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Serbian (BELEX) Market Analysis & Valuation

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies30
  • 7D0.3%
  • 3M4.2%
  • 1Y20.1%
  • YTD3.0%

Over the last 7 days, the market has remained flat, although notably the Financials sector gained 3.1% in that time. Meanwhile, the market is actually up 20% over the past year.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026дин261.0bдин145.9bдин18.4b9x14.2x1.8x
Sat, 27 Dec 2025дин265.8bдин169.3bдин19.5b7.8x13.6x1.6x
Mon, 24 Nov 2025дин264.0bдин175.1bдин20.4b8.4x12.9x1.5x
Wed, 22 Oct 2025дин258.2bдин173.5bдин20.3b8.8x12.7x1.5x
Fri, 19 Sep 2025дин256.7bдин167.6bдин17.2b9.5x14.9x1.5x
Sun, 17 Aug 2025дин258.5bдин169.2bдин17.3b8.9x14.9x1.5x
Tue, 15 Jul 2025дин256.9bдин159.4bдин16.7b9.2x15.4x1.6x
Thu, 12 Jun 2025дин253.5bдин159.2bдин16.6b9.5x15.3x1.6x
Sat, 10 May 2025дин188.6bдин124.8bдин10.4b7.3x18.1x1.5x
Mon, 07 Apr 2025дин299.7bдин525.6bдин20.2b8x14.9x0.6x
Wed, 05 Mar 2025дин298.3bдин527.7bдин20.3b8.2x14.7x0.6x
Fri, 31 Jan 2025дин354.3bдин565.6bдин37.1b8.3x9.6x0.6x
Sun, 29 Dec 2024дин365.4bдин564.7bдин37.1b8.1x9.8x0.6x
Tue, 26 Nov 2024дин365.1bдин557.1bдин36.6b8.1x10x0.7x
Thu, 24 Oct 2024дин311.9bдин542.1bдин45.8b7.7x6.8x0.6x
Sat, 21 Sep 2024дин356.6bдин573.5bдин51.1b7.8x7x0.6x
Mon, 19 Aug 2024дин346.3bдин572.7bдин50.8b7.3x6.8x0.6x
Wed, 17 Jul 2024дин332.1bдин541.1bдин48.1b8.4x6.9x0.6x
Fri, 14 Jun 2024дин808.9bдин566.9bдин50.2b8.3x16.1x1.4x
Sun, 12 May 2024дин766.4bдин542.5bдин43.7b7.7x17.6x1.4x
Tue, 09 Apr 2024дин806.5bдин575.7bдин59.2b8.6x13.6x1.4x
Thu, 07 Mar 2024дин325.1bдин575.5bдин59.2b8.1x5.5x0.6x
Sat, 03 Feb 2024дин421.2bдин611.0bдин65.4b9.8x6.4x0.7x
Mon, 01 Jan 2024дин419.2bдин635.2bдин75.5b9.8x5.6x0.7x
Wed, 29 Nov 2023дин416.5bдин635.2bдин75.5b9.8x5.5x0.7x
Fri, 27 Oct 2023дин416.2bдин630.8bдин82.9b9.1x5x0.7x
Sun, 24 Sep 2023дин413.4bдин627.4bдин82.2b8.9x5x0.7x
Tue, 22 Aug 2023дин399.5bдин627.3bдин82.0b9.8x4.9x0.6x
Thu, 20 Jul 2023дин409.1bдин675.5bдин109.3b12.5x3.7x0.6x
Sat, 17 Jun 2023дин408.7bдин678.0bдин109.2b13.7x3.7x0.6x
Mon, 15 May 2023дин428.1bдин647.5bдин103.9b11.3x4.1x0.7x
Wed, 12 Apr 2023дин401.1bдин628.8bдин103.2b8.4x3.9x0.6x
Fri, 10 Mar 2023дин413.9bдин628.8bдин103.2b9.3x4x0.7x
Sun, 05 Feb 2023дин399.3bдин628.5bдин87.9b8.7x4.5x0.6x
Price to Earnings Ratio

4.5x


Total Market Cap: дин399.3bTotal 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 14.2x 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 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 Market0.31%
Financials3.14%
Consumer Discretionary2.33%
Energy0%0
Real Estate0%0
Consumer Staples0%0
Healthcare0%0
Tech0%0
Telecom0%0
Utilities0%0
Industrials-0.082%
Materials-0.10%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 46.5x.
    • 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 9.8x.
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.oдин1.85k5.7%
+дин1.5b		34.8%PE6.1xFinancials
MTLC Metalac a.d. Gornji Milanovacдин2.20k2.3%
+дин96.7m		10.2%n/aConsumer Discretionary
See more

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