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Bulgarian (SOFIX) Market Analysis & Valuation
UpdatedOct 13, 2025
DataAggregated Company Financials
Companies170
- 7D0.4%
- 3M1.9%
- 1Y11.3%
- YTD10.3%
The Information Technology sector gained 6.0% while the market remained flat over the last week. As for the longer term, the market has risen 11% in the past 12 months. As for the next few years, earnings are expected to grow by 33% per annum.
Market Valuation and Performance
Has the Bulgarian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 14 Oct 2025 | лв17.0b | лв17.0b | лв1.2b | 17.7x | 13.9x | 1x |
| Thu, 11 Sep 2025 | лв17.1b | лв16.8b | лв1.2b | 18.8x | 13.9x | 1x |
| Sat, 09 Aug 2025 | лв16.9b | лв16.5b | лв1.1b | 20x | 15.2x | 1x |
| Mon, 07 Jul 2025 | лв16.7b | лв16.4b | лв1.1b | 20.7x | 15.2x | 1x |
| Wed, 04 Jun 2025 | лв16.2b | лв16.1b | лв1.1b | 21.1x | 14.7x | 1x |
| Fri, 02 May 2025 | лв15.3b | лв16.3b | лв1.0b | 18.2x | 14.6x | 0.9x |
| Sun, 30 Mar 2025 | лв15.5b | лв16.3b | лв1.1b | 17.9x | 14.4x | 1x |
| Tue, 25 Feb 2025 | лв15.0b | лв12.6b | лв901.3m | 17.2x | 16.7x | 1.2x |
| Thu, 23 Jan 2025 | лв14.8b | лв12.5b | лв882.6m | 17.3x | 16.8x | 1.2x |
| Sat, 21 Dec 2024 | лв14.8b | лв12.5b | лв882.6m | 17x | 16.7x | 1.2x |
| Mon, 18 Nov 2024 | лв14.9b | лв12.2b | лв842.1m | 17.2x | 17.7x | 1.2x |
| Wed, 16 Oct 2024 | лв15.0b | лв12.1b | лв848.4m | 18x | 17.7x | 1.2x |
| Fri, 13 Sep 2024 | лв15.2b | лв12.1b | лв845.0m | 15.9x | 18x | 1.3x |
| Sun, 11 Aug 2024 | лв15.4b | лв14.7b | лв871.3m | 13.6x | 17.7x | 1.1x |
| Tue, 09 Jul 2024 | лв15.7b | лв12.1b | лв877.7m | 13.8x | 17.8x | 1.3x |
| Thu, 06 Jun 2024 | лв15.8b | лв16.0b | лв1.1b | 14.4x | 14.2x | 1x |
| Sat, 04 May 2024 | лв15.2b | лв16.6b | лв1.1b | 13x | 13.7x | 0.9x |
| Mon, 01 Apr 2024 | лв14.8b | лв16.7b | лв1.2b | 14x | 12.7x | 0.9x |
| Wed, 28 Feb 2024 | лв14.9b | лв15.9b | лв1.1b | 13.6x | 13.3x | 0.9x |
| Fri, 26 Jan 2024 | лв16.1b | лв17.9b | лв1.3b | 11.1x | 12.3x | 0.9x |
| Sun, 24 Dec 2023 | лв15.6b | лв17.7b | лв1.3b | 11.4x | 12.1x | 0.9x |
| Tue, 21 Nov 2023 | лв15.7b | лв19.0b | лв1.4b | 12.4x | 10.9x | 0.8x |
| Thu, 19 Oct 2023 | лв15.6b | лв18.8b | лв1.4b | 12.6x | 11.2x | 0.8x |
| Sat, 16 Sep 2023 | лв15.2b | лв18.8b | лв1.4b | 12x | 10.9x | 0.8x |
| Mon, 14 Aug 2023 | лв14.7b | лв15.9b | лв1.1b | 13x | 13.2x | 0.9x |
| Wed, 12 Jul 2023 | лв14.4b | лв19.2b | лв1.3b | 13.2x | 10.8x | 0.8x |
| Fri, 09 Jun 2023 | лв14.4b | лв20.6b | лв1.1b | 13.7x | 13.5x | 0.7x |
| Sun, 07 May 2023 | лв13.8b | лв20.3b | лв1.1b | 12.6x | 12.4x | 0.7x |
| Tue, 04 Apr 2023 | лв13.7b | лв20.3b | лв1.0b | 13.4x | 13.4x | 0.7x |
| Thu, 02 Mar 2023 | лв13.7b | лв20.4b | лв1.1b | 13.8x | 12.2x | 0.7x |
| Sat, 28 Jan 2023 | лв13.7b | лв20.3b | лв1.1b | 13.4x | 12.3x | 0.7x |
| Mon, 26 Dec 2022 | лв13.5b | лв20.2b | лв1.2b | 11.9x | 11.7x | 0.7x |
| Wed, 23 Nov 2022 | лв12.9b | лв18.6b | лв1.0b | 12.3x | 12.7x | 0.7x |
| Fri, 21 Oct 2022 | лв12.9b | лв18.5b | лв1.1b | 12.5x | 12.1x | 0.7x |
Price to Earnings Ratio
12.1x
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 14.0x.
Past Earnings Growth
- The earnings for Bulgarian listed companies have grown 4.8% per year over the last three years.
- Meanwhile revenues for these companies have declined 2.8% per year.
- This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.
Sector Trends
Which sectors have driven the changes within the Bulgarian Market?
| BG Market | 0.37% | |
| Tech | 6.01% | |
| Consumer Discretionary | 0.59% | |
| Materials | 0.038% | |
| Telecom | 0% | 0 |
| Utilities | 0% | 0 |
| Industrials | -0.066% | |
| Healthcare | -0.34% | |
| Financials | -0.43% | |
| Energy | -0.62% | |
| Real Estate | -1.03% | |
| Consumer Staples | -1.41% | |
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 168x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
- Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 33% over the next 5 years.
- This is better than its past earnings growth rate of 11% 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 | |
|---|---|---|---|---|---|---|
| SLYG Shelly Group | €56.60 | 7.2% +€69.0m | 64.1% | PE44.6x | Tech | |
| IHB Industrial Holding Bulgaria AD | лв1.66 | 5.7% +лв8.7m | -6.2% | PE17.4x | Industrials | |
| ZLP Zlatni Piasaci AD | лв2.00 | 53.8% +лв4.5m | n/a | n/a | Consumer Discretionary | |
| SCOM Sofia Commerce-Pawn Brokerage AD | лв8.00 | 3.9% +лв2.7m | 68.1% | PE10.8x | Financials | |
| EUBG Eurohold Bulgaria AD | лв1.82 | 0.6% +лв2.6m | 23.8% | PE5.5x | Financials |
