The Strong Earnings Posted By Aerodrom Nikola Tesla a.d (BELEX:AERO) Are A Good Indication Of The Strength Of The Business
Aug 06
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Serbian (BELEX) Market Analysis & Valuation
UpdatedDec 11, 2025
DataAggregated Company Financials
Companies33
- 7D0.6%
- 3M5.6%
- 1Y13.7%
- YTD15.2%
The market has been flat over the last week. More promisingly, the market is 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 |
|---|---|---|---|---|---|---|
| Thu, 11 Dec 2025 | дин269.8b | дин174.3b | дин20.3b | 9x | 13.3x | 1.5x |
| Sat, 08 Nov 2025 | дин265.6b | дин175.2b | дин20.4b | 8.7x | 13x | 1.5x |
| Mon, 06 Oct 2025 | дин258.0b | дин173.1b | дин19.0b | 9.5x | 13.6x | 1.5x |
| Wed, 03 Sep 2025 | дин256.1b | дин169.2b | дин17.3b | 8.9x | 14.8x | 1.5x |
| Fri, 01 Aug 2025 | дин258.4b | дин169.8b | дин17.2b | 9.2x | 15x | 1.5x |
| Sun, 29 Jun 2025 | дин253.9b | дин159.4b | дин16.7b | 9.2x | 15.2x | 1.6x |
| Tue, 27 May 2025 | дин250.8b | дин155.3b | дин16.5b | 9.5x | 15.2x | 1.6x |
| Thu, 24 Apr 2025 | дин185.2b | дин118.5b | дин9.4b | 7.6x | 19.7x | 1.6x |
| Sat, 22 Mar 2025 | дин298.8b | дин527.7b | дин20.3b | 8x | 14.7x | 0.6x |
| Mon, 17 Feb 2025 | дин299.3b | дин527.7b | дин20.2b | 8.2x | 14.8x | 0.6x |
| Wed, 15 Jan 2025 | дин356.2b | дин564.6b | дин37.0b | 8.3x | 9.6x | 0.6x |
| Fri, 13 Dec 2024 | дин364.0b | дин557.9b | дин36.8b | 8.4x | 9.9x | 0.7x |
| Sun, 10 Nov 2024 | дин372.2b | дин558.3b | дин36.6b | 7.8x | 10.2x | 0.7x |
| Tue, 08 Oct 2024 | дин364.8b | дин574.5b | дин52.3b | 7.5x | 7x | 0.6x |
| Thu, 05 Sep 2024 | дин360.1b | дин572.8b | дин50.9b | 7.5x | 7.1x | 0.6x |
| Sat, 03 Aug 2024 | дин340.2b | дин570.4b | дин50.7b | 7.5x | 6.7x | 0.6x |
| Mon, 01 Jul 2024 | дин333.8b | дин566.4b | дин50.1b | 7.4x | 6.7x | 0.6x |
| Wed, 29 May 2024 | дин762.7b | дин541.8b | дин44.2b | 7.5x | 17.3x | 1.4x |
| Fri, 26 Apr 2024 | дин767.1b | дин545.7b | дин52.7b | 9.5x | 14.5x | 1.4x |
| Sun, 24 Mar 2024 | дин330.8b | дин575.7b | дин59.2b | 9x | 5.6x | 0.6x |
| Tue, 20 Feb 2024 | дин318.5b | дин569.0b | дин59.1b | 7.8x | 5.4x | 0.6x |
| Thu, 18 Jan 2024 | дин419.8b | дин635.2b | дин75.5b | 9.8x | 5.6x | 0.7x |
| Sat, 16 Dec 2023 | дин420.0b | дин635.2b | дин75.5b | 10.2x | 5.6x | 0.7x |
| Mon, 13 Nov 2023 | дин411.3b | дин635.2b | дин75.5b | 9.8x | 5.4x | 0.6x |
| Wed, 11 Oct 2023 | дин419.5b | дин630.8b | дин82.9b | 8.9x | 5.1x | 0.7x |
| Fri, 08 Sep 2023 | дин408.7b | дин627.2b | дин82.0b | 10.3x | 5x | 0.7x |
| Sun, 06 Aug 2023 | дин400.8b | дин626.9b | дин82.0b | 9.2x | 4.9x | 0.6x |
| Tue, 04 Jul 2023 | дин407.1b | дин677.1b | дин109.2b | 11.1x | 3.7x | 0.6x |
| Thu, 01 Jun 2023 | дин427.6b | дин677.5b | дин109.2b | 11.3x | 3.9x | 0.6x |
| Sat, 29 Apr 2023 | дин420.2b | дин628.9b | дин103.2b | 8.4x | 4.1x | 0.7x |
| Mon, 27 Mar 2023 | дин413.1b | дин628.8b | дин103.2b | 9x | 4x | 0.7x |
| Wed, 22 Feb 2023 | дин405.4b | дин628.5b | дин87.9b | 8.8x | 4.6x | 0.6x |
| Fri, 20 Jan 2023 | дин388.2b | дин627.3b | дин87.9b | 9.3x | 4.4x | 0.6x |
| Sun, 18 Dec 2022 | дин332.1b | дин648.0b | дин90.8b | 6.9x | 3.7x | 0.5x |
Price to Earnings Ratio
3.7x
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 13.3x which is higher than its 3-year average PE of 9.2x.
Past Earnings Growth
- The earnings for companies in the Serbian industry have declined 39% per year over the last three years.
- Revenues have also declined 35% 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 | 0.61% | |
| Industrials | 1.73% | |
| Financials | 0.65% | |
| 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 | -0.51% | |
Sector PE
- Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 46.0x.
- 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 | |
|---|---|---|---|---|---|---|
| AERO Aerodrom Nikola Tesla a.d | дин2.35k | 2.2% +дин1.7b | 17.8% | PE127.9x | Industrials | |
| DNOS Kompanija Dunav Osiguranje a.d.o | дин1.74k | 2.5% +дин644.8m | 28.0% | PE5.8x | Financials |