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Serbian (BELEX) Market Analysis & Valuation

UpdatedSep 13, 2025
DataAggregated Company Financials
Companies36
  • 7D0.3%
  • 3M1.3%
  • 1Y14.1%
  • YTD9.3%

In the last week, the market has been flat. As for the longer term, the market has risen 14% in the past 12 months.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Sep 2025дин257.8bдин167.9bдин17.3b8.4x14.9x1.5x
Mon, 11 Aug 2025дин257.4bдин169.2bдин17.3b8.9x14.9x1.5x
Wed, 09 Jul 2025дин256.4bдин159.4bдин16.7b9.2x15.4x1.6x
Fri, 06 Jun 2025дин251.6bдин155.3bдин16.4b10.3x15.4x1.6x
Sun, 04 May 2025дин188.5bдин120.6bдин9.8b7.3x19.2x1.6x
Tue, 01 Apr 2025дин298.4bдин525.6bдин20.2b8x14.8x0.6x
Thu, 27 Feb 2025дин298.6bдин527.7bдин20.2b8.5x14.8x0.6x
Sat, 25 Jan 2025дин355.0bдин565.6bдин37.1b8.2x9.6x0.6x
Mon, 23 Dec 2024дин361.9bдин557.0bдин36.8b8.2x9.8x0.6x
Wed, 20 Nov 2024дин366.7bдин557.1bдин36.6b8x10x0.7x
Fri, 18 Oct 2024дин363.6bдин574.8bдин52.3b7.7x7x0.6x
Sun, 15 Sep 2024дин359.4bдин572.8bдин50.9b7.7x7.1x0.6x
Tue, 13 Aug 2024дин342.1bдин572.7bдин50.8b7.3x6.7x0.6x
Thu, 11 Jul 2024дин332.4bдин541.1bдин48.1b8x6.9x0.6x
Sat, 08 Jun 2024дин803.9bдин567.0bдин50.1b7.3x16x1.4x
Mon, 06 May 2024дин766.0bдин541.0bдин43.1b7.9x17.8x1.4x
Wed, 03 Apr 2024дин803.1bдин575.7bдин59.2b7.9x13.6x1.4x
Fri, 01 Mar 2024дин318.7bдин570.6bдин59.0b8.9x5.4x0.6x
Sun, 28 Jan 2024дин420.2bдин635.2bдин75.5b9.8x5.6x0.7x
Tue, 26 Dec 2023дин419.2bдин635.2bдин75.5b10.2x5.6x0.7x
Thu, 23 Nov 2023дин416.3bдин635.2bдин75.5b9.8x5.5x0.7x
Sat, 21 Oct 2023дин414.0bдин630.8bдин82.9b8.5x5x0.7x
Mon, 18 Sep 2023дин414.0bдин625.2bдин81.7b10x5.1x0.7x
Wed, 16 Aug 2023дин397.3bдин626.5bдин82.0b9.8x4.8x0.6x
Fri, 14 Jul 2023дин407.9bдин674.5bдин109.3b8.7x3.7x0.6x
Sun, 11 Jun 2023дин423.9bдин678.4bдин109.2b13.8x3.9x0.6x
Tue, 09 May 2023дин425.0bдин647.3bдин103.7b8.8x4.1x0.7x
Thu, 06 Apr 2023дин410.3bдин628.8bдин103.2b8.6x4x0.7x
Sat, 04 Mar 2023дин412.8bдин628.8bдин103.2b9.6x4x0.7x
Mon, 30 Jan 2023дин396.5bдин627.4bдин87.9b9.7x4.5x0.6x
Wed, 28 Dec 2022дин381.4bдин664.4bдин95.5b8.1x4x0.6x
Fri, 25 Nov 2022дин331.0bдин580.5bдин72.3b7.6x4.6x0.6x
Sun, 23 Oct 2022дин320.4bдин584.8bдин72.1b8.5x4.4x0.5x
Tue, 20 Sep 2022дин330.2bдин583.2bдин73.0b7.6x4.5x0.6x
Price to Earnings Ratio

4.5x


Total Market Cap: дин330.2bTotal Earnings: дин73.0bTotal Revenue: дин583.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 8.5x202320242025
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 14.9x which is higher than its 3-year average PE of 8.5x.
Past Earnings Growth
  • The earnings for companies in the Serbian industry have declined 38% per year over the last three years.
  • Revenues have also declined 34% 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 Market0.27%
Financials2.44%
Energy0%0
Real Estate0%0
Healthcare0%0
Tech0%0
Telecom0%0
Utilities0%0
Consumer Staples-0.0095%
Industrials-0.046%
Materials-0.10%
Consumer Discretionary-2.33%
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 164x.
    • 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?

CompanyLast Price7D1YValuationSector
DNOS Kompanija Dunav Osiguranje a.d.oдин1.70k3.6%
+дин896.2m		30.7%PE7.3xFinancials
See more

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