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Serbian (BELEX) Market Analysis & Valuation

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies31
  • 7D0.5%
  • 3M-3.8%
  • 1Y6.9%
  • YTD-3.2%

The Utilities sector gained 6.0% while the market remained flat over the last week. Meanwhile, the market is actually up 6.9% over the past year.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026дин249.0bдин147.1bдин18.4b9x13.6x1.7x
Mon, 02 Feb 2026дин262.4bдин147.1bдин18.4b8.9x14.3x1.8x
Wed, 31 Dec 2025дин260.8bдин146.6bдин18.4b8.8x14.2x1.8x
Fri, 28 Nov 2025дин267.8bдин175.1bдин20.4b8.4x13.1x1.5x
Sun, 26 Oct 2025дин258.9bдин173.5bдин20.3b8.8x12.8x1.5x
Tue, 23 Sep 2025дин257.9bдин172.7bдин18.3b9.1x14.1x1.5x
Thu, 21 Aug 2025дин264.0bдин169.2bдин17.3b8.9x15.2x1.6x
Sat, 19 Jul 2025дин258.2bдин159.4bдин16.7b9.2x15.5x1.6x
Mon, 16 Jun 2025дин255.2bдин159.2bдин16.6b9.5x15.4x1.6x
Wed, 14 May 2025дин187.3bдин123.7bдин10.4b11.6x18.1x1.5x
Fri, 11 Apr 2025дин303.3bдин525.6bдин20.2b8x15x0.6x
Sun, 09 Mar 2025дин298.9bдин527.7bдин20.3b8.2x14.7x0.6x
Tue, 04 Feb 2025дин352.9bдин560.4bдин26.7b9.1x13.2x0.6x
Thu, 02 Jan 2025дин361.7bдин564.7bдин37.1b8.1x9.7x0.6x
Sat, 30 Nov 2024дин364.5bдин557.1bдин36.6b8.1x10x0.7x
Mon, 28 Oct 2024дин367.4bдин574.8bдин52.3b7.8x7x0.6x
Wed, 25 Sep 2024дин357.6bдин572.7bдин51.0b7.8x7x0.6x
Fri, 23 Aug 2024дин349.7bдин572.7bдин50.9b7.7x6.9x0.6x
Sun, 21 Jul 2024дин331.9bдин541.1bдин48.1b8.5x6.9x0.6x
Tue, 18 Jun 2024дин801.7bдин567.6bдин50.3b8.2x15.9x1.4x
Thu, 16 May 2024дин764.6bдин544.0bдин43.7b7.2x17.5x1.4x
Sat, 13 Apr 2024дин811.8bдин575.7bдин59.1b9.5x13.7x1.4x
Mon, 11 Mar 2024дин328.3bдин575.5bдин59.2b8.4x5.5x0.6x
Wed, 07 Feb 2024дин318.1bдин569.2bдин59.1b7.2x5.4x0.6x
Fri, 05 Jan 2024дин419.1bдин635.2bдин75.5b9.8x5.6x0.7x
Sun, 03 Dec 2023дин422.5bдин635.2bдин75.5b10.2x5.6x0.7x
Tue, 31 Oct 2023дин416.7bдин630.8bдин82.9b9.1x5x0.7x
Thu, 28 Sep 2023дин412.9bдин630.3bдин82.7b8.8x5x0.7x
Sat, 26 Aug 2023дин406.8bдин627.3bдин82.0b10.2x5x0.6x
Mon, 24 Jul 2023дин407.1bдин675.5bдин109.3b12.5x3.7x0.6x
Wed, 21 Jun 2023дин406.2bдин677.8bдин109.2b13.7x3.7x0.6x
Fri, 19 May 2023дин430.4bдин647.9bдин103.6b11.3x4.2x0.7x
Sun, 16 Apr 2023дин408.8bдин628.8bдин103.2b8.3x4x0.7x
Tue, 14 Mar 2023дин415.4bдин628.8bдин103.2b8.9x4x0.7x
Price to Earnings Ratio

4x


Total Market Cap: дин415.4bTotal Earnings: дин103.2bTotal Revenue: дин628.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 9.9x202420252026
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 13.6x which is higher than its 3-year average PE of 9.9x.
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 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 Market0.47%
Utilities6.03%
Financials0.30%
Industrials0.07%
Energy0%0
Real Estate0%0
Materials0%0
Consumer Staples0%0
Healthcare0%0
Tech0%0
Telecom0%0
Consumer Discretionary-0.093%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 46.9x.
    • 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 9.6x.
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
FINT Fintel Energija a.dдин668.006.0%
+дин1.0b		n/aPE60.8xUtilities
DNOS Kompanija Dunav Osiguranje a.d.oдин2.00k0.3%
+дин91.1m		34.2%PE6.6xFinancials
AERO Aerodrom Nikola Tesla a.dдин2.00k0.1%
+дин69.9m		0.7%PE108.9xIndustrials
See more

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Latest News

FINT
дин668.00
Fintel Energija a.d
7D
6.0%
1Y
n/a
MTLC
дин2,148.00
Metalac a.d. Gornji Milanovac
7D
-0.09%
1Y
10.2%
PPTA
дин252.00
PPT Armature a.d
7D
-6.7%
1Y
n/a
AERO
дин2,001.00
Aerodrom Nikola Tesla a.d
7D
0.1%
1Y
0.7%

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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DNOS
дин1,999.00
Kompanija Dunav Osiguranje a.d.o
7D
0.3%
1Y
34.2%