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Serbian (BELEX) Market Analysis & Valuation

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies29
  • 7D-0.1%
  • 3M-6.8%
  • 1Y7.1%
  • YTD-3.3%

The market has been flat in the last week, however the Utilities sector is down 5.7%. As for the longer term, the market has risen 7.1% in the past 12 months.

Market Valuation and Performance

Has the Serbian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026дин247.2bдин145.0bдин18.5b8.9x13.4x1.7x
Thu, 19 Feb 2026дин256.4bдин147.1bдин18.4b9x14x1.7x
Sat, 17 Jan 2026дин257.3bдин146.7bдин18.4b8.9x14x1.8x
Mon, 15 Dec 2025дин270.3bдин174.3bдин20.3b9x13.3x1.6x
Wed, 12 Nov 2025дин265.6bдин175.1bдин20.4b8.7x13x1.5x
Fri, 10 Oct 2025дин258.5bдин173.1bдин19.0b9.5x13.6x1.5x
Sun, 07 Sep 2025дин257.9bдин169.1bдин17.3b8.9x14.9x1.5x
Tue, 05 Aug 2025дин257.8bдин169.2bдин17.2b8.9x15x1.5x
Thu, 03 Jul 2025дин254.8bдин159.4bдин16.7b9.2x15.3x1.6x
Sat, 31 May 2025дин251.1bдин155.3bдин16.5b9.5x15.2x1.6x
Mon, 28 Apr 2025дин186.6bдин119.7bдин9.4b7.6x19.9x1.6x
Wed, 26 Mar 2025дин299.5bдин527.7bдин20.3b8x14.8x0.6x
Fri, 21 Feb 2025дин297.6bдин527.7bдин20.2b8.2x14.8x0.6x
Sun, 19 Jan 2025дин357.0bдин564.9bдин37.0b8.3x9.6x0.6x
Tue, 17 Dec 2024дин346.5bдин557.0bдин36.8b8.2x9.4x0.6x
Thu, 14 Nov 2024дин371.7bдин558.3bдин36.6b7.9x10.1x0.7x
Sat, 12 Oct 2024дин364.4bдин574.8bдин52.3b7.7x7x0.6x
Mon, 09 Sep 2024дин363.9bдин572.9bдин51.4b7.9x7.1x0.6x
Wed, 07 Aug 2024дин338.5bдин571.2bдин51.0b7.5x6.6x0.6x
Fri, 05 Jul 2024дин333.6bдин543.1bдин48.2b7.6x6.9x0.6x
Sun, 02 Jun 2024дин808.3bдин567.0bдин50.1b7.4x16.1x1.4x
Tue, 30 Apr 2024дин764.1bдин546.1bдин52.8b7.9x14.5x1.4x
Thu, 28 Mar 2024дин334.2bдин575.7bдин59.2b8x5.6x0.6x
Sat, 24 Feb 2024дин319.5bдин570.6bдин59.0b8x5.4x0.6x
Mon, 22 Jan 2024дин420.4bдин635.2bдин75.5b9.8x5.6x0.7x
Wed, 20 Dec 2023дин418.4bдин635.2bдин75.5b10.2x5.5x0.7x
Fri, 17 Nov 2023дин414.8bдин635.2bдин75.5b9.8x5.5x0.7x
Sun, 15 Oct 2023дин418.7bдин630.8bдин82.9b8.5x5.1x0.7x
Tue, 12 Sep 2023дин412.2bдин625.1bдин81.7b10.2x5x0.7x
Thu, 10 Aug 2023дин399.4bдин626.3bдин82.0b9.8x4.9x0.6x
Sat, 08 Jul 2023дин405.0bдин677.1bдин109.2b11.1x3.7x0.6x
Mon, 05 Jun 2023дин426.9bдин678.5bдин109.2b11.3x3.9x0.6x
Wed, 03 May 2023дин420.3bдин629.1bдин103.4b8.8x4.1x0.7x
Fri, 31 Mar 2023дин413.2bдин628.8bдин103.2b8.7x4x0.7x
Price to Earnings Ratio

4x


Total Market Cap: дин413.2bTotal Earnings: дин103.2bTotal Revenue: дин628.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 10.1x202420252026
Current Market PE
  • Investors are optimistic on the Serbian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 13.4x which is higher than its 3-year average PE of 10.1x.
Past Earnings Growth
  • The earnings for companies in the Serbian industry have declined 44% per year over the last three years.
  • Revenues have also declined 39% 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 Serbian Market?

RS Market-0.14%
Financials2.77%
Industrials0.085%
Energy0%0
Real Estate0%0
Consumer Discretionary0%0
Consumer Staples0%0
Healthcare0%0
Telecom0%0
Materials-0.51%
Tech-1.25%
Utilities-5.69%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 47.0x.
    • 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, which is trading below its 3-year average of 9.5x.
Forecasted GrowthThere is insufficient data in this market to determine future earnings growth rates.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
DNOS Kompanija Dunav Osiguranje a.d.oдин2.01k3.0%
+дин881.0m		28.7%PE6.7xFinancials
GFOM Gosa Fom a.dдин1.66k3.4%
+дин73.9m		3.4%PE5.4xIndustrials
BASB Beogradska Autobuska Stanica a.dдин1.52k0.3%
+дин1.2m		n/an/aIndustrials
See more

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Latest News

FINT
дин630.00
Fintel Energija a.d
7D
-5.7%
1Y
-1.6%
TGAS
дин34,001.00
Messer Tehnogas AD
7D
-0.1%
1Y
n/a
GFOM
дин1,660.00
Gosa Fom a.d
7D
3.4%
1Y
3.4%
PPTA
дин250.00
PPT Armature a.d
7D
-0.8%
1Y
-37.5%
JESV
дин7,990.00
MPP Jedinstvo a.d
7D
-0.1%
1Y
1.8%
INFM
дин5,100.00
Informatika a.d
7D
-1.9%
1Y
n/a

Returns On Capital Signal Difficult Times Ahead For Informatika a.d (BELEX:INFM)

Sep 26
Returns On Capital Signal Difficult Times Ahead For Informatika a.d (BELEX:INFM)
IMPL
дин7,100.00
IMPOL SEVAL Valjaonica Aluminijuma a.d
7D
-2.6%
1Y
-8.4%
DNOS
дин2,006.00
Kompanija Dunav Osiguranje a.d.o
7D
3.0%
1Y
28.7%
TRBG
дин3,320.00
Termika-Beograd a.d
7D
-2.4%
1Y
n/a