Cautious Investors Not Rewarding Gosa Fom a.d.'s (BELEX:GFOM) Performance Completely
Aug 07
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Serbian (BELEX) Market Analysis & Valuation
UpdatedDec 21, 2025
DataAggregated Company Financials
Companies32
- 7D-0.03%
- 3M6.5%
- 1Y13.8%
- YTD15.3%
In the last week, the market has stayed flat, however the Consumer Discretionary sector stood out, gaining 3.3%. Meanwhile, the market is actually up 14% over the past 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 |
|---|---|---|---|---|---|---|
| Sun, 21 Dec 2025 | дин271.2b | дин174.4b | дин20.2b | 9x | 13.4x | 1.6x |
| Tue, 18 Nov 2025 | дин266.7b | дин175.1b | дин20.4b | 8.4x | 13.1x | 1.5x |
| Thu, 16 Oct 2025 | дин257.0b | дин171.2b | дин18.9b | 9.5x | 13.6x | 1.5x |
| Sat, 13 Sep 2025 | дин257.8b | дин167.9b | дин17.3b | 8.4x | 14.9x | 1.5x |
| Mon, 11 Aug 2025 | дин257.4b | дин169.2b | дин17.3b | 8.9x | 14.9x | 1.5x |
| Wed, 09 Jul 2025 | дин256.4b | дин159.4b | дин16.7b | 9.2x | 15.4x | 1.6x |
| Fri, 06 Jun 2025 | дин251.6b | дин155.3b | дин16.4b | 10.3x | 15.4x | 1.6x |
| Sun, 04 May 2025 | дин188.5b | дин120.6b | дин9.8b | 7.3x | 19.2x | 1.6x |
| Tue, 01 Apr 2025 | дин298.4b | дин525.6b | дин20.2b | 8x | 14.8x | 0.6x |
| Thu, 27 Feb 2025 | дин298.6b | дин527.7b | дин20.2b | 8.5x | 14.8x | 0.6x |
| Sat, 25 Jan 2025 | дин355.0b | дин565.6b | дин37.1b | 8.2x | 9.6x | 0.6x |
| Mon, 23 Dec 2024 | дин361.9b | дин557.0b | дин36.8b | 8.2x | 9.8x | 0.6x |
| Wed, 20 Nov 2024 | дин366.7b | дин557.1b | дин36.6b | 8x | 10x | 0.7x |
| Fri, 18 Oct 2024 | дин363.6b | дин574.8b | дин52.3b | 7.7x | 7x | 0.6x |
| Sun, 15 Sep 2024 | дин359.4b | дин572.8b | дин50.9b | 7.7x | 7.1x | 0.6x |
| Tue, 13 Aug 2024 | дин342.1b | дин572.7b | дин50.8b | 7.3x | 6.7x | 0.6x |
| Thu, 11 Jul 2024 | дин332.4b | дин541.1b | дин48.1b | 8x | 6.9x | 0.6x |
| Sat, 08 Jun 2024 | дин803.9b | дин567.0b | дин50.1b | 7.3x | 16x | 1.4x |
| Mon, 06 May 2024 | дин766.0b | дин541.0b | дин43.1b | 7.9x | 17.8x | 1.4x |
| Wed, 03 Apr 2024 | дин803.1b | дин575.7b | дин59.2b | 7.9x | 13.6x | 1.4x |
| Fri, 01 Mar 2024 | дин318.7b | дин570.6b | дин59.0b | 8.9x | 5.4x | 0.6x |
| Sun, 28 Jan 2024 | дин420.2b | дин635.2b | дин75.5b | 9.8x | 5.6x | 0.7x |
| Tue, 26 Dec 2023 | дин419.2b | дин635.2b | дин75.5b | 10.2x | 5.6x | 0.7x |
| Thu, 23 Nov 2023 | дин416.3b | дин635.2b | дин75.5b | 9.8x | 5.5x | 0.7x |
| Sat, 21 Oct 2023 | дин414.0b | дин630.8b | дин82.9b | 8.5x | 5x | 0.7x |
| Mon, 18 Sep 2023 | дин414.0b | дин625.2b | дин81.7b | 10x | 5.1x | 0.7x |
| Wed, 16 Aug 2023 | дин397.3b | дин626.5b | дин82.0b | 9.8x | 4.8x | 0.6x |
| Fri, 14 Jul 2023 | дин407.9b | дин674.5b | дин109.3b | 8.7x | 3.7x | 0.6x |
| Sun, 11 Jun 2023 | дин423.9b | дин678.4b | дин109.2b | 13.8x | 3.9x | 0.6x |
| Tue, 09 May 2023 | дин425.0b | дин647.3b | дин103.7b | 8.8x | 4.1x | 0.7x |
| Thu, 06 Apr 2023 | дин410.3b | дин628.8b | дин103.2b | 8.6x | 4x | 0.7x |
| Sat, 04 Mar 2023 | дин412.8b | дин628.8b | дин103.2b | 9.6x | 4x | 0.7x |
| Mon, 30 Jan 2023 | дин396.5b | дин627.4b | дин87.9b | 9.7x | 4.5x | 0.6x |
| Wed, 28 Dec 2022 | дин381.4b | дин664.4b | дин95.5b | 8.1x | 4x | 0.6x |
Price to Earnings Ratio
4x
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 13.4x which is higher than its 3-year average PE of 9.3x.
Past Earnings Growth
- The earnings for companies in the Serbian industry have declined 40% per year over the last three years.
- Revenues have also declined 36% 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 | -0.025% | |
| Consumer Discretionary | 3.26% | |
| Industrials | 0.00081% | |
| Energy | 0% | 0 |
| Real Estate | 0% | 0 |
| Consumer Staples | 0% | 0 |
| Healthcare | 0% | 0 |
| Tech | 0% | 0 |
| Telecom | 0% | 0 |
| Utilities | 0% | 0 |
| Financials | -0.079% | |
| Materials | -0.37% | |
Sector PE
- Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 46.1x.
- 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 | дин500.00 | 3.3% +дин173.3m | 33.3% | PE4x | Industrials | |
| MTLC Metalac a.d. Gornji Milanovac | дин2.22k | 3.3% +дин135.3m | 16.8% | PE5.5x | Consumer Discretionary |