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Serbian (BELEX) Market Analysis & Valuation

UpdatedJul 03, 2025
DataAggregated Company Financials
Companies39
  • 7D-0.5%
  • 3M6.5%
  • 1Y23.0%
  • YTD6.4%

The market has been flat in the last week, however the Utilities sector is down 6.0%. More promisingly, the market is up 23% over the past year.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 04 Jul 2025дин254.8bдин159.4bдин16.7b9.2x15.3x1.6x
Sun, 01 Jun 2025дин251.1bдин155.3bдин16.5b9.5x15.2x1.6x
Tue, 29 Apr 2025дин188.3bдин119.7bдин9.4b7.6x20x1.6x
Thu, 27 Mar 2025дин299.2bдин525.6bдин20.2b8x14.8x0.6x
Sat, 22 Feb 2025дин297.7bдин527.7bдин20.2b8.2x14.8x0.6x
Mon, 20 Jan 2025дин356.9bдин564.9bдин37.0b8.3x9.6x0.6x
Wed, 18 Dec 2024дин349.8bдин557.0bдин36.8b8.2x9.5x0.6x
Fri, 15 Nov 2024дин371.7bдин558.3bдин36.6b7.8x10.1x0.7x
Sun, 13 Oct 2024дин364.3bдин574.8bдин52.3b7.7x7x0.6x
Tue, 10 Sep 2024дин362.7bдин572.9bдин51.4b7.8x7.1x0.6x
Thu, 08 Aug 2024дин339.2bдин571.5bдин51.0b7.5x6.6x0.6x
Sat, 06 Jul 2024дин333.2bдин543.1bдин48.2b7.5x6.9x0.6x
Mon, 03 Jun 2024дин808.3bдин567.0bдин50.1b7.4x16.1x1.4x
Wed, 01 May 2024дин765.9bдин546.1bдин52.8b7.9x14.5x1.4x
Fri, 29 Mar 2024дин333.6bдин575.7bдин59.2b8.1x5.6x0.6x
Sun, 25 Feb 2024дин319.5bдин570.6bдин59.0b8x5.4x0.6x
Tue, 23 Jan 2024дин420.1bдин635.2bдин75.5b9.8x5.6x0.7x
Thu, 21 Dec 2023дин420.0bдин635.2bдин75.5b10.2x5.6x0.7x
Sat, 18 Nov 2023дин414.1bдин635.2bдин75.5b9.8x5.5x0.7x
Mon, 16 Oct 2023дин418.7bдин630.8bдин82.9b8.5x5.1x0.7x
Wed, 13 Sep 2023дин411.3bдин625.1bдин81.7b10.3x5x0.7x
Fri, 11 Aug 2023дин400.3bдин626.3bдин82.0b9.8x4.9x0.6x
Sun, 09 Jul 2023дин404.9bдин677.1bдин109.2b11.1x3.7x0.6x
Tue, 06 Jun 2023дин427.0bдин678.5bдин109.2b11.3x3.9x0.6x
Thu, 04 May 2023дин421.3bдин629.1bдин103.4b8.8x4.1x0.7x
Sat, 01 Apr 2023дин413.6bдин628.8bдин103.2b8.8x4x0.7x
Mon, 27 Feb 2023дин407.5bдин628.8bдин103.2b8.6x3.9x0.6x
Wed, 25 Jan 2023дин392.0bдин627.4bдин87.9b9.5x4.5x0.6x
Fri, 23 Dec 2022дин333.3bдин648.0bдин90.8b7x3.7x0.5x
Sun, 20 Nov 2022дин329.1bдин580.5bдин72.3b7.6x4.6x0.6x
Tue, 18 Oct 2022дин324.7bдин584.8bдин72.1b8.5x4.5x0.6x
Thu, 15 Sep 2022дин329.1bдин582.9bдин73.0b7.6x4.5x0.6x
Sat, 13 Aug 2022дин328.1bдин583.7bдин73.0b7.6x4.5x0.6x
Mon, 11 Jul 2022дин322.1bдин510.9bдин50.2b5.7x6.4x0.6x
Price to Earnings Ratio

6.4x


Total Market Cap: дин322.1bTotal Earnings: дин50.2bTotal Revenue: дин510.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 7.8x202320242025
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 15.3x which is higher than its 3-year average PE of 7.8x.
Past Earnings Growth
  • The earnings for companies in the Serbian industry have declined 31% per year over the last three years.
  • Revenues have also declined 32% 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-0.48%
Tech1.88%
Industrials0.63%
Consumer Discretionary0.089%
Energy0%0
Real Estate0%0
Materials0%0
Consumer Staples0%0
Healthcare0%0
Telecom0%0
Financials-2.50%
Utilities-5.97%
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 163x.
    • 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
ENHL Energoprojekt Holding a.dдин545.008.6%
+дин465.8m		48.9%PE1347.7xIndustrials
AERO Aerodrom Nikola Tesla a.dдин2.19k0.2%
+дин174.9m		14.7%PE199.6xIndustrials
JESV MPP Jedinstvo a.dдин8.50k4.7%
+дин81.5m		14.9%PE37.4xIndustrials
IRTL Iritel a.dдин1.50k6.4%
+дин26.1m		16.1%n/aTech
ZLTP Zlatarplast a.dдин3.90k5.4%
+дин12.6m		n/an/aMaterials
See more

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ZLTP
дин3,899.00
Zlatarplast a.d
7D
5.4%
1Y
n/a
MTLC
дин2,052.00
Metalac a.d. Gornji Milanovac
7D
0.1%
1Y
24.4%
FINT
дин630.00
Fintel Energija a.d
7D
-6.0%
1Y
-7.4%
AERO
дин2,185.00
Aerodrom Nikola Tesla a.d
7D
0.2%
1Y
14.7%
ENHL
дин545.00
Energoprojekt Holding a.d
7D
8.6%
1Y
48.9%
DNOS
дин1,537.00
Kompanija Dunav Osiguranje a.d.o
7D
-3.7%
1Y
47.5%
IRTL
дин1,500.00
Iritel a.d
7D
6.4%
1Y
16.1%
JESV
дин8,500.00
MPP Jedinstvo a.d
7D
4.7%
1Y
14.9%