Why Smart Organic AD's (BUL:SO) Earnings Are Better Than They Seem
Apr 08
Bulgarian (SOFIX) Market Analysis & Valuation
UpdatedMay 07, 2024
DataAggregated Company Financials
Companies163
- 7D0.6%
- 3M4.3%
- 1Y15.8%
- YTD6.2%
Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. As for the longer term, the market has risen 16% in the past 12 months. Earnings are forecast to grow by 29% annually.
Market Valuation and Performance
Has the Bulgarian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 08 May 2024 | лв15.2b | лв16.6b | лв1.1b | 13x | 13.7x | 0.9x |
| Fri, 05 Apr 2024 | лв14.7b | лв16.7b | лв1.2b | 14.1x | 12.6x | 0.9x |
| Sun, 03 Mar 2024 | лв15.1b | лв16.6b | лв1.1b | 13.9x | 13.3x | 0.9x |
| Tue, 30 Jan 2024 | лв16.2b | лв17.9b | лв1.2b | 11.2x | 13.4x | 0.9x |
| Thu, 28 Dec 2023 | лв15.6b | лв17.7b | лв1.3b | 11.6x | 12.1x | 0.9x |
| Sat, 25 Nov 2023 | лв15.7b | лв19.0b | лв1.4b | 12.3x | 10.9x | 0.8x |
| Mon, 23 Oct 2023 | лв15.5b | лв18.8b | лв1.4b | 12.6x | 11.2x | 0.8x |
| Wed, 20 Sep 2023 | лв15.2b | лв18.8b | лв1.4b | 12.1x | 10.8x | 0.8x |
| Fri, 18 Aug 2023 | лв14.7b | лв15.9b | лв1.1b | 13x | 13.2x | 0.9x |
| Sun, 16 Jul 2023 | лв14.4b | лв19.2b | лв1.3b | 13.2x | 10.7x | 0.8x |
| Tue, 13 Jun 2023 | лв14.4b | лв21.0b | лв1.3b | 13.7x | 11.2x | 0.7x |
| Thu, 11 May 2023 | лв13.8b | лв20.3b | лв1.1b | 13.6x | 12.4x | 0.7x |
| Sat, 08 Apr 2023 | лв13.7b | лв20.3b | лв1.0b | 13.6x | 13.4x | 0.7x |
| Mon, 06 Mar 2023 | лв13.8b | лв20.2b | лв1.2b | 14.4x | 11.8x | 0.7x |
| Wed, 01 Feb 2023 | лв13.8b | лв20.3b | лв1.2b | 13.4x | 11.7x | 0.7x |
| Fri, 30 Dec 2022 | лв13.5b | лв20.2b | лв1.2b | 11.9x | 11.7x | 0.7x |
| Sun, 27 Nov 2022 | лв13.0b | лв18.7b | лв1.0b | 12.4x | 12.5x | 0.7x |
| Tue, 25 Oct 2022 | лв12.9b | лв18.5b | лв1.1b | 13.1x | 12.1x | 0.7x |
| Thu, 22 Sep 2022 | лв13.0b | лв18.4b | лв1.1b | 13.1x | 12.2x | 0.7x |
| Sat, 20 Aug 2022 | лв13.4b | лв16.9b | лв979.2m | 14x | 13.7x | 0.8x |
| Mon, 18 Jul 2022 | лв13.3b | лв16.9b | лв984.7m | 14.3x | 13.5x | 0.8x |
| Wed, 15 Jun 2022 | лв29.8b | лв17.0b | лв988.8m | 14.3x | 30.1x | 1.7x |
| Fri, 13 May 2022 | лв29.5b | лв15.7b | лв825.0m | 14.4x | 35.8x | 1.9x |
| Sun, 10 Apr 2022 | лв29.5b | лв15.1b | лв862.5m | 14.2x | 34.2x | 2x |
| Tue, 08 Mar 2022 | лв28.5b | лв15.2b | лв864.9m | 14.8x | 32.9x | 1.9x |
| Thu, 03 Feb 2022 | лв29.6b | лв13.0b | лв573.2m | 16.7x | 51.6x | 2.3x |
| Sat, 01 Jan 2022 | лв29.5b | лв12.9b | лв580.1m | 17.6x | 50.9x | 2.3x |
| Mon, 29 Nov 2021 | лв29.2b | лв12.1b | лв505.0m | 17.9x | 57.9x | 2.4x |
| Wed, 27 Oct 2021 | лв29.0b | лв11.8b | лв485.1m | 17.9x | 59.8x | 2.5x |
| Fri, 24 Sep 2021 | лв28.6b | лв11.8b | лв473.0m | 16.5x | 60.5x | 2.4x |
| Sun, 22 Aug 2021 | лв28.5b | лв11.8b | лв483.2m | 16x | 58.9x | 2.4x |
| Fri, 09 Jul 2021 | лв27.9b | лв11.8b | лв483.0m | 14.8x | 57.8x | 2.4x |
Price to Earnings Ratio
61.3x
Current Market PE
- Investors are pessimistic on the Bulgarian market, indicating that they anticipate earnings will not grow as fast as they have historically.
- The market is trading at a PE ratio of 13.7x which is lower than its 3-year average PE of 25.9x.
Past Earnings Growth
- The earnings for Bulgarian listed companies have grown 35% per year over the last three years.
- Revenues for these companies have grown 14% 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 Bulgarian Market?
| BG Market | 0.56% | |
| Financials | 2.79% | |
| Materials | 1.46% | |
| Industrials | 0.39% | |
| Real Estate | 0.18% | |
| Tech | 0.05% | |
| Energy | 0% | |
| Telecom | 0% | |
| Utilities | 0% | |
| Healthcare | -0.11% | |
| Consumer Discretionary | -0.95% | |
| Consumer Staples | -1.33% | |
Sector PE
- Investors favour the Telecom sector the most for future growth even though it's trading below its 3-year average PE ratio of 254x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
- Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 29% over the next 5 years.
- However this is lower than its past earnings growth rate of 38% per year.
- In contrast, the Tech sector is expected to see its earnings grow by 29% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| FIB First Investment Bank AD | лв3.36 | 20.0% +лв83.5m | 55.6% | PB0.3x | Financials | |
| BACB Bulgarian-American Credit Bank AD | лв13.80 | 8.7% +лв27.2m | n/a | PB1x | Financials | |
| SLYG Shelly Group AD | лв69.40 | 2.1% +лв25.3m | 215.5% | PE37.3x | Tech | |
| SFA Sopharma AD | лв6.06 | 0.7% +лв6.6m | 3.8% | PE10.5x | Healthcare | |
| DUH Doverie United Holding AD | лв8.78 | 2.8% +лв5.2m | 12.3% | PE2.6x | Financials |
