May 2026
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Largest Public Companies in Serbia
Benchmark revenue and EBITDA valuation multiples for public comps like
NIS, Belgrade Nikola Tesla Airport, Messer Tehnogas, Dunav Osiguranje and Trayal Korporacija.
 | NIS AD is vertically-integrated energy company operating in Serbia. It engages in the exploration, production, and development of crude oil and gas as well as the production of refined petroleum products, petroleum products and gas trading and electric generation and trading. NIS operates through two segments namely Upstream and Downstream. The Upstream segment includes exploration, development, and production of crude oil and natural gas and oil field services whereas the Downstream segment includes refining and marketing, processing of crude oil into refined products and purchases, sale and transport of crude and refined petroleum products. The company's products are compressed natural gas, motor fuels, energy fuels, oils and lubricants, petrochemical products, and other products. | $7 | -- | $1B | $1B | 0.5x | (26.7x) | ||
| Aerodrom Nikola Tesla ad provides airport services such as aircraft landing, take-off, taxing and parking, and passenger and cargo handling. The group also provides ancillary services and airport complex services, satisfying the needs of service users, and domestic and foreign air carriers. | $20 | -8% | $756M | $678M | 44.5x | 191.3x | ||
| Messer Tehnogas a.d. is engaged in the production and marketing of industrial and medical gases. The company serves steel and metal, metallurgy, chemical and petrochemical, food and beverage, pharmaceutical, automobile, electronics, medicine, home care, cutting and welding, water treatment and ecology and scientific research industry. Its products include oxygen, azot, argon, hydrogen, helium, home care, special gases, distribution line, HFC refrigerant fluids, natural cooling fluids, and other gases. | $339 | -2% | $352M | $233M | 1.1x | 3.0x | ||
| Dunav osiguranje a.d. is an insurance company. The company provides insurance, reinsurance, co-insurance, and other insurance services. It offers motor, property, church houses, accident, good health, transportation, liability, and agriculture insurance. | $19 | +34% | $282M | $274M | 0.6x | — | ||
| Trayal Korporacija a.d is engaged in the manufacture of rubber tires, retreading and rebuilding of rubber tires. | $20 | -- | $209M | $232M | 3.1x | 124.4x | ||
| Fintel Energija a.d is involved in the generation of power business which is sold only to EPS through wind power generation technology. It operates only one operating segment wind renewable energy sector. Currently, the company is engaged in the development, construction, and management of a wind power plant portfolio consisting of new wind farms in the north and northeast of Serbia. | $6 | -5% | $156M | $237M | 8.6x | 18.5x | ||
| Dunav Re a.d is a joint-stock reinsurance company. It provides reinsurance protection. It operates in countries such as Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, Albania, Turkish part of Cyprus, Germany, Russia, Bulgaria, North Africa (Morocco, Algeria), Asia-Emirates. | $108 | +85% | $106M | $98M | 1.4x | — | ||
| Impol Seval a.d is engaged in the processing of aluminum. Its products include colored strips and sheets, painted taps, cold and hot rolled strips, hot rolled boards, sheets, and logs. The company products are used in the car, pharmaceutical, food, transport, interior design, electrical and construction industry. It exports its products to Germany, Italy, the USA, Hungary, the Netherlands, the countries of Latin America, France and Austria. | $62 | -20% | $58M | $76M | 0.4x | (89.6x) | ||
| Metalac a.d. , Gornji Milanovac produces and sells enamel, Teflon-coated, aluminum and stainless-steel cookware. It also sells water heaters, transport and luxurious cardboard packing materials, steel products, and others. | $21 | +9% | $40M | $41M | 0.2x | 2.9x | ||
| Alfa Plam a.d is a manufacturer of non-electric household appliances. The company's product offerings include solid fuel furnaces and stoves, solid fuel fireplaces and stoves, gas furnaces, central heating stoves, boilers, electric and electric gas programs. The company markets its products in the domestic as well as in Europe's markets. The products of Alfa-Plam are primarily intended for the households market. | $210 | -- | $30M | $22M | 0.3x | 1.7x | ||
| Kopaonik a.d.is a seller of building materials and heating. The company provides black and non-ferrous metallurgy, wood products, cement and bricks products, hydro and thermal insulation, external and internal plumbing, ceramics and sanitary ware and heating material. | $160 | -- | $22M | $20M | 0.4x | 13.1x | ||
| Gosa FOM a.d is a manufacturer of Lifting and Handling equipment. The company is engaged in the development, design, manufacture, erection, and services of machines and equipment. It serves energy, metallurgy and mining industry. The company produces coke mining, metallurgy, and hydro-mechanical equipment, cranes and hoists, gearboxes, steel structures and bridges, civil steel structures and vessels under pressure. | $16 | -19% | $22M | $21M | 0.4x | 3.6x | ||
| Jedinstvo Sevojno a.d is engaged in the design and execution of hydro, thermal, and gas installations. The company is active in all areas of hydropower and water management, district heating, gasification, municipal and industrial hydropower, water supply to industry and settlements, water protection from pollution, production of process equipment for district heating, air conditioning, ventilation, purification of drinking water and industrial wastewater, as well as equipment for the road industry. | $81 | +2% | $17M | $6M | 0.1x | 1.3x | ||
| Putevi a.d. Uzice provides design and construction work in the field of civil engineering. The company builds roads, tunnels, bridges, airports, industrial halls, commercial and public buildings, and road maintenance services and production of building materials. | $16 | -- | $15M | $15M | — | — | ||
| Lasta a.d. provides road passenger transport and supporting activities in Serbia and Southeast Europe. The company activities are performed through the provision of services in tourism, catering, trade, retreading, service and technical inspection services. It provides High-Tech, Tourist, Intercity, Prigrad, City-suburban bus. | $7 | +1% | $15M | $52M | 0.8x | (1.5x) | ||
| Tigar a.d is engaged in the production of rubber footwear and chemical products. Tigar's product line comprises footwear, technical rubber goods, and chemical products. Tigar footwear's product lines currently include the following product groups: safety footwear, work boots, sports footwear, fashion footwear, and children's footwear. Technical rubber goods include moulded rubber products, rubber profiles, and special purpose products. Tigar chemical products manufacture more than 300 products classified into self-spreading flooring, anti-corrosion coatings, and adhesives. | $0 | +295% | $1M | $62M | 2.9x | (20.7x) | ||
| Median | $20 | +1% | $49M | $69M | 0.6x | 2.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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