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Serbian (BELEX) Market Analysis & Valuation

UpdatedNov 15, 2025
DataAggregated Company Financials
Companies37
  • 7D-0.1%
  • 3M2.1%
  • 1Y10.3%
  • YTD12.6%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector declined by 4.2%. Meanwhile, the market is actually up 10% over the past year.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 17 Nov 2025дин267.0bдин175.1bдин20.4b8.4x13.1x1.5x
Wed, 15 Oct 2025дин257.0bдин171.2bдин18.9b9.5x13.6x1.5x
Fri, 12 Sep 2025дин257.8bдин167.9bдин17.3b8.4x14.9x1.5x
Sun, 10 Aug 2025дин257.4bдин169.2bдин17.3b8.9x14.9x1.5x
Tue, 08 Jul 2025дин256.3bдин159.4bдин16.7b9.2x15.4x1.6x
Thu, 05 Jun 2025дин251.2bдин155.3bдин16.5b10.3x15.2x1.6x
Sat, 03 May 2025дин188.5bдин120.2bдин9.5b7.3x19.9x1.6x
Mon, 31 Mar 2025дин298.7bдин525.6bдин20.2b8x14.8x0.6x
Wed, 26 Feb 2025дин298.2bдин527.7bдин20.2b8.2x14.8x0.6x
Fri, 24 Jan 2025дин354.9bдин564.9bдин37.0b8.2x9.6x0.6x
Sun, 22 Dec 2024дин361.9bдин557.0bдин36.8b8.2x9.8x0.6x
Tue, 19 Nov 2024дин367.2bдин557.1bдин36.6b7.9x10x0.7x
Thu, 17 Oct 2024дин364.2bдин574.8bдин52.3b7.7x7x0.6x
Sat, 14 Sep 2024дин358.6bдин572.8bдин50.9b7.7x7x0.6x
Mon, 12 Aug 2024дин339.6bдин572.7bдин50.8b7.3x6.7x0.6x
Wed, 10 Jul 2024дин333.7bдин541.1bдин48.1b8.1x6.9x0.6x
Fri, 07 Jun 2024дин806.1bдин567.0bдин50.1b7.3x16.1x1.4x
Sun, 05 May 2024дин766.0bдин540.9bдин43.0b7.9x17.8x1.4x
Tue, 02 Apr 2024дин802.5bдин575.7bдин59.2b8.1x13.6x1.4x
Thu, 29 Feb 2024дин318.2bдин570.6bдин59.0b8.9x5.4x0.6x
Sat, 27 Jan 2024дин420.2bдин635.2bдин75.5b9.8x5.6x0.7x
Mon, 25 Dec 2023дин418.9bдин635.2bдин75.5b10.2x5.6x0.7x
Wed, 22 Nov 2023дин418.6bдин635.2bдин75.5b9.8x5.5x0.7x
Fri, 20 Oct 2023дин417.9bдин630.8bдин82.9b8.5x5x0.7x
Sun, 17 Sep 2023дин414.0bдин625.2bдин81.7b10x5.1x0.7x
Tue, 15 Aug 2023дин399.1bдин626.5bдин82.0b9.8x4.9x0.6x
Thu, 13 Jul 2023дин408.6bдин674.6bдин109.3b10.5x3.7x0.6x
Sat, 10 Jun 2023дин424.0bдин678.4bдин109.2b13.8x3.9x0.6x
Mon, 08 May 2023дин422.7bдин647.0bдин103.7b8.4x4.1x0.7x
Wed, 05 Apr 2023дин411.5bдин628.8bдин103.2b8.6x4x0.7x
Fri, 03 Mar 2023дин410.9bдин628.8bдин103.2b8.6x4x0.7x
Sun, 29 Jan 2023дин396.5bдин627.4bдин87.9b9.7x4.5x0.6x
Tue, 27 Dec 2022дин332.5bдин640.1bдин90.8b7x3.7x0.5x
Thu, 24 Nov 2022дин329.2bдин580.5bдин72.3b7.6x4.6x0.6x
Price to Earnings Ratio

4.6x


Total Market Cap: дин329.2bTotal Earnings: дин72.3bTotal Revenue: дин580.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Serbian Market Price to Earnings3Y Average 9x202320242025
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 13.1x which is higher than its 3-year average PE of 9.0x.
Past Earnings Growth
  • The earnings for companies in the Serbian industry have declined 34% per year over the last three years.
  • Revenues have also declined 33% 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-0.12%
Industrials0.095%
Consumer Discretionary0.093%
Energy0%0
Real Estate0%0
Consumer Staples0%0
Healthcare0%0
Telecom0%0
Utilities0%0
Materials-0.042%
Financials-0.90%
Tech-4.17%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 45.7x.
    • 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
JESV MPP Jedinstvo a.dдин8.40k4.7%
+дин80.4m		2.4%PE79.6xIndustrials
BASB Beogradska Autobuska Stanica a.dдин1.20k9.1%
+дин31.1m		20.0%n/aIndustrials
ENHL Energoprojekt Holding a.dдин483.000.2%
+дин10.8m		n/aPE3.9xIndustrials
See more

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дин8,399.00
MPP Jedinstvo a.d
7D
4.7%
1Y
2.4%
INFM
дин5,155.00
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7D
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1Y
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дин1,651.00
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7D
-3.6%
1Y
-17.5%

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AERO
дин2,200.00
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7D
-0.05%
1Y
10.0%

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ENHL
дин483.00
Energoprojekt Holding a.d
7D
0.2%
1Y
n/a
IMPL
дин7,770.00
IMPOL SEVAL Valjaonica Aluminijuma a.d
7D
-0.3%
1Y
-2.9%
DNOS
дин1,640.40
Kompanija Dunav Osiguranje a.d.o
7D
-2.3%
1Y
25.7%