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Serbian (BELEX) Market Analysis & Valuation

UpdatedJul 05, 2026
DataAggregated Company Financials
Companies29
  • 7D-0.5%
  • 3M-0.4%
  • 1Y-1.4%
  • YTD-5.9%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. As for the longer term, the market has also been flat over the past year.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 06 Jul 2026дин179.3bдин96.8bдин7.7b7.2x23.4x1.9x
Wed, 03 Jun 2026дин182.6bдин112.2bдин12.4b8.9x14.8x1.6x
Fri, 01 May 2026дин245.2bдин148.2bдин18.0b9x13.7x1.7x
Sun, 29 Mar 2026дин247.9bдин145.0bдин18.5b8.9x13.4x1.7x
Tue, 24 Feb 2026дин250.9bдин147.1bдин18.4b9x13.7x1.7x
Thu, 22 Jan 2026дин259.7bдин146.7bдин18.4b8.9x14.1x1.8x
Sat, 20 Dec 2025дин271.2bдин174.4bдин20.2b9x13.4x1.6x
Mon, 17 Nov 2025дин267.0bдин175.1bдин20.4b8.4x13.1x1.5x
Wed, 15 Oct 2025дин257.0bдин171.2bдин18.9b9.5x13.6x1.5x
Fri, 12 Sep 2025дин257.8bдин167.9bдин17.3b8.4x14.9x1.5x
Sun, 10 Aug 2025дин257.4bдин169.2bдин17.3b8.9x14.9x1.5x
Tue, 08 Jul 2025дин256.3bдин159.4bдин16.7b9.2x15.4x1.6x
Thu, 05 Jun 2025дин251.2bдин155.3bдин16.5b10.3x15.2x1.6x
Sat, 03 May 2025дин188.5bдин120.2bдин9.5b7.3x19.9x1.6x
Mon, 31 Mar 2025дин298.7bдин525.6bдин20.2b8x14.8x0.6x
Wed, 26 Feb 2025дин298.2bдин527.7bдин20.2b8.2x14.8x0.6x
Fri, 24 Jan 2025дин354.9bдин564.9bдин37.0b8.2x9.6x0.6x
Sun, 22 Dec 2024дин361.9bдин557.0bдин36.8b8.2x9.8x0.6x
Tue, 19 Nov 2024дин367.2bдин557.1bдин36.6b7.9x10x0.7x
Thu, 17 Oct 2024дин364.2bдин574.8bдин52.3b7.7x7x0.6x
Sat, 14 Sep 2024дин358.6bдин572.8bдин50.9b7.7x7x0.6x
Mon, 12 Aug 2024дин339.6bдин572.7bдин50.8b7.3x6.7x0.6x
Wed, 10 Jul 2024дин333.7bдин541.1bдин48.1b8.1x6.9x0.6x
Fri, 07 Jun 2024дин806.1bдин567.0bдин50.1b7.3x16.1x1.4x
Sun, 05 May 2024дин766.0bдин540.9bдин43.0b7.9x17.8x1.4x
Tue, 02 Apr 2024дин802.5bдин575.7bдин59.2b8.1x13.6x1.4x
Thu, 29 Feb 2024дин318.2bдин570.6bдин59.0b8.9x5.4x0.6x
Sat, 27 Jan 2024дин420.2bдин635.2bдин75.5b9.8x5.6x0.7x
Mon, 25 Dec 2023дин418.9bдин635.2bдин75.5b10.2x5.6x0.7x
Wed, 22 Nov 2023дин418.6bдин635.2bдин75.5b9.8x5.5x0.7x
Fri, 20 Oct 2023дин417.9bдин630.8bдин82.9b8.5x5x0.7x
Sun, 17 Sep 2023дин414.0bдин625.2bдин81.7b10x5.1x0.7x
Tue, 15 Aug 2023дин399.1bдин626.5bдин82.0b9.8x4.9x0.6x
Thu, 13 Jul 2023дин408.6bдин674.6bдин109.3b10.5x3.7x0.6x
Price to Earnings Ratio

3.7x


Total Market Cap: дин408.6bTotal Earnings: дин109.3bTotal Revenue: дин674.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 11.1x202420252026
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 23.4x which is higher than its 3-year average PE of 11.0x.
Past Earnings Growth
  • The earnings for companies in the Serbian industry have declined 59% per year over the last three years.
  • Revenues have also declined 48% 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-0.48%
Energy0%0
Real Estate0%0
Materials0%0
Consumer Discretionary0%0
Consumer Staples0%0
Healthcare0%0
Tech0%0
Telecom0%0
Utilities0%0
Financials-0.36%
Industrials-0.88%
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 148x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
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
AERO Aerodrom Nikola Tesla a.dдин2.09k0.05%
+дин35.0m		-4.4%PE202.1xIndustrials
RVST Revnost a.dдин12.00k20.0%
+дин9.3m		n/aPE51.1xIndustrials
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

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