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Serbian (BELEX) Market Analysis & Valuation

UpdatedMar 19, 2025
DataAggregated Company Financials
Companies35
  • 7D0.2%
  • 3M-1.3%
  • 1Y3.4%
  • YTD-2.3%

In the last week, the market has been flat, with a notable exception in the Utilities sector dropping 3.0%. As for the longer term, the market has risen 3.4% in the past 12 months. Earnings are forecast to grow by 17% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 19 Mar 2025дин299.0bдин527.7bдин20.3b8.1x14.7x0.6x
Fri, 14 Feb 2025дин299.2bдин527.7bдин20.2b8.2x14.8x0.6x
Sun, 12 Jan 2025дин362.6bдин564.7bдин37.1b8.1x9.8x0.6x
Tue, 10 Dec 2024дин362.1bдин556.9bдин36.8b8.1x9.8x0.7x
Thu, 07 Nov 2024дин373.0bдин559.1bдин36.9b7.8x10.1x0.7x
Sat, 05 Oct 2024дин364.2bдин574.8bдин51.3b8x7.1x0.6x
Mon, 02 Sep 2024дин355.8bдин572.7bдин50.9b7.5x7x0.6x
Wed, 31 Jul 2024дин339.9bдин550.0bдин48.9b7.7x6.9x0.6x
Fri, 28 Jun 2024дин333.4bдин567.5bдин50.1b7.5x6.6x0.6x
Sun, 26 May 2024дин762.4bдин542.2bдин44.1b7.4x17.3x1.4x
Tue, 23 Apr 2024дин766.2bдин545.7bдин52.7b8.9x14.5x1.4x
Thu, 21 Mar 2024дин332.9bдин574.0bдин59.2b8.3x5.6x0.6x
Sat, 17 Feb 2024дин319.0bдин569.0bдин59.1b7.8x5.4x0.6x
Mon, 15 Jan 2024дин420.0bдин635.2bдин75.5b9.8x5.6x0.7x
Wed, 13 Dec 2023дин419.6bдин635.2bдин75.5b10.2x5.6x0.7x
Fri, 10 Nov 2023дин410.9bдин635.2bдин75.5b9.8x5.4x0.6x
Sun, 08 Oct 2023дин419.7bдин630.8bдин82.9b8.9x5.1x0.7x
Tue, 05 Sep 2023дин407.2bдин627.2bдин82.0b10.2x5x0.6x
Thu, 03 Aug 2023дин400.6bдин621.4bдин82.0b9.2x4.9x0.6x
Sat, 01 Jul 2023дин408.1bдин677.8bдин109.2b13.7x3.7x0.6x
Mon, 29 May 2023дин431.4bдин647.7bдин103.1b13.2x4.2x0.7x
Wed, 26 Apr 2023дин419.0bдин628.8bдин103.2b8.4x4.1x0.7x
Fri, 24 Mar 2023дин415.9bдин628.8bдин103.2b9.1x4x0.7x
Sun, 19 Feb 2023дин404.8bдин628.5bдин87.9b8.8x4.6x0.6x
Tue, 17 Jan 2023дин389.2bдин626.6bдин87.9b8.4x4.4x0.6x
Thu, 15 Dec 2022дин331.7bдин648.0bдин90.8b6.9x3.7x0.5x
Sat, 12 Nov 2022дин326.9bдин580.3bдин72.2b7.6x4.5x0.6x
Mon, 10 Oct 2022дин326.2bдин584.8bдин72.1b8.5x4.5x0.6x
Wed, 07 Sep 2022дин330.3bдин582.4bдин72.9b7.8x4.5x0.6x
Fri, 05 Aug 2022дин324.6bдин512.4bдин49.5b6.7x6.6x0.6x
Sun, 03 Jul 2022дин321.9bдин510.9bдин50.2b5.8x6.4x0.6x
Tue, 31 May 2022дин313.5bдин513.8bдин47.5b9.8x6.6x0.6x
Thu, 28 Apr 2022дин291.5bдин460.6bдин34.4b10.1x8.5x0.6x
Sat, 26 Mar 2022дин305.8bдин449.6bдин34.6b11.4x8.8x0.7x
Price to Earnings Ratio

8.8x


Total Market Cap: дин305.8bTotal Earnings: дин34.6bTotal Revenue: дин449.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 7x202320242025
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 14.7x which is higher than its 3-year average PE of 7.0x.
Past Earnings Growth
  • The earnings for Serbian listed companies have declined 16% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.5% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Serbian Market?

RS Market0.20%
Financials2.46%
Consumer Discretionary2.13%
Industrials0.35%
Materials0.11%
Energy0%0
Real Estate0%0
Consumer Staples0%0
Healthcare0%0
Tech0%0
Telecom0%0
Utilities-3.03%
Sector PE
  • Investors favour the Industrials sector the most for future growth even though it's trading below its 3-year average PE ratio of 158x.
    • 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 below its 3-year average of 6.8x.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 17% over the next 5 years.
  • This is better than its past earnings decline of 76% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 17% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
DNOS Kompanija Dunav Osiguranje a.d.oдин1.54k2.4%
+дин546.8m		53.5%PE9.3xFinancials
AERO Aerodrom Nikola Tesla a.dдин1.99k0.5%
+дин314.7m		10.5%PE288xIndustrials
AMSO AMS Osiguranje a.dдин3.40k17.2%
+дин157.3m		n/aPE3.7xFinancials
MTLC Metalac a.d. Gornji Milanovacдин1.95k2.3%
+дин85.1m		18.2%PE4.8xConsumer Discretionary
IMPL IMPOL SEVAL Valjaonica Aluminijuma a.dдин7.75k0.6%
+дин46.2m		35.9%n/aMaterials
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AMSO

дин3,400.00

AMS Osiguranje a.d

7D

17.2%

1Y

n/a

FINT

дин640.00

Fintel Energija a.d

7D

-3.0%

1Y

-3.0%

PPTA

дин400.00

PPT Armature a.d

7D

-0.7%

1Y

-23.1%

PPT Armature a.d (BELEX:PPTA) Will Be Hoping To Turn Its Returns On Capital Around

Mar 12
PPT Armature a.d (BELEX:PPTA) Will Be Hoping To Turn Its Returns On Capital Around

MTLC

дин1,950.00

Metalac a.d. Gornji Milanovac

7D

2.3%

1Y

18.2%

DNOS

дин1,535.00

Kompanija Dunav Osiguranje a.d.o

7D

2.4%

1Y

53.5%

AERO

дин1,989.00

Aerodrom Nikola Tesla a.d

7D

0.5%

1Y

10.5%

ENHL

дин402.00

Energoprojekt Holding a.d

7D

-0.7%

1Y

20.0%

IMPL

дин7,749.00

IMPOL SEVAL Valjaonica Aluminijuma a.d

7D

0.6%

1Y

35.9%