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Serbian (BELEX) Market Analysis & Valuation

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies29
  • 7D-0.03%
  • 3M5.2%
  • 1Y19.0%
  • YTD4.6%

In the last week, the market has been flat. Meanwhile, the market is actually up 19% over the past year.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026дин261.1bдин146.6bдин18.4b8.8x14.2x1.8x
Wed, 10 Dec 2025дин270.0bдин174.3bдин20.3b9x13.3x1.5x
Fri, 07 Nov 2025дин265.5bдин175.2bдин20.4b8.7x13x1.5x
Sun, 05 Oct 2025дин258.0bдин173.2bдин19.0b10.1x13.6x1.5x
Tue, 02 Sep 2025дин255.4bдин169.2bдин17.3b8.9x14.7x1.5x
Thu, 31 Jul 2025дин258.2bдин169.8bдин17.2b9.2x15x1.5x
Sat, 28 Jun 2025дин253.9bдин159.4bдин16.7b9.2x15.2x1.6x
Mon, 26 May 2025дин250.3bдин155.3bдин16.5b9.5x15.2x1.6x
Wed, 23 Apr 2025дин188.9bдин118.5bдин9.4b7.7x20.1x1.6x
Fri, 21 Mar 2025дин298.9bдин527.7bдин20.3b8.1x14.7x0.6x
Sun, 16 Feb 2025дин299.3bдин527.7bдин20.2b8.2x14.8x0.6x
Tue, 14 Jan 2025дин360.2bдин564.7bдин37.1b8.1x9.7x0.6x
Thu, 12 Dec 2024дин364.3bдин556.9bдин36.8b8x9.9x0.7x
Sat, 09 Nov 2024дин372.3bдин558.3bдин36.6b7.8x10.2x0.7x
Mon, 07 Oct 2024дин364.0bдин574.6bдин52.3b7.5x7x0.6x
Wed, 04 Sep 2024дин355.0bдин572.8bдин50.9b7.6x7x0.6x
Fri, 02 Aug 2024дин340.6bдин550.0bдин48.9b7.7x7x0.6x
Sun, 30 Jun 2024дин334.0bдин567.5bдин50.1b7.5x6.7x0.6x
Tue, 28 May 2024дин763.6bдин542.2bдин44.2b7.7x17.3x1.4x
Thu, 25 Apr 2024дин763.9bдин545.7bдин52.7b9.5x14.5x1.4x
Sat, 23 Mar 2024дин330.5bдин575.7bдин59.2b9x5.6x0.6x
Mon, 19 Feb 2024дин319.0bдин569.0bдин59.1b7.8x5.4x0.6x
Wed, 17 Jan 2024дин419.9bдин635.2bдин75.5b9.8x5.6x0.7x
Fri, 15 Dec 2023дин419.8bдин635.2bдин75.5b10.2x5.6x0.7x
Sun, 12 Nov 2023дин411.3bдин635.2bдин75.5b9.8x5.4x0.6x
Tue, 10 Oct 2023дин420.0bдин630.8bдин82.9b8.9x5.1x0.7x
Thu, 07 Sep 2023дин407.2bдин627.2bдин82.0b10.2x5x0.6x
Sat, 05 Aug 2023дин400.7bдин621.4bдин82.0b9.2x4.9x0.6x
Mon, 03 Jul 2023дин408.1bдин677.1bдин109.2b11.1x3.7x0.6x
Wed, 31 May 2023дин427.6bдин677.5bдин109.2b11.3x3.9x0.6x
Fri, 28 Apr 2023дин423.6bдин628.9bдин103.2b8.4x4.1x0.7x
Sun, 26 Mar 2023дин413.1bдин628.8bдин103.2b9x4x0.7x
Tue, 21 Feb 2023дин405.1bдин628.5bдин87.9b8.8x4.6x0.6x
Thu, 19 Jan 2023дин388.7bдин626.6bдин87.9b8.4x4.4x0.6x
Price to Earnings Ratio

4.4x


Total Market Cap: дин388.7bTotal Earnings: дин87.9bTotal Revenue: дин626.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 9.5x202420252026
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 14.2x which is higher than its 3-year average PE of 9.5x.
Past Earnings Growth
  • The earnings for companies in the Serbian industry have declined 41% per year over the last three years.
  • Revenues have also declined 38% 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-0.026%
Energy0%0
Real Estate0%0
Materials0%0
Consumer Staples0%0
Healthcare0%0
Financials0%0
Tech0%0
Telecom0%0
Utilities0%0
Industrials-0.063%
Consumer Discretionary-0.18%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 46.3x.
    • 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 10.0x.
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
GFOM Gosa Fom a.dдин1.80k5.3%
+дин123.1m		0.9%PE5.9xIndustrials
See more

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