Serbian (BELEX) Market Analysis & Valuation

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 19 Jun 2024	дин801.9b	дин567.6b	дин50.3b	8.2x	15.9x	1.4x
Fri, 17 May 2024	дин764.5b	дин543.6b	дин43.7b	7.1x	17.5x	1.4x
Sun, 14 Apr 2024	дин811.8b	дин575.7b	дин59.1b	9.5x	13.7x	1.4x
Tue, 12 Mar 2024	дин329.2b	дин575.5b	дин59.2b	8.5x	5.6x	0.6x
Thu, 08 Feb 2024	дин318.3b	дин569.2b	дин59.1b	7.2x	5.4x	0.6x
Sat, 06 Jan 2024	дин419.0b	дин635.2b	дин75.5b	9.8x	5.6x	0.7x
Mon, 04 Dec 2023	дин422.5b	дин635.2b	дин75.5b	10.2x	5.6x	0.7x
Wed, 01 Nov 2023	дин417.0b	дин607.5b	дин75.4b	9.1x	5.5x	0.7x
Fri, 29 Sep 2023	дин412.5b	дин630.1b	дин82.7b	8.8x	5x	0.7x
Sun, 27 Aug 2023	дин409.6b	дин627.3b	дин82.0b	10.2x	5x	0.7x
Tue, 25 Jul 2023	дин407.1b	дин675.5b	дин109.3b	12.5x	3.7x	0.6x
Thu, 22 Jun 2023	дин407.9b	дин677.8b	дин109.2b	13.7x	3.7x	0.6x
Sat, 20 May 2023	дин431.5b	дин648.4b	дин103.6b	10.2x	4.2x	0.7x
Mon, 17 Apr 2023	дин408.8b	дин628.8b	дин103.2b	8.3x	4x	0.7x
Wed, 15 Mar 2023	дин415.5b	дин628.8b	дин103.2b	8.9x	4x	0.7x
Fri, 10 Feb 2023	дин401.1b	дин628.5b	дин87.9b	8.9x	4.6x	0.6x
Sun, 08 Jan 2023	дин386.2b	дин626.6b	дин87.9b	8.1x	4.4x	0.6x
Tue, 06 Dec 2022	дин331.3b	дин580.5b	дин72.3b	7.8x	4.6x	0.6x
Thu, 03 Nov 2022	дин319.7b	дин580.1b	дин72.0b	8.5x	4.4x	0.6x
Sat, 01 Oct 2022	дин327.0b	дин584.8b	дин72.1b	8.5x	4.5x	0.6x
Mon, 29 Aug 2022	дин328.8b	дин582.4b	дин72.9b	7.8x	4.5x	0.6x
Wed, 27 Jul 2022	дин321.7b	дин511.1b	дин50.2b	5.9x	6.4x	0.6x
Fri, 24 Jun 2022	дин318.2b	дин515.6b	дин50.2b	6.1x	6.3x	0.6x
Sun, 22 May 2022	дин290.0b	дин509.4b	дин47.2b	8.2x	6.1x	0.6x
Tue, 19 Apr 2022	дин314.2b	дин460.6b	дин34.5b	11.4x	9.1x	0.7x
Thu, 17 Mar 2022	дин290.5b	дин449.6b	дин34.6b	9.6x	8.4x	0.6x
Sat, 12 Feb 2022	дин311.9b	дин401.0b	дин24.9b	10x	12.5x	0.8x
Mon, 10 Jan 2022	дин293.5b	дин401.0b	дин24.9b	9.3x	11.8x	0.7x
Wed, 08 Dec 2021	дин289.1b	дин401.0b	дин24.9b	8.4x	11.6x	0.7x
Fri, 05 Nov 2021	дин294.1b	дин367.0b	дин19.4b	11x	15.2x	0.8x
Sun, 03 Oct 2021	дин300.3b	дин363.5b	дин19.2b	13.1x	15.6x	0.8x
Tue, 31 Aug 2021	дин841.2b	дин420.1b	дин25.3b	11.4x	33.2x	2x
Wed, 07 Jul 2021	дин837.6b	дин420.1b	дин25.3b	11.4x	33x	2x

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 15.9x which is higher than its 3-year average PE of 9.0x.

Past Earnings Growth

The earnings for Serbian listed companies have grown 26% per year over the last three years.
Revenues for these companies have grown 11% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Serbian Market?


RS Market	-0.51%
Tech	2.08%
Industrials	0.18%
Real Estate	0%
Materials	0%
Consumer Staples	0%
Healthcare	0%
Telecom	0%
Utilities	0%
Financials	-0.72%
Energy	-2.86%
Consumer Discretionary	-6.90%

Sector PE

Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 147x.

It looks like investors are confident that earnings will grow faster in the future than they have historically.

The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 3.9x.

Forecasted Growth

Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 5.3% over the next 5 years.
This is better than its past earnings decline of 61% per year.