Bulgarian (SOFIX) Financials Sector Analysis

Sector Valuation and Performance

Has the Bulgarian Financials Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 09 Aug 2026	лв2.7b	лв2.6b	лв311.1m	13.6x	8.7x	1x
Tue, 07 Jul 2026	лв2.7b	лв2.6b	лв307.5m	12.7x	8.7x	1x
Thu, 04 Jun 2026	лв2.4b	лв2.6b	лв303.0m	13.9x	7.9x	0.9x
Sat, 02 May 2026	лв2.4b	лв2.5b	лв301.8m	13.5x	7.8x	0.9x
Mon, 30 Mar 2026	лв2.4b	лв2.6b	лв309.2m	13.3x	7.7x	0.9x
Wed, 25 Feb 2026	лв2.4b	лв2.4b	лв305.9m	14.5x	7.8x	1x
Fri, 23 Jan 2026	лв2.5b	лв2.4b	лв319.6m	13.3x	7.7x	1x
Sun, 21 Dec 2025	лв4.0b	лв4.8b	лв635.1m	12.5x	6.3x	0.8x
Tue, 18 Nov 2025	лв3.7b	лв4.8b	лв625.5m	10.5x	6x	0.8x
Thu, 16 Oct 2025	лв3.9b	лв4.8b	лв631.6m	11x	6.2x	0.8x
Sat, 13 Sep 2025	лв3.9b	лв4.8b	лв622.8m	10.7x	6.3x	0.8x
Mon, 11 Aug 2025	лв3.9b	лв4.7b	лв506.4m	15.1x	7.7x	0.8x
Wed, 09 Jul 2025	лв3.8b	лв4.7b	лв493.0m	17.4x	7.6x	0.8x
Fri, 06 Jun 2025	лв3.7b	лв4.4b	лв506.0m	15.9x	7.2x	0.8x
Sun, 04 May 2025	лв3.4b	лв4.4b	лв445.9m	16.7x	7.6x	0.8x
Tue, 01 Apr 2025	лв3.5b	лв4.4b	лв459.6m	15.7x	7.7x	0.8x
Thu, 27 Feb 2025	лв3.0b	лв1.5b	лв353.8m	11.4x	8.4x	2x
Sat, 25 Jan 2025	лв3.0b	лв1.5b	лв352.0m	11.2x	8.4x	1.9x
Mon, 23 Dec 2024	лв2.9b	лв1.5b	лв352.0m	10.4x	8.3x	1.9x
Wed, 20 Nov 2024	лв2.9b	лв1.5b	лв364.5m	7.3x	7.9x	1.9x
Fri, 18 Oct 2024	лв2.9b	лв1.5b	лв356.5m	10.6x	8.2x	1.9x
Sun, 15 Sep 2024	лв3.0b	лв1.5b	лв354.8m	8.2x	8.4x	2x
Tue, 13 Aug 2024	лв3.3b	лв4.2b	лв414.4m	11.8x	8x	0.8x
Thu, 11 Jul 2024	лв2.8b	лв1.5b	лв386.6m	8.5x	7.3x	1.8x
Sat, 08 Jun 2024	лв3.3b	лв5.3b	лв599.2m	7.6x	5.4x	0.6x
Mon, 06 May 2024	лв3.0b	лв5.3b	лв615.0m	8.7x	4.9x	0.6x
Wed, 03 Apr 2024	лв2.8b	лв5.3b	лв617.8m	7.8x	4.5x	0.5x
Fri, 01 Mar 2024	лв2.8b	лв5.4b	лв637.2m	8.8x	4.4x	0.5x
Sun, 28 Jan 2024	лв2.9b	лв5.4b	лв644.0m	7.4x	4.4x	0.5x
Tue, 26 Dec 2023	лв2.8b	лв5.3b	лв625.6m	6.8x	4.4x	0.5x
Thu, 23 Nov 2023	лв2.8b	лв5.9b	лв653.0m	9.5x	4.2x	0.5x
Sat, 21 Oct 2023	лв2.8b	лв5.9b	лв645.5m	10.4x	4.3x	0.5x
Mon, 18 Sep 2023	лв2.8b	лв5.9b	лв645.9m	9.7x	4.3x	0.5x
Wed, 16 Aug 2023	лв2.7b	лв3.3b	лв341.9m	12.1x	7.8x	0.8x

Current Industry PE

Investors are optimistic on the Bulgarian Financials industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 8.7x which is higher than its 3-year average PE of 6.8x.

The industry is trading close to its 3-year average PS ratio of 1.0x.

Past Earnings Growth

The earnings for companies in the Financials industry have declined 3.1% per year over the last three years,
Revenues have also declined 7.0% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Bulgarian Financials sector?


BG Market	0.82%
Financials	1.24%
Insurance	3.77%
Capital Markets	1.61%
Diversified Financial	0.66%
Mortgage REITs	0%	0
Banks	-0.21%
Consumer Finance	-2.00%

Industry PE

Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 39.5x.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Investors are most pessimistic about the Diversified Financial industry, which is trading below its 3-year average of 5.2x.

Forecasted GrowthThere is insufficient data on the sub-industries of this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
EUBG Eurohold Bulgaria AD	€1.11	3.7% +€20.8m	17.4%	PE11.2x
DUH Doverie United Holding AD	€5.46	4.2% +€4.7m	17.4%	PE1.9x
HRC HR Capital AD	€4.10	13.3% +€4.4m	149.0%	PE14.4x
MFG MFG Invest AD	€2.10	23.5% +€4.3m	51.0%	PE17.8x
BSE Bulgarian Stock Exchange AD	€7.50	4.5% +€4.2m	63.0%	PE13.6x

New major risk - Shareholder dilution

The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding).

Bulgarian (SOFIX) Financials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Investor sentiment improves as stock rises 24%

Less than half of directors are independent

Now 22% overvalued after recent price rise

New major risk - Share price stability

New major risk - Shareholder dilution

New minor risk - Earnings quality

Dividend of €0.01 announced

First quarter 2026 earnings released: EPS: €0.88 (vs €1.09 in 1Q 2025)

First quarter 2026 earnings released: €0.13 loss per share (vs €0.15 loss in 1Q 2025)

Investor sentiment improves as stock rises 32%

New major risk - Revenue size

New minor risk - Share price stability

Republica Holding AD has completed a Follow-on Equity Offering in the amount of BGN 11.704 million.

Less than half of directors are independent