Under The Bonnet, IMPOL SEVAL Valjaonica Aluminijuma a.d's (BELEX:IMPL) Returns Look Impressive
Apr 23
Serbian (BELEX) Market Analysis & Valuation
UpdatedApr 27, 2024
DataAggregated Company Financials
Companies47
- 7D-0.09%
- 3M10.7%
- 1Y9.0%
- YTD4.0%
In the last week, the market has been flat, with a notable exception in the Materials sector dropping 3.8%. As for the longer term, the market has risen 8.0% in the past 12 months. Looking forward, earnings are forecast to decline by 2.0% per year.
Market Valuation and Performance
Has the Serbian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 27 Apr 2024 | дин767.8b | дин545.7b | дин52.7b | 9.5x | 14.6x | 1.4x |
| Mon, 25 Mar 2024 | дин330.8b | дин575.7b | дин59.2b | 9x | 5.6x | 0.6x |
| Wed, 21 Feb 2024 | дин317.3b | дин570.6b | дин59.2b | 8x | 5.4x | 0.6x |
| Fri, 19 Jan 2024 | дин418.9b | дин635.2b | дин75.5b | 9.8x | 5.6x | 0.7x |
| Sun, 17 Dec 2023 | дин420.0b | дин635.2b | дин75.5b | 10.2x | 5.6x | 0.7x |
| Tue, 14 Nov 2023 | дин412.2b | дин635.2b | дин75.5b | 9.8x | 5.5x | 0.6x |
| Thu, 12 Oct 2023 | дин420.4b | дин630.8b | дин82.9b | 8.9x | 5.1x | 0.7x |
| Sat, 09 Sep 2023 | дин408.2b | дин625.1b | дин81.7b | 10.2x | 5x | 0.7x |
| Mon, 07 Aug 2023 | дин400.8b | дин626.4b | дин82.0b | 10x | 4.9x | 0.6x |
| Wed, 05 Jul 2023 | дин407.3b | дин677.1b | дин109.2b | 11.1x | 3.7x | 0.6x |
| Fri, 02 Jun 2023 | дин427.7b | дин677.5b | дин109.2b | 11.3x | 3.9x | 0.6x |
| Sun, 30 Apr 2023 | дин420.3b | дин629.1b | дин103.4b | 8.8x | 4.1x | 0.7x |
| Tue, 28 Mar 2023 | дин414.2b | дин628.8b | дин103.2b | 8.9x | 4x | 0.7x |
| Thu, 23 Feb 2023 | дин406.8b | дин628.5b | дин87.9b | 8.8x | 4.6x | 0.6x |
| Sat, 21 Jan 2023 | дин388.4b | дин627.3b | дин87.9b | 9.3x | 4.4x | 0.6x |
| Mon, 19 Dec 2022 | дин332.1b | дин648.0b | дин90.8b | 6.9x | 3.7x | 0.5x |
| Wed, 16 Nov 2022 | дин330.6b | дин580.3b | дин72.2b | 7.6x | 4.6x | 0.6x |
| Fri, 14 Oct 2022 | дин325.5b | дин584.8b | дин72.1b | 8.5x | 4.5x | 0.6x |
| Sun, 11 Sep 2022 | дин329.5b | дин582.9b | дин73.0b | 7.8x | 4.5x | 0.6x |
| Tue, 09 Aug 2022 | дин326.7b | дин583.3b | дин73.0b | 6.7x | 4.5x | 0.6x |
| Thu, 07 Jul 2022 | дин322.2b | дин510.9b | дин50.2b | 5.7x | 6.4x | 0.6x |
| Sat, 04 Jun 2022 | дин320.6b | дин513.8b | дин47.5b | 8.1x | 6.7x | 0.6x |
| Mon, 02 May 2022 | дин292.1b | дин461.6b | дин34.3b | 10.1x | 8.5x | 0.6x |
| Wed, 30 Mar 2022 | дин306.8b | дин448.4b | дин34.6b | 10.2x | 8.9x | 0.7x |
| Fri, 25 Feb 2022 | дин305.6b | дин449.6b | дин34.6b | 9.4x | 8.8x | 0.7x |
| Sun, 23 Jan 2022 | дин310.4b | дин401.0b | дин24.9b | 10x | 12.4x | 0.8x |
| Tue, 21 Dec 2021 | дин295.0b | дин401.0b | дин24.9b | 8.4x | 11.8x | 0.7x |
| Thu, 18 Nov 2021 | дин299.0b | дин402.1b | дин24.7b | 8.4x | 12.1x | 0.7x |
| Sat, 16 Oct 2021 | дин293.7b | дин366.6b | дин19.3b | 13x | 15.2x | 0.8x |
| Mon, 13 Sep 2021 | дин283.2b | дин360.3b | дин19.6b | 13.1x | 14.4x | 0.8x |
| Wed, 11 Aug 2021 | дин838.0b | дин420.1b | дин25.3b | 11.4x | 33.1x | 2x |
| Sun, 06 Jun 2021 | дин833.8b | дин379.9b | дин11.9b | 12.9x | 70.2x | 2.2x |
Price to Earnings Ratio
70.1x
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 14.5x which is higher than its 3-year average PE of 12.1x.
Past Earnings Growth
- The earnings for Serbian listed companies have grown 64% per year over the last three years.
- Revenues for these companies have grown 13% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Sector Trends
Which sectors have driven the changes within the Serbian Market?
| RS Market | -0.091% | |
| Tech | 8.79% | |
| Consumer Discretionary | 2.96% | |
| Energy | 1.05% | |
| Real Estate | 0% | |
| Healthcare | 0% | |
| Telecom | 0% | |
| Industrials | -0.58% | |
| Financials | -0.97% | |
| Utilities | -1.52% | |
| Consumer Staples | -2.35% | |
| Materials | -3.89% | |
Sector PE
- Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 154x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
- Despite it being negative, analysts are least pessimistic on the Energy sector.
- They expect its earnings to decline by only 2.0% per year over the next 5 years, which isn't as bad as the other sectors.
- In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| NIIS Naftna Industrija Srbije a.d | дин864.00 | 1.1% +дин1.5b | 8.5% | PE3.2x | Energy | |
| IMPL IMPOL SEVAL Valjaonica Aluminijuma a.d | дин6.50k | 13.8% +дин744.4m | 8.3% | PE3.1x | Materials | |
| ENHL Energoprojekt Holding a.d | дин399.00 | 13.4% +дин509.2m | n/a | PS0.4x | Industrials | |
| GFOM Gosa Fom a.d | дин1.28k | 19.2% +дин282.0m | n/a | PE10.6x | Industrials | |
| MTLC Metalac a.d. Gornji Milanovac | дин1.78k | 3.5% +дин116.0m | 4.7% | PE5.9x | Consumer Discretionary |