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Serbian (BELEX) Market Analysis & Valuation
UpdatedJun 08, 2025
DataAggregated Company Financials
Companies38
- 7D0.5%
- 3M7.0%
- 1Y23.6%
- YTD5.6%
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 risen 24% in the past 12 months.
Market Valuation and Performance
Has the Serbian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 08 Jun 2025 | дин252.7b | дин155.3b | дин16.4b | 10.3x | 15.4x | 1.6x |
| Tue, 06 May 2025 | дин187.7b | дин120.5b | дин9.8b | 7.3x | 19.1x | 1.6x |
| Thu, 03 Apr 2025 | дин297.1b | дин525.6b | дин20.2b | 8x | 14.7x | 0.6x |
| Sat, 01 Mar 2025 | дин298.6b | дин527.7b | дин20.2b | 8.2x | 14.8x | 0.6x |
| Mon, 27 Jan 2025 | дин354.9b | дин565.6b | дин37.1b | 8.2x | 9.6x | 0.6x |
| Wed, 25 Dec 2024 | дин363.9b | дин564.7b | дин37.1b | 8x | 9.8x | 0.6x |
| Fri, 22 Nov 2024 | дин365.7b | дин557.1b | дин36.6b | 8x | 10x | 0.7x |
| Sun, 20 Oct 2024 | дин312.1b | дин542.1b | дин45.8b | 7.7x | 6.8x | 0.6x |
| Tue, 17 Sep 2024 | дин356.5b | дин572.8b | дин50.9b | 7.7x | 7x | 0.6x |
| Thu, 15 Aug 2024 | дин345.1b | дин572.7b | дин50.8b | 7.3x | 6.8x | 0.6x |
| Sat, 13 Jul 2024 | дин332.9b | дин541.1b | дин48.1b | 8.2x | 6.9x | 0.6x |
| Mon, 10 Jun 2024 | дин803.9b | дин567.0b | дин50.1b | 7.3x | 16x | 1.4x |
| Wed, 08 May 2024 | дин766.8b | дин541.3b | дин43.1b | 7.9x | 17.8x | 1.4x |
| Fri, 05 Apr 2024 | дин805.0b | дин575.7b | дин59.2b | 8x | 13.6x | 1.4x |
| Sun, 03 Mar 2024 | дин319.1b | дин570.6b | дин59.0b | 8.9x | 5.4x | 0.6x |
| Tue, 30 Jan 2024 | дин420.7b | дин635.2b | дин75.5b | 9.8x | 5.6x | 0.7x |
| Thu, 28 Dec 2023 | дин419.2b | дин635.2b | дин75.5b | 10.2x | 5.6x | 0.7x |
| Sat, 25 Nov 2023 | дин418.7b | дин635.2b | дин75.5b | 9.8x | 5.5x | 0.7x |
| Mon, 23 Oct 2023 | дин413.8b | дин630.8b | дин82.9b | 8.5x | 5x | 0.7x |
| Wed, 20 Sep 2023 | дин415.0b | дин625.2b | дин81.7b | 10.1x | 5.1x | 0.7x |
| Fri, 18 Aug 2023 | дин397.7b | дин626.5b | дин82.0b | 9.8x | 4.8x | 0.6x |
| Sun, 16 Jul 2023 | дин407.7b | дин674.5b | дин109.3b | 8.7x | 3.7x | 0.6x |
| Tue, 13 Jun 2023 | дин427.9b | дин678.4b | дин109.2b | 13.8x | 3.9x | 0.6x |
| Thu, 11 May 2023 | дин426.5b | дин647.6b | дин103.9b | 9.3x | 4.1x | 0.7x |
| Sat, 08 Apr 2023 | дин410.2b | дин628.8b | дин103.2b | 8.6x | 4x | 0.7x |
| Mon, 06 Mar 2023 | дин412.8b | дин628.8b | дин103.2b | 9.6x | 4x | 0.7x |
| Wed, 01 Feb 2023 | дин396.9b | дин628.5b | дин87.9b | 8.7x | 4.5x | 0.6x |
| Fri, 30 Dec 2022 | дин384.6b | дин650.8b | дин92.6b | 8.1x | 4.2x | 0.6x |
| Sun, 27 Nov 2022 | дин331.8b | дин580.5b | дин72.3b | 7.6x | 4.6x | 0.6x |
| Tue, 25 Oct 2022 | дин320.4b | дин584.8b | дин72.1b | 8.5x | 4.4x | 0.5x |
| Thu, 22 Sep 2022 | дин330.1b | дин583.2b | дин73.0b | 7.6x | 4.5x | 0.6x |
| Sat, 20 Aug 2022 | дин327.5b | дин582.4b | дин72.9b | 7.7x | 4.5x | 0.6x |
| Mon, 18 Jul 2022 | дин324.6b | дин511.1b | дин50.2b | 6.2x | 6.5x | 0.6x |
| Wed, 15 Jun 2022 | дин315.7b | дин516.9b | дин50.0b | 8.6x | 6.3x | 0.6x |
Price to Earnings Ratio
6.3x
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 15.4x which is higher than its 3-year average PE of 7.6x.
Past Earnings Growth
- The earnings for companies in the Serbian industry have declined 31% per year over the last three years.
- Revenues have also declined 33% 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 | 0.50% | |
| Financials | 2.65% | |
| Industrials | 0.57% | |
| Energy | 0% | 0 |
| Real Estate | 0% | 0 |
| Materials | 0% | 0 |
| Consumer Staples | 0% | 0 |
| Healthcare | 0% | 0 |
| Tech | 0% | 0 |
| Telecom | 0% | 0 |
| Utilities | 0% | 0 |
| Consumer Discretionary | -0.31% | |
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 163x.
- 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, which is trading close to its 3-year average of 5.4x.
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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| ENHL Energoprojekt Holding a.d | дин550.00 | 19.3% +дин964.2m | 49.9% | PE1360.1x | Industrials | |
| DNOS Kompanija Dunav Osiguranje a.d.o | дин1.45k | 3.6% +дин759.5m | 51.4% | PE7.2x | Financials | |
| PPTA PPT Armature a.d | дин320.00 | 14.3% +дин22.4m | -25.6% | PE10.3x | Industrials | |
| TRBG Termika-Beograd a.d | дин4.00k | 8.1% +дин18.3m | 14.3% | n/a | Industrials |
