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Bulgarian (SOFIX) Market Analysis & Valuation
UpdatedAug 23, 2025
DataAggregated Company Financials
Companies171
- 7D0.3%
- 3M5.6%
- 1Y11.9%
- YTD8.8%
The Energy sector gained 8.8% while the market remained flat over the last week. As for the longer term, the market has risen 12% in the past 12 months. Earnings are forecast to grow by 32% 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 |
|---|---|---|---|---|---|---|
| Sat, 23 Aug 2025 | лв16.9b | лв16.5b | лв1.2b | 19.3x | 14.5x | 1x |
| Mon, 21 Jul 2025 | лв16.8b | лв16.4b | лв1.1b | 20.4x | 15.2x | 1x |
| Wed, 18 Jun 2025 | лв16.3b | лв16.5b | лв1.1b | 21.8x | 14.9x | 1x |
| Fri, 16 May 2025 | лв15.8b | лв15.8b | лв1.0b | 19x | 15.4x | 1x |
| Sun, 13 Apr 2025 | лв15.4b | лв16.3b | лв1.0b | 18.5x | 14.7x | 0.9x |
| Tue, 11 Mar 2025 | лв14.9b | лв16.2b | лв1.1b | 17.3x | 13.8x | 0.9x |
| Thu, 06 Feb 2025 | лв15.0b | лв12.6b | лв876.0m | 17.4x | 17.1x | 1.2x |
| Sat, 04 Jan 2025 | лв14.8b | лв12.5b | лв882.6m | 17.4x | 16.8x | 1.2x |
| Mon, 02 Dec 2024 | лв14.5b | лв12.6b | лв868.7m | 17.6x | 16.7x | 1.2x |
| Wed, 30 Oct 2024 | лв14.8b | лв12.1b | лв841.6m | 17.2x | 17.6x | 1.2x |
| Fri, 27 Sep 2024 | лв14.8b | лв12.1b | лв849.5m | 17.1x | 17.4x | 1.2x |
| Sun, 25 Aug 2024 | лв15.6b | лв14.6b | лв869.8m | 15.7x | 18x | 1.1x |
| Tue, 23 Jul 2024 | лв15.0b | лв12.0b | лв857.8m | 15x | 17.5x | 1.3x |
| Thu, 20 Jun 2024 | лв15.0b | лв12.3b | лв909.7m | 12.9x | 16.5x | 1.2x |
| Sat, 18 May 2024 | лв15.7b | лв16.6b | лв1.1b | 13x | 14.1x | 0.9x |
| Mon, 15 Apr 2024 | лв14.8b | лв16.4b | лв1.2b | 13.2x | 12.6x | 0.9x |
| Wed, 13 Mar 2024 | лв15.1b | лв16.8b | лв1.2b | 14.5x | 12.7x | 0.9x |
| Fri, 09 Feb 2024 | лв15.0b | лв16.1b | лв1.1b | 13.8x | 13.7x | 0.9x |
| Sun, 07 Jan 2024 | лв15.7b | лв17.8b | лв1.3b | 11.2x | 12x | 0.9x |
| Tue, 05 Dec 2023 | лв15.6b | лв18.1b | лв1.3b | 12x | 12x | 0.9x |
| Thu, 02 Nov 2023 | лв15.6b | лв18.8b | лв1.4b | 12.9x | 11.2x | 0.8x |
| Sat, 30 Sep 2023 | лв15.3b | лв18.8b | лв1.4b | 12.1x | 10.9x | 0.8x |
| Mon, 28 Aug 2023 | лв14.9b | лв15.9b | лв1.1b | 12.1x | 13.6x | 0.9x |
| Wed, 26 Jul 2023 | лв14.4b | лв19.2b | лв1.3b | 13.3x | 10.7x | 0.8x |
| Fri, 23 Jun 2023 | лв14.3b | лв19.2b | лв1.3b | 13.4x | 11.2x | 0.7x |
| Sun, 21 May 2023 | лв14.0b | лв20.3b | лв1.1b | 13.1x | 12.5x | 0.7x |
| Tue, 18 Apr 2023 | лв13.8b | лв20.4b | лв1.1b | 12.8x | 12.3x | 0.7x |
| Thu, 16 Mar 2023 | лв13.8b | лв20.4b | лв1.0b | 13.4x | 13.3x | 0.7x |
| Sat, 11 Feb 2023 | лв13.8b | лв20.3b | лв1.2b | 14.3x | 11.3x | 0.7x |
| Mon, 09 Jan 2023 | лв13.6b | лв20.2b | лв1.2b | 13.4x | 11.8x | 0.7x |
| Wed, 07 Dec 2022 | лв13.4b | лв20.3b | лв1.2b | 11.8x | 11.6x | 0.7x |
| Fri, 04 Nov 2022 | лв13.0b | лв18.5b | лв1.1b | 12.2x | 12.2x | 0.7x |
| Sun, 02 Oct 2022 | лв12.9b | лв18.5b | лв1.1b | 12.7x | 12.1x | 0.7x |
| Tue, 30 Aug 2022 | лв13.4b | лв17.0b | лв984.4m | 13.9x | 13.6x | 0.8x |
Price to Earnings Ratio
13.6x
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 13.9x.
Past Earnings Growth
- The earnings for Bulgarian listed companies have grown 5.9% per year over the last three years, while revenues have remained steady.
- This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.
Sector Trends
Which sectors have driven the changes within the Bulgarian Market?
| BG Market | 0.35% | |
| Energy | 8.82% | |
| Tech | 3.55% | |
| Consumer Staples | 0.37% | |
| Telecom | 0.17% | |
| Real Estate | -0.05% | |
| Healthcare | -0.051% | |
| Consumer Discretionary | -0.12% | |
| Industrials | -0.13% | |
| Utilities | -0.23% | |
| Materials | -0.25% | |
| Financials | -0.29% | |
Sector PE
- Investors favour the Telecom sector the most for future growth even though it's trading below its 3-year average PE ratio of 178x.
- 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, which is trading close to its 3-year average of 6.5x.
Forecasted Growth
- Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 32% over the next 5 years.
- This is better than its past earnings decline of 12% per year.
- In contrast, the Tech sector is expected to see its earnings grow by 32% 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 | |
|---|---|---|---|---|---|---|
| SLYG Shelly Group | €54.20 | 4.2% +€42.7m | 51.4% | PE42.4x | Tech | |
| CHL Chernomorski Holding AD | лв22.00 | 19.6% +лв11.8m | 43.8% | PE94.5x | Financials | |
| HVAR Holding Varna AD | лв47.40 | 1.7% +лв5.2m | 4.4% | PE149.6x | Financials | |
| SPH Stara Planina Hold | лв9.70 | 2.1% +лв4.2m | -1.0% | PE94.6x | Industrials | |
| NGAZ Oil and Gas Exploration and Production AD | лв3.70 | 8.8% +лв3.7m | -32.7% | PE27.8x | Energy |
