Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Serbian (BELEX) Market Analysis & Valuation

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies29
  • 7D1.0%
  • 3M3.9%
  • 1Y14.3%
  • YTD2.5%

Over the last 7 days, the market has risen 1.0%, driven by gains of 3.2% in the Industrials sector. As for the past 12 months, the market is up 14%.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026дин259.7bдин146.7bдин18.4b8.9x14.1x1.8x
Tue, 23 Dec 2025дин270.7bдин174.4bдин20.2b9x13.4x1.6x
Thu, 20 Nov 2025дин265.0bдин175.1bдин20.4b8.4x13x1.5x
Sat, 18 Oct 2025дин258.5bдин173.5bдин20.3b8.8x12.8x1.5x
Mon, 15 Sep 2025дин257.1bдин167.8bдин17.2b9.5x14.9x1.5x
Wed, 13 Aug 2025дин256.8bдин169.2bдин17.3b8.9x14.8x1.5x
Fri, 11 Jul 2025дин256.6bдин159.4bдин16.7b9.2x15.4x1.6x
Sun, 08 Jun 2025дин252.7bдин155.3bдин16.4b10.3x15.4x1.6x
Tue, 06 May 2025дин187.7bдин120.5bдин9.8b7.3x19.1x1.6x
Thu, 03 Apr 2025дин297.1bдин525.6bдин20.2b8x14.7x0.6x
Sat, 01 Mar 2025дин298.6bдин527.7bдин20.2b8.2x14.8x0.6x
Mon, 27 Jan 2025дин354.9bдин565.6bдин37.1b8.2x9.6x0.6x
Wed, 25 Dec 2024дин363.9bдин564.7bдин37.1b8x9.8x0.6x
Fri, 22 Nov 2024дин365.7bдин557.1bдин36.6b8x10x0.7x
Sun, 20 Oct 2024дин312.1bдин542.1bдин45.8b7.7x6.8x0.6x
Tue, 17 Sep 2024дин356.5bдин572.8bдин50.9b7.7x7x0.6x
Thu, 15 Aug 2024дин345.1bдин572.7bдин50.8b7.3x6.8x0.6x
Sat, 13 Jul 2024дин332.9bдин541.1bдин48.1b8.2x6.9x0.6x
Mon, 10 Jun 2024дин803.9bдин567.0bдин50.1b7.3x16x1.4x
Wed, 08 May 2024дин766.8bдин541.3bдин43.1b7.9x17.8x1.4x
Fri, 05 Apr 2024дин805.0bдин575.7bдин59.2b8x13.6x1.4x
Sun, 03 Mar 2024дин319.1bдин570.6bдин59.0b8.9x5.4x0.6x
Tue, 30 Jan 2024дин420.7bдин635.2bдин75.5b9.8x5.6x0.7x
Thu, 28 Dec 2023дин419.2bдин635.2bдин75.5b10.2x5.6x0.7x
Sat, 25 Nov 2023дин418.7bдин635.2bдин75.5b9.8x5.5x0.7x
Mon, 23 Oct 2023дин413.8bдин630.8bдин82.9b8.5x5x0.7x
Wed, 20 Sep 2023дин415.0bдин625.2bдин81.7b10.1x5.1x0.7x
Fri, 18 Aug 2023дин397.7bдин626.5bдин82.0b9.8x4.8x0.6x
Sun, 16 Jul 2023дин407.7bдин674.5bдин109.3b8.7x3.7x0.6x
Tue, 13 Jun 2023дин427.9bдин678.4bдин109.2b13.8x3.9x0.6x
Thu, 11 May 2023дин426.5bдин647.6bдин103.9b9.3x4.1x0.7x
Sat, 08 Apr 2023дин410.2bдин628.8bдин103.2b8.6x4x0.7x
Mon, 06 Mar 2023дин412.8bдин628.8bдин103.2b9.6x4x0.7x
Wed, 01 Feb 2023дин396.9bдин628.5bдин87.9b8.7x4.5x0.6x
Price to Earnings Ratio

4.5x


Total Market Cap: дин396.9bTotal Earnings: дин87.9bTotal Revenue: дин628.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 9.6x202420252026
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 14.1x which is higher than its 3-year average PE of 9.6x.
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 Market1.02%
Industrials3.25%
Consumer Discretionary0.70%
Energy0%0
Real Estate0%0
Consumer Staples0%0
Healthcare0%0
Tech0%0
Telecom0%0
Utilities0%0
Materials-0.024%
Financials-1.52%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 46.4x.
    • 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 9.9x.
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.dдин2.35k3.8%
+дин3.0b		17.5%PE127.9xIndustrials
GFOM Gosa Fom a.dдин1.80k2.6%
+дин61.6m		5.5%PE5.8xIndustrials
MTLC Metalac a.d. Gornji Milanovacдин2.15k0.7%
+дин29.0m		7.7%n/aConsumer Discretionary
BASB Beogradska Autobuska Stanica a.dдин1.52k0.07%
+дин311.2k		n/an/aIndustrials
See more

Market Insights

Header cover image
How to invest when commodity prices get messy ⚖️
Richard Bowman avatar
Richard Bowman
|
|
From miners to energy, 2026 may reward structure and margins over spot price bets.
Continue reading
Why Didn’t Oil React to Venezuela? 🇻🇪
Last Week

Why Didn’t Oil React to Venezuela? 🇻🇪

Latest News

GFOM
дин1,795.00
Gosa Fom a.d
7D
2.6%
1Y
5.5%
MTLC
дин2,150.00
Metalac a.d. Gornji Milanovac
7D
0.7%
1Y
7.7%
PPTA
дин280.00
PPT Armature a.d
7D
-0.7%
1Y
n/a
JESV
дин7,999.00
MPP Jedinstvo a.d
7D
-2.4%
1Y
-1.5%
AERO
дин2,350.00
Aerodrom Nikola Tesla a.d
7D
3.8%
1Y
17.5%

The Strong Earnings Posted By Aerodrom Nikola Tesla a.d (BELEX:AERO) Are A Good Indication Of The Strength Of The Business

Aug 06
The Strong Earnings Posted By Aerodrom Nikola Tesla a.d (BELEX:AERO) Are A Good Indication Of The Strength Of The Business
IMPL
дин7,700.00
IMPOL SEVAL Valjaonica Aluminijuma a.d
7D
-0.2%
1Y
n/a
DNOS
дин1,750.00
Kompanija Dunav Osiguranje a.d.o
7D
-1.5%
1Y
28.5%