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Serbian (BELEX) Market Analysis & Valuation

UpdatedAug 26, 2026
DataAggregated Company Financials
Companies30
  • 7D5.3%
  • 3M14.4%
  • 1Y12.3%
  • YTD7.5%

Over the last 7 days, the market has risen 5.3%, driven by gains of 18% in the Materials sector. The market is up 12% over the last 12 months.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 27 Aug 2026дин219.8bдин117.7bдин8.5b8.4x25.9x1.9x
Sat, 25 Jul 2026дин187.4bдин115.1bдин8.5b7.7x22.2x1.6x
Mon, 22 Jun 2026дин180.3bдин119.6bдин12.7b7.8x14.2x1.5x
Wed, 20 May 2026дин241.6bдин150.5bдин18.0b8.1x13.4x1.6x
Fri, 17 Apr 2026дин243.8bдин143.7bдин18.5b8.9x13.2x1.7x
Sun, 15 Mar 2026дин247.5bдин147.0bдин18.5b9x13.4x1.7x
Tue, 10 Feb 2026дин261.7bдин147.1bдин18.4b9x14.2x1.8x
Thu, 08 Jan 2026дин255.4bдин146.6bдин18.4b8.8x13.9x1.7x
Sat, 06 Dec 2025дин268.4bдин175.1bдин20.4b8.4x13.2x1.5x
Mon, 03 Nov 2025дин261.1bдин174.2bдин20.3b8.5x12.9x1.5x
Wed, 01 Oct 2025дин257.9bдин173.2bдин19.0b10.1x13.6x1.5x
Fri, 29 Aug 2025дин255.3bдин169.2bдин17.3b8.9x14.7x1.5x
Sun, 27 Jul 2025дин258.1bдин159.4bдин16.7b9.2x15.5x1.6x
Tue, 24 Jun 2025дин256.1bдин159.4bдин16.7b9.2x15.3x1.6x
Thu, 22 May 2025дин250.8bдин155.3bдин16.5b9.5x15.2x1.6x
Sat, 19 Apr 2025дин188.1bдин116.5bдин9.3b7.8x20.3x1.6x
Mon, 17 Mar 2025дин298.4bдин527.7bдин20.3b8.1x14.7x0.6x
Wed, 12 Feb 2025дин351.2bдин560.4bдин26.7b8.3x13.2x0.6x
Fri, 10 Jan 2025дин362.8bдин564.7bдин37.1b8x9.8x0.6x
Sun, 08 Dec 2024дин361.3bдин556.8bдин36.6b8x9.9x0.6x
Tue, 05 Nov 2024дин371.4bдин558.5bдин36.8b7.9x10.1x0.7x
Thu, 03 Oct 2024дин359.7bдин575.0bдин51.3b8x7x0.6x
Sat, 31 Aug 2024дин355.7bдин572.7bдин50.9b7.5x7x0.6x
Mon, 29 Jul 2024дин340.0bдин544.0bдин48.6b8.3x7x0.6x
Wed, 26 Jun 2024дин334.9bдин567.5bдин50.1b7.5x6.7x0.6x
Fri, 24 May 2024дин762.4bдин542.5bдин44.1b7.3x17.3x1.4x
Sun, 21 Apr 2024дин766.4bдин545.7bдин52.7b8.9x14.5x1.4x
Tue, 19 Mar 2024дин334.7bдин574.0bдин59.2b8.4x5.7x0.6x
Thu, 15 Feb 2024дин319.0bдин569.0bдин59.1b7.8x5.4x0.6x
Sat, 13 Jan 2024дин420.0bдин635.2bдин75.5b9.8x5.6x0.7x
Mon, 11 Dec 2023дин417.4bдин635.2bдин75.5b10.2x5.5x0.7x
Wed, 08 Nov 2023дин417.9bдин635.2bдин75.5b10.2x5.5x0.7x
Fri, 06 Oct 2023дин421.8bдин630.8bдин82.9b8.8x5.1x0.7x
Sun, 03 Sep 2023дин408.2bдин627.2bдин82.0b10.2x5x0.7x
Price to Earnings Ratio

5x


Total Market Cap: дин408.2bTotal Earnings: дин82.0bTotal Revenue: дин627.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 12x202420252026
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 25.9x which is higher than its 3-year average PE of 12.0x.
Past Earnings Growth
  • The earnings for companies in the Serbian industry have declined 53% per year over the last three years.
  • Revenues have also declined 43% 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 Market5.28%
Materials18.00%
Consumer Discretionary2.28%
Industrials0.42%
Financials0.17%
Tech0.017%
Energy0%0
Real Estate0%0
Consumer Staples0%0
Healthcare0%0
Telecom0%0
Utilities0%0
Sector PE
  • Investors favour the Industrials sector the most for future growth even though it's trading below its 3-year average PE ratio of 143x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
  • The Consumer Discretionary sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average.
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
TGAS Messer Tehnogas ADдин60.00k20.3%
+дин10.5b		70.9%n/aMaterials
AERO Aerodrom Nikola Tesla a.dдин2.09k0.4%
+дин341.1m		-5.0%PE185.6xIndustrials
MTLC Metalac a.d. Gornji Milanovacдин2.05k2.5%
+дин96.7m		-4.7%PE4.7xConsumer Discretionary
ENHL Energoprojekt Holding a.dдин460.001.1%
+дин54.2m		n/aPE3.8xIndustrials
DNOS Kompanija Dunav Osiguranje a.d.oдин1.84k0.1%
+дин30.4m		18.2%PE6.2xFinancials
See more

Market Insights

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MTLC
дин2,050.00
Metalac a.d. Gornji Milanovac
7D
2.5%
1Y
-4.7%
AERO
дин2,090.00
Aerodrom Nikola Tesla a.d
7D
0.4%
1Y
-5.0%
TGAS
дин60,000.00
Messer Tehnogas AD
7D
20.3%
1Y
70.9%
ENHL
дин460.00
Energoprojekt Holding a.d
7D
1.1%
1Y
n/a
JESV
дин9,000.00
MPP Jedinstvo a.d
7D
0.07%
1Y
5.9%
Analysis Article • May 07

Shareholders Can Be Confident That MPP Jedinstvo a.d's (BELEX:JESV) Earnings Are High Quality

When companies post strong earnings, the stock generally performs well, just like MPP Jedinstvo a.d.'s ( BELEX:JESV...
DNOS
дин1,844.00
Kompanija Dunav Osiguranje a.d.o
7D
0.1%
1Y
18.2%
PPTA
дин250.00
PPT Armature a.d
7D
-6.7%
1Y
-50.0%