We Think Jadranski naftovod d.d's (ZGSE:JNAF) Solid Earnings Are Understated
May 02
Croatian (CROBEX) Market Analysis & Valuation
UpdatedMay 02, 2024
DataAggregated Company Financials
Companies66
- 7D0.5%
- 3M1.7%
- 1Y28.3%
- YTD8.0%
The market has been flat over the last week. Meanwhile, the market is actually up 28% over the past year. In the next few years earnings are forecast to be pretty stable.
Market Valuation and Performance
Has the Croatian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 02 May 2024 | Kn24.5b | Kn16.2b | Kn1.7b | 14.8x | 14.3x | 1.5x |
| Sat, 30 Mar 2024 | Kn24.9b | Kn16.0b | Kn1.6b | 15x | 15.2x | 1.6x |
| Mon, 26 Feb 2024 | Kn24.9b | Kn15.4b | Kn1.5b | 15.1x | 16.6x | 1.6x |
| Wed, 24 Jan 2024 | Kn25.4b | Kn18.0b | Kn1.4b | 16.1x | 18.2x | 1.4x |
| Fri, 22 Dec 2023 | Kn24.2b | Kn17.9b | Kn1.4b | 15.4x | 17.3x | 1.4x |
| Sun, 19 Nov 2023 | Kn22.9b | Kn17.9b | Kn1.4b | 16x | 16.4x | 1.3x |
| Tue, 17 Oct 2023 | Kn22.3b | Kn17.3b | Kn1.3b | 16.3x | 16.5x | 1.3x |
| Thu, 14 Sep 2023 | Kn22.7b | Kn17.3b | Kn1.3b | 15.5x | 16.8x | 1.3x |
| Sat, 12 Aug 2023 | Kn22.4b | Kn17.2b | Kn1.3b | 16.8x | 17x | 1.3x |
| Mon, 10 Jul 2023 | Kn21.5b | Kn17.0b | Kn1.4b | 18.1x | 15.8x | 1.3x |
| Wed, 07 Jun 2023 | Kn21.9b | Kn17.3b | Kn1.3b | 17.2x | 16.4x | 1.3x |
| Fri, 05 May 2023 | Kn20.7b | Kn16.3b | Kn1.2b | 16.2x | 17.7x | 1.3x |
| Sun, 02 Apr 2023 | Kn20.7b | Kn16.2b | Kn1.3b | 16.3x | 16.5x | 1.3x |
| Tue, 28 Feb 2023 | Kn20.6b | Kn16.2b | Kn1.4b | 16.1x | 15x | 1.3x |
| Thu, 26 Jan 2023 | Kn19.5b | Kn15.6b | Kn1.5b | 14.8x | 13x | 1.3x |
| Sat, 24 Dec 2022 | Kn134.0b | Kn107.0b | Kn11.5b | 13.8x | 11.7x | 1.3x |
| Mon, 21 Nov 2022 | Kn132.8b | Kn107.0b | Kn11.5b | 13.5x | 11.6x | 1.2x |
| Wed, 19 Oct 2022 | Kn132.2b | Kn97.4b | Kn9.9b | 14.7x | 13.4x | 1.4x |
| Fri, 16 Sep 2022 | Kn133.8b | Kn97.1b | Kn9.8b | 14.7x | 13.7x | 1.4x |
| Sun, 14 Aug 2022 | Kn135.4b | Kn97.1b | Kn9.8b | 14.8x | 13.8x | 1.4x |
| Tue, 12 Jul 2022 | Kn134.4b | Kn90.1b | Kn8.0b | 14.8x | 16.9x | 1.5x |
| Thu, 09 Jun 2022 | Kn138.4b | Kn90.8b | Kn8.0b | 15.5x | 17.3x | 1.5x |
| Sat, 07 May 2022 | Kn137.7b | Kn90.8b | Kn8.0b | 16.4x | 17.1x | 1.5x |
| Mon, 04 Apr 2022 | Kn138.5b | Kn89.7b | Kn7.1b | 17.6x | 19.5x | 1.5x |
| Wed, 02 Mar 2022 | Kn135.2b | Kn88.0b | Kn7.0b | 14.8x | 19.3x | 1.5x |
| Fri, 28 Jan 2022 | Kn139.2b | Kn84.6b | Kn6.6b | 13.7x | 21.2x | 1.6x |
| Sun, 26 Dec 2021 | Kn136.7b | Kn84.2b | Kn6.6b | 12.9x | 20.8x | 1.6x |
| Tue, 23 Nov 2021 | Kn136.1b | Kn84.2b | Kn6.6b | 12.4x | 20.7x | 1.6x |
| Thu, 21 Oct 2021 | Kn135.4b | Kn77.7b | Kn3.7b | 17.2x | 36.8x | 1.7x |
| Sat, 18 Sep 2021 | Kn131.8b | Kn77.4b | Kn3.6b | 16.5x | 36.1x | 1.7x |
| Mon, 16 Aug 2021 | Kn133.2b | Kn77.8b | Kn3.3b | 14.3x | 40.2x | 1.7x |
| Mon, 31 May 2021 | Kn130.0b | Kn72.9b | Kn2.2b | 15.2x | 59.4x | 1.8x |
Price to Earnings Ratio
58.8x
Current Market PE
- Investors are pessimistic on the Croatian market, indicating that they anticipate earnings will not grow as fast as they have historically.
- The market is trading at a PE ratio of 14.3x which is lower than its 3-year average PE of 20.3x.
Past Earnings Growth
- The earnings for companies in the Croatian industry have declined 7.9% per year over the last three years.
- Revenues have also declined 39% 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 Croatian Market?
| HR Market | 0.55% | |
| Consumer Staples | 2.48% | |
| Industrials | 1.60% | |
| Financials | 0.41% | |
| Telecom | 0.33% | |
| Consumer Discretionary | 0.034% | |
| Real Estate | 0% | |
| Materials | 0% | |
| Healthcare | 0% | |
| Utilities | 0% | |
| Energy | -0.17% | |
| Tech | -1.41% | |
Sector PE
- Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 18.0x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 78.7% which is higher than its past year's earnings decline of 2.1% per year.
- The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 11.3x.
Forecasted Growth
- Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 79% over the next 5 years.
- This is better than its past earnings decline of 2.1% per year.
- In contrast, the Industrials sector is expected to see its earnings decline by 6.9% 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 | |
|---|---|---|---|---|---|---|
| PLAG Plava laguna d.d | €384.00 | 4.9% +€39.5m | 28.0% | PE18.1x | Consumer Discretionary | |
| KODT Koncar - distributivni i specijalni transformatori d.d | €1.54k | 4.1% +€30.7m | 216.9% | PE11.3x | Industrials | |
| KOEI KONCAR - Elektroindustrija d.d | €268.00 | 4.7% +€30.6m | 107.8% | PE12.6x | Industrials | |
| JNAF Jadranski naftovod d.d | €905.00 | 3.4% +€30.2m | 19.1% | PE17.5x | Energy | |
| KRAS Kras d.d | €120.00 | 20.0% +€28.4m | 57.9% | PE25.4x | Consumer Staples |
