Bulgarian (SOFIX) Asset Management Industry Analysis

Industry Valuation and Performance

Has the Bulgarian Asset Management Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 02 Aug 2026	лв769.2m	лв69.1m	лв15.9m	31.7x	48.4x	11.1x
Tue, 30 Jun 2026	лв765.0m	лв70.8m	лв15.1m	31.3x	50.8x	10.8x
Thu, 28 May 2026	лв756.5m	лв66.1m	лв12.5m	31.5x	60.6x	11.4x
Sat, 25 Apr 2026	лв756.8m	лв65.6m	лв11.6m	41.7x	65.5x	11.5x
Mon, 23 Mar 2026	лв650.1m	лв66.2m	лв13.3m	41.2x	48.7x	9.8x
Wed, 18 Feb 2026	лв638.9m	лв11.8m	лв9.0m	48.4x	71x	54.3x
Fri, 16 Jan 2026	лв623.2m	лв66.3m	лв15.5m	31.4x	40.1x	9.4x
Sun, 14 Dec 2025	лв1.2b	лв125.7m	лв27.7m	33.2x	42.9x	9.5x
Tue, 11 Nov 2025	лв1.2b	лв124.3m	лв31.6m	31.3x	38x	9.6x
Thu, 09 Oct 2025	лв1.4b	лв116.8m	лв24.2m	38.7x	56.6x	11.7x
Sat, 06 Sep 2025	лв1.3b	лв113.7m	лв23.4m	38.7x	57.6x	11.9x
Mon, 04 Aug 2025	лв1.3b	лв113.5m	лв23.0m	42.1x	58.4x	11.8x
Wed, 02 Jul 2025	лв1.3b	лв112.7m	лв20.3m	41.9x	61.9x	11.2x
Fri, 30 May 2025	лв1.1b	лв110.9m	лв20.3m	40.8x	55.3x	10.1x
Sun, 27 Apr 2025	лв1.1b	лв117.7m	лв20.8m	35.3x	51.1x	9x
Tue, 25 Mar 2025	лв1.1b	лв116.3m	лв20.8m	28.5x	52.3x	9.3x
Thu, 20 Feb 2025	лв1.1b	лв116.4m	лв22.2m	28.5x	49.3x	9.4x
Sat, 18 Jan 2025	лв1.0b	лв114.1m	лв20.1m	27.7x	52.2x	9.2x
Mon, 16 Dec 2024	лв1.0b	лв114.1m	лв20.1m	27.7x	51.2x	9x
Wed, 13 Nov 2024	лв1.0b	лв111.7m	лв14.0m	20.2x	73.1x	9.2x
Fri, 11 Oct 2024	лв972.0m	лв107.0m	лв9.5m	23.9x	102.8x	9.1x
Sun, 08 Sep 2024	лв971.7m	лв106.7m	лв8.0m	12.5x	122x	9.1x
Tue, 06 Aug 2024	лв922.4m	лв108.1m	лв11.9m	26.8x	77.4x	8.5x
Thu, 04 Jul 2024	лв1.0b	лв107.2m	лв14.5m	24.1x	69.1x	9.3x
Sat, 01 Jun 2024	лв987.3m	лв111.6m	лв15.7m	26.5x	62.7x	8.8x
Mon, 29 Apr 2024	лв983.7m	лв100.4m	лв20.1m	24.5x	49x	9.8x
Wed, 27 Mar 2024	лв977.7m	лв94.3m	лв15.2m	15.7x	64.1x	10.4x
Fri, 23 Feb 2024	лв938.3m	лв94.7m	лв14.0m	13.2x	67x	9.9x
Sun, 21 Jan 2024	лв961.6m	лв94.6m	лв13.4m	11.4x	71.8x	10.2x
Tue, 19 Dec 2023	лв954.8m	лв93.9m	лв14.9m	9.8x	63.9x	10.2x
Thu, 16 Nov 2023	лв965.6m	лв95.3m	лв14.0m	26.2x	68.9x	10.1x
Sat, 14 Oct 2023	лв973.6m	лв95.9m	лв14.7m	27.8x	66.4x	10.1x
Mon, 11 Sep 2023	лв1.0b	лв92.6m	лв18.0m	19.7x	56.6x	11x
Wed, 09 Aug 2023	лв926.6m	лв91.9m	лв17.4m	28.7x	53.2x	10.1x

Current Industry PE

Investors are pessimistic on the Bulgarian Asset Management and Custody Banks industry, indicating that they anticipate long term growth rates will be lower than they have historically.

The industry is trading at a PE ratio of 48.4x which is lower than its 3-year average PE of 62.3x.

The industry is trading close to its 3-year average PS ratio of 11.5x.

Past Earnings Growth

The earnings for companies in the Asset Management and Custody Banks industry have declined 3.0% per year over the last three years,
Revenues have also declined 9.0% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

How does Bulgarian Asset Management compare with similar industries?


BG Market	0.077%
Financials	0.33%
Capital Markets	1.26%
Asset Management	1.24%
Financial Exchanges and Data	1.41%
Investment Banking and Brokerage	0%	0

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

Company	Last Price	7D	1Y	Valuation
CHL Chernomorski Holding AD	€8.80	25.7% +€5.9m	-21.8%	PE96.7x
HVAR Holding Varna AD	€25.80	0.8% +€1.3m	6.9%	PE32.8x
HRC HR Capital AD	€3.62	3.4% +€1.1m	121.4%	PE12.7x
BPEF Bulgarian Private Equity Fund AD	€1.30	3.2% +€789.4k	21.1%	PE37.6x
HREP Republica Holding AD	€1.72	2.4% +€587.6k	n/a	n/a

Company

Last Price

Valuation

CHL Chernomorski Holding AD

€8.80

25.7%
+€5.9m

-21.8%

PE96.7x

HVAR Holding Varna AD

€25.80

0.8%
+€1.3m

6.9%

PE32.8x

HRC HR Capital AD

€3.62

3.4%
+€1.1m

121.4%

PE12.7x

BPEF Bulgarian Private Equity Fund AD

€1.30

3.2%
+€789.4k

21.1%

PE37.6x

HREP Republica Holding AD

€1.72

2.4%
+€587.6k

n/a

New minor risk - Earnings quality

The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 9.4% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (лв6.9m revenue, or US$4.1m). Market cap is less than US$100m (€31.7m market cap, or US$36.2m).

Bulgarian (SOFIX) Asset Management Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

New minor risk - Profit margin trend

Less than half of directors are independent

No independent directors

Investor sentiment deteriorates as stock falls 35%

No independent directors

New major risk - Share price stability

Dividend reduced to €0.30

New minor risk - Earnings quality

Investor sentiment improves as stock rises 18%

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

Industry Development Holding AD, Annual General Meeting, Jun 16, 2023