Analysis Article • Jul 09
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Bulgarian (SOFIX) Market Analysis & Valuation
UpdatedJul 10, 2026
DataAggregated Company Financials
Companies169
- 7D-0.1%
- 3M3.1%
- 1Y11.5%
- YTD16.6%
In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 4.2%. More promisingly, the market is up 12% over the past year. Looking forward, earnings are forecast to grow by 33% annually.
Market Valuation and Performance
Has the Bulgarian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 10 Jul 2026 | лв10.5b | лв9.8b | лв711.7m | 18.1x | 14.7x | 1.1x |
| Sun, 07 Jun 2026 | лв10.5b | лв9.7b | лв691.6m | 20.9x | 15.2x | 1.1x |
| Tue, 05 May 2026 | лв10.3b | лв9.2b | лв662.6m | 19.2x | 15.6x | 1.1x |
| Thu, 02 Apr 2026 | лв10.2b | лв9.3b | лв670.1m | 17.5x | 15.2x | 1.1x |
| Sat, 28 Feb 2026 | лв10.3b | лв8.8b | лв637.7m | 20.5x | 16.1x | 1.2x |
| Mon, 26 Jan 2026 | лв10.4b | лв8.8b | лв644.7m | 23.1x | 16.2x | 1.2x |
| Wed, 24 Dec 2025 | лв17.7b | лв17.2b | лв1.2b | 21.2x | 14.2x | 1x |
| Fri, 21 Nov 2025 | лв16.8b | лв16.9b | лв1.2b | 19.8x | 13.7x | 1x |
| Sun, 19 Oct 2025 | лв17.1b | лв17.0b | лв1.2b | 19x | 13.9x | 1x |
| Tue, 16 Sep 2025 | лв17.1b | лв16.8b | лв1.2b | 17.7x | 14x | 1x |
| Thu, 14 Aug 2025 | лв16.9b | лв16.5b | лв1.1b | 21.8x | 15.2x | 1x |
| Sat, 12 Jul 2025 | лв16.8b | лв16.4b | лв1.1b | 20.6x | 15.3x | 1x |
| Mon, 09 Jun 2025 | лв16.3b | лв16.4b | лв1.1b | 20.5x | 14.9x | 1x |
| Wed, 07 May 2025 | лв15.4b | лв16.3b | лв1.0b | 19x | 15x | 0.9x |
| Fri, 04 Apr 2025 | лв15.7b | лв16.3b | лв1.1b | 18.4x | 14.6x | 1x |
| Sun, 02 Mar 2025 | лв14.6b | лв12.6b | лв929.0m | 17x | 15.7x | 1.2x |
| Tue, 28 Jan 2025 | лв14.8b | лв12.6b | лв880.4m | 17.1x | 16.8x | 1.2x |
| Thu, 26 Dec 2024 | лв14.8b | лв12.5b | лв882.6m | 17.4x | 16.7x | 1.2x |
| Sat, 23 Nov 2024 | лв14.8b | лв12.2b | лв840.2m | 17.2x | 17.6x | 1.2x |
| Mon, 21 Oct 2024 | лв15.0b | лв12.1b | лв848.4m | 17.9x | 17.7x | 1.2x |
| Wed, 18 Sep 2024 | лв15.3b | лв12.1b | лв846.3m | 16.8x | 18x | 1.3x |
| Fri, 16 Aug 2024 | лв15.6b | лв14.7b | лв871.3m | 13.6x | 17.9x | 1.1x |
| Sun, 14 Jul 2024 | лв15.7b | лв12.1b | лв875.8m | 15.9x | 17.9x | 1.3x |
| Tue, 11 Jun 2024 | лв15.7b | лв16.6b | лв1.1b | 13.7x | 14x | 0.9x |
| Thu, 09 May 2024 | лв15.4b | лв16.6b | лв1.1b | 12.9x | 13.8x | 0.9x |
| Sat, 06 Apr 2024 | лв14.8b | лв16.7b | лв1.2b | 14.3x | 12.6x | 0.9x |
| Mon, 04 Mar 2024 | лв15.1b | лв16.6b | лв1.1b | 13.9x | 13.3x | 0.9x |
| Wed, 31 Jan 2024 | лв16.2b | лв17.9b | лв1.2b | 11.4x | 13.3x | 0.9x |
| Fri, 29 Dec 2023 | лв15.6b | лв17.7b | лв1.3b | 11.6x | 12.1x | 0.9x |
| Sun, 26 Nov 2023 | лв15.7b | лв19.0b | лв1.4b | 12.3x | 10.9x | 0.8x |
| Tue, 24 Oct 2023 | лв15.5b | лв18.8b | лв1.4b | 12.6x | 11.1x | 0.8x |
| Thu, 21 Sep 2023 | лв15.2b | лв18.8b | лв1.4b | 12.1x | 10.9x | 0.8x |
| Sat, 19 Aug 2023 | лв14.8b | лв15.9b | лв1.1b | 13x | 13.2x | 0.9x |
| Mon, 17 Jul 2023 | лв14.4b | лв19.2b | лв1.3b | 13.2x | 10.7x | 0.8x |
Price to Earnings Ratio
10.7x
Current Market PE
- Investors are relatively neutral on the Bulgarian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
- The market is trading close to its 3-year average PE ratio of 14.7x.
Past Earnings Growth
- The earnings for companies in the Bulgarian industry have declined 19% per year over the last three years.
- Revenues have also declined 20% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Sector Trends
Which sectors have driven the changes within the Bulgarian Market?
| BG Market | -0.13% | |
| Utilities | 10.44% | |
| Consumer Staples | 2.35% | |
| Consumer Discretionary | 1.08% | |
| Industrials | 0.14% | |
| Materials | 0.10% | |
| Energy | 0% | 0 |
| Telecom | 0% | 0 |
| Financials | -0.10% | |
| Real Estate | -0.36% | |
| Healthcare | -1.35% | |
| Tech | -2.33% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 30.0x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
- The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 6.7x.
Forecasted Growth
- Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 33% over the next 5 years.
- However this is lower than its past earnings growth rate of 304% per year.
- In contrast, the Tech sector is expected to see its earnings grow by 33% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| TBD TPP-Bobov Dol AD | €17.50 | 16.7% +€21.8m | n/a | PE25x | Utilities | |
| PFB Port Flot-Burgas AD | €5.00 | 42.9% +€15.0m | 11.1% | PE30.1x | Industrials | |
| TPLP Toplofikacia Pleven AD-Pleven | €1.50 | 87.5% +€14.4m | n/a | n/a | Utilities | |
| MSH M+S Hydraulic AD | €5.35 | 5.9% +€11.8m | 5.7% | PE40.2x | Industrials | |
| SPDY Speedy AD | €88.00 | 1.1% +€5.4m | -13.9% | PE17.3x | Industrials |