Serbian (BELEX) Market Analysis & Valuation

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 23 Jan 2026	дин259.7b	дин146.7b	дин18.4b	8.9x	14.1x	1.8x
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

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 14.1x 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 38% 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	-0.14%
Industrials	0.019%
Energy	0%	0
Real Estate	0%	0
Consumer Discretionary	0%	0
Consumer Staples	0%	0
Healthcare	0%	0
Tech	0%	0
Telecom	0%	0
Utilities	0%	0
Materials	-0.024%
Financials	-1.41%

Sector PE

Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 46.4x.

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 9.9x.

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
AERO Aerodrom Nikola Tesla a.d	дин2.35k	3.8% +дин3.0b	17.5%	PE127.9x	Industrials
GFOM Gosa Fom a.d	дин1.80k	2.6% +дин61.6m	5.6%	PE5.8x	Industrials
BASB Beogradska Autobuska Stanica a.d	дин1.52k	0.05% +дин242.7k	n/a	n/a	Industrials

Company

Last Price

Valuation

Sector

AERO Aerodrom Nikola Tesla a.d

дин2.35k

3.8%
+дин3.0b

17.5%

PE127.9x

Industrials

GFOM Gosa Fom a.d

дин1.80k