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Hey everyone,
In the past weeks, I worked on a study to identify 100 baggers in Europe from 1980 to 2025. After collecting, cleaning and analyzing the share price data, I identified 336 of them, located in 19 countries.
**The study proves that America is not the only market for extraordinary returns.**
Due to the lack of better data, the returns are based on the adjusted close, which accounts for dividends and splits. It would have been great to identify a 100-fold increase on share growth adjusted for splits only.
That said, Great Britain and Sweden delivered the most 100 baggers, followed by Germany, France and Poland. No 100x returns were found in Ireland, Austria and Luxembourg.
Nevertheless, the 336 companies showed very interesting results. As expected, typical growth companies like ASML, LVMH, Hermès, L’Oréal and SAP all became 100 baggers through per-share value increase.
Then there are companies that experience a rapid share price increase due to changing policies or macro environment. Think of healthcare during Covid or the defense spending by European governments (i.e. Rheinmetall).
The unexpected 100 baggers came mostly from Finland but occurred elsewhere too. The share price didn’t grow substantially and often stayed in a narrowband. But **due to high dividend yields and reinvesting, said dividend returns passed 100-fold too.**
**The effect of reinvested dividends is often underestimated.** Of course, taxes and price slippage are issues that would affect real results. Nonetheless, high returns are expected over long periods.
Other 100x returns came from various boom and bust cycles in real estate and during the internet boom. Especially Poland and Greece experienced many real estate companies decreasing as fast as they increased.
**The study produced more statistics related to sectors, countries, duration of 100-fold returns and maximum achieved returns.** The write-up includes interactive charts, downloadable dataset and expansion on the process, which you can find here: [https://read.europeanvalueinsights.com/p/study-100-baggers-europe-part1](https://read.europeanvalueinsights.com/p/study-100-baggers-europe-part1)