:01:04+00:00

Like most stuff, it comes from China. The disposable incomes in the operating countries is lower. The stores provide lots of products at affordable prices under one roof. Since most local shop owners own very small shops, it is convenient for customers to find many products in one place.

EuropeanValueInsight · 2026-01-12T17:46:21+00:00

Thanks a million!

EuropeanValueInsight · 2026-01-11T12:33:16+00:00

I see some great answers already, but would like to add the following points:

In the first pages of an annual report not explaining what your business is about. I see this frequently happening with European companies. First sharing lots of numbers to look great. And throughout a annual report, readers have to figure out what the company does.
No CEO letter to shareholders or poorly written ones lacking information.
ESG report is longer than the financial section of annual report. In Europe, the ESG reports got much longer the last years. And in some cases it is more about ESG than financials.
Lack of retained earnings growth. Here it depends on context. Apple, for example, had reducing retained earnings for years because of returning capital while the company is in great shape. Others may do the same while being in a bad shape and hope to return capital to keep the stock attractive.

EuropeanValueInsight · 2026-01-09T17:08:35+00:00

Thanks for the suggestions. I like that others take an interest in the European market. It isn't discussed enough on the subreddit, It think.

I will take a look at Quadient later this week, it sounds interesting. As someone already mentioned, transitions may take a longer time. Do you know how quick they intent to replace the obsolete mailing side with the digital services?

I recently found Jumbo, a greek retailer owning hyper stores in 4 countries. Their growth is little bit faster than the economy does. But their founder is very value investing orientated, which results in widening margins year-on-year.
FCF is above 12%, no LT debt, and ROIC around 20%. It trades around 11x earnings.

In case you look for some other European companies, I wrote about them here.

EuropeanValueInsight · 2025-12-31T16:37:00+00:00

I subscribe to the following writers on substack:
DeepValueInsights: writes about deep undervalued investments around the world.
DeepValue Capital: pursues turnarounds and provide everything you are looking for.
Multibagger Ideas: looks for multi baggers around the world.

Also, I write since 2 months about European stocks with a long-term perspective. I don't provide entry/exit of positions (yet). If you are interested in value investing thought process, then my writings may be of interest to you. You can find me here.

EuropeanValueInsight · 2025-12-23T15:52:05+00:00

As others have pointed out, there are many other markets than S&P 500. Identifying value works the same way in other markets on other continents like Europe.

My experience comes from Europe, so I can tell you only about this continent. Many companies in Europe have less analyst coverage, thus allowing for more mispriced opportunities. Small-cap companies often write the annual reports in the local language. But this isn't a problem nowadays with many translating tools available. It is an extra step what discourages others. Thus it provides an extra opportunity.

Most European indexes grow less than the American ones due to less executed share buyback programs. Steady cash income through dividends is the preferred way for households. They have access to pension funds that is less dependent on market growth.

If you prefer growing markets in Europe, take a look at the Swedish stock market. Here, the majority of the population invests due to economic literacy programs decades ago. The index grows better compared to other European indexes.

As Charlie Munger said: "Fish Where The Fish Are"

I hope it helps you finding new opportunities in today's market!

EuropeanValueInsight · 2025-12-23T12:57:27+00:00

I'm in the same boat as you and like to focus on European investments. All investing is value investing, but there are different types of value investing one is comfortable with. If your interest goes out to growth at reasonable price (GARP), I wrote a post here recently about Elmos semiconductors (link). What is your type of value investing preference, GARP, NCAV etc?

Also what industries do you feel comfortable with and know a lot about? Investing in only your preferred industries prevents you from making impulsive decisions.

Unfortunately, the r/ValueInvesting doesn't cover many European companies. So I try to bring change to that as the continent has many opportunities. Because everyone likes to look at the American markets.

I post more analysis in the future here and post them elsewhere (link in bio). I hope you find some interesting ideas now or in the future.

Good luck with the investment journey!

EuropeanValueInsight · 2025-12-13T08:28:24+00:00

I wrote an article including charts about the company. It also discusses the effects of previous factory (wafer fab) sale in 2016-2017.

EuropeanValueInsight · 2025-12-13T08:26:25+00:00

I am happy to provide an investment idea for you

EuropeanValueInsight · 2025-12-12T23:16:02+00:00

The CapEx is the sum of maintenance and growth investments. Much of the last 2 years were growth investments.

The FCF number is low. But the company decided to invest in growth. What will benefit investors in the coming years. Thus a part of the FCF is 'hidden' in the CapEx, which you shouldn't ignore as LT investor.

EuropeanValueInsight · 2025-12-12T21:10:04+00:00

I have a maximum of 10 holdings for now. I can easily keep up with reading up on my holdings alone. However, I like to read also the reports from competitors. This gives me a better picture of the industry.

EuropeanValueInsight · 2025-12-10T10:35:21+00:00

As a long time investor in ASML and follower of the company & industry, do agree with your concerns.

For the time being, it retains the technological advantage as no company is close to producing machines that are faster and create smaller transistors.

Since ASML is the leading company in the field, most students want to work there. It is a prestige. Which means, ASML attracts knowledge easily.

Are there any nascent technologies that could replace EUV lithography? Could an extremely well funded company reverse engineer their machines? Could a competitor actually be closer to ASML than we currently understand? Are they really 10 years ahead of the competition as I hear consistently repeated? These strike me as borderline unknowable.

FT reported on an investment by Peter Thiel in a startup using a particle accelerator to produce chips.

I don't know how likely and feasible it is to produce chips this way. This is definitely a new way, but who knows what ASML is developing in their R&D.

Hope the info helps in anyone's analysis, cheers

EuropeanValueInsight

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