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Serbian (BELEX) Market Analysis & Valuation

UpdatedMay 12, 2026
DataAggregated Company Financials
Companies31
  • 7D-0.007%
  • 3M-7.6%
  • 1Y0.6%
  • YTD-4.5%

The market has been flat in the last week, however the Information Technology sector is down 9.8%. As for the longer term, the market has also been flat over the past year.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 13 May 2026дин244.1bдин150.5bдин17.9b8.1x13.7x1.6x
Fri, 10 Apr 2026дин243.2bдин143.8bдин18.5b8.9x13.2x1.7x
Sun, 08 Mar 2026дин249.0bдин147.1bдин18.4b9x13.6x1.7x
Tue, 03 Feb 2026дин262.4bдин147.1bдин18.4b8.9x14.3x1.8x
Thu, 01 Jan 2026дин260.6bдин146.6bдин18.4b8.8x14.2x1.8x
Sat, 29 Nov 2025дин268.1bдин175.1bдин20.4b8.4x13.1x1.5x
Mon, 27 Oct 2025дин258.9bдин173.5bдин20.3b8.8x12.8x1.5x
Wed, 24 Sep 2025дин258.6bдин172.7bдин18.3b9.1x14.1x1.5x
Fri, 22 Aug 2025дин260.0bдин169.2bдин17.3b8.9x15x1.5x
Sun, 20 Jul 2025дин258.2bдин159.4bдин16.7b9.2x15.5x1.6x
Tue, 17 Jun 2025дин255.9bдин159.4bдин16.7b9.2x15.3x1.6x
Thu, 15 May 2025дин188.4bдин123.5bдин10.2b10.8x18.4x1.5x
Sat, 12 Apr 2025дин302.9bдин525.6bдин20.2b8x15x0.6x
Mon, 10 Mar 2025дин298.9bдин527.7bдин20.3b8.2x14.7x0.6x
Wed, 05 Feb 2025дин353.0bдин560.4bдин26.7b8.7x13.2x0.6x
Fri, 03 Jan 2025дин361.7bдин564.7bдин37.1b8.1x9.7x0.6x
Sun, 01 Dec 2024дин364.5bдин557.1bдин36.6b8.1x10x0.7x
Tue, 29 Oct 2024дин365.1bдин568.7bдин52.0b7.8x7x0.6x
Thu, 26 Sep 2024дин356.4bдин573.6bдин51.1b7.8x7x0.6x
Sat, 24 Aug 2024дин350.1bдин572.7bдин50.9b7.7x6.9x0.6x
Mon, 22 Jul 2024дин331.9bдин544.5bдин48.6b7.2x6.8x0.6x
Wed, 19 Jun 2024дин801.9bдин567.6bдин50.3b8.2x15.9x1.4x
Fri, 17 May 2024дин764.5bдин543.6bдин43.7b7.1x17.5x1.4x
Sun, 14 Apr 2024дин811.8bдин575.7bдин59.1b9.5x13.7x1.4x
Tue, 12 Mar 2024дин329.2bдин575.5bдин59.2b8.5x5.6x0.6x
Thu, 08 Feb 2024дин318.3bдин569.2bдин59.1b7.2x5.4x0.6x
Sat, 06 Jan 2024дин419.0bдин635.2bдин75.5b9.8x5.6x0.7x
Mon, 04 Dec 2023дин422.5bдин635.2bдин75.5b10.2x5.6x0.7x
Wed, 01 Nov 2023дин417.0bдин607.5bдин75.4b9.1x5.5x0.7x
Fri, 29 Sep 2023дин412.5bдин630.1bдин82.7b8.8x5x0.7x
Sun, 27 Aug 2023дин409.6bдин627.3bдин82.0b10.2x5x0.7x
Tue, 25 Jul 2023дин407.1bдин675.5bдин109.3b12.5x3.7x0.6x
Thu, 22 Jun 2023дин407.9bдин677.8bдин109.2b13.7x3.7x0.6x
Sat, 20 May 2023дин431.5bдин648.4bдин103.6b10.2x4.2x0.7x
Price to Earnings Ratio

4.2x


Total Market Cap: дин431.5bTotal Earnings: дин103.6bTotal Revenue: дин648.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 10.5x202420252026
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 13.7x which is higher than its 3-year average PE of 10.5x.
Past Earnings Growth
  • The earnings for companies in the Serbian industry have declined 44% per year over the last three years.
  • Revenues have also declined 39% 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-0.0075%
Financials1.37%
Consumer Discretionary0.044%
Materials0.0047%
Energy0%0
Real Estate0%0
Consumer Staples0%0
Healthcare0%0
Telecom0%0
Industrials-0.029%
Utilities-1.67%
Tech-9.84%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 47.3x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
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
DNOS Kompanija Dunav Osiguranje a.d.oдин1.91k0.5%
+дин151.9m		38.1%PE6.4xFinancials
TGAS Messer Tehnogas ADдин34.07k0.1%
+дин42.5m		1.7%PE7.1xMaterials
TRBG Termika-Beograd a.dдин3.50k1.5%
+дин3.2m		0%n/aIndustrials
See more

Market Insights

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Latest News

FINT
дин590.00
Fintel Energija a.d
7D
-1.7%
1Y
-6.3%
TGAS
дин34,073.00
Messer Tehnogas AD
7D
0.1%
1Y
1.7%
JESV
дин8,000.00
MPP Jedinstvo a.d
7D
-12.1%
1Y
n/a
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When companies post strong earnings, the stock generally performs well, just like MPP Jedinstvo a.d.'s ( BELEX:JESV...
DNOS
дин1,910.00
Kompanija Dunav Osiguranje a.d.o
7D
0.5%
1Y
38.1%
GFOM
дин1,600.00
Gosa Fom a.d
7D
-5.9%
1Y
-20.0%
MTLC
дин2,100.00
Metalac a.d. Gornji Milanovac
7D
-3.2%
1Y
2.7%
IRTL
дин1,061.00
Iritel a.d
7D
-29.3%
1Y
-29.3%
TRBG
дин3,500.00
Termika-Beograd a.d
7D
1.5%
1Y
0%