After Leaping 27% Liburnia Riviera Hoteli d.d. (ZGSE:LRH) Shares Are Not Flying Under The Radar
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Croatian (CROBEX) Market Analysis & Valuation
UpdatedJul 22, 2025
DataAggregated Company Financials
Companies58
- 7D2.0%
- 3M9.8%
- 1Y27.3%
- YTD11.8%
The market has climbed 1.6% in the last 7 days, lead by the Industrials sector with a gain of 7.6%. As for the past 12 months, the market is up 26%. Looking forward, earnings are forecast to grow by 1.7% annually.
Market Valuation and Performance
Has the Croatian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 22 Jul 2025 | Kn32.3b | Kn17.4b | Kn1.9b | 16.1x | 17x | 1.9x |
| Thu, 19 Jun 2025 | Kn30.9b | Kn17.4b | Kn1.9b | 15.6x | 16.3x | 1.8x |
| Sat, 17 May 2025 | Kn30.8b | Kn17.5b | Kn1.9b | 15.2x | 16.5x | 1.8x |
| Mon, 14 Apr 2025 | Kn30.2b | Kn17.0b | Kn1.8b | 14.7x | 17.1x | 1.8x |
| Wed, 12 Mar 2025 | Kn29.9b | Kn17.1b | Kn1.8b | 14.5x | 16.9x | 1.7x |
| Fri, 07 Feb 2025 | Kn30.5b | Kn16.6b | Kn1.8b | 15.4x | 16.9x | 1.8x |
| Sun, 05 Jan 2025 | Kn28.9b | Kn16.7b | Kn1.8b | 14.8x | 16.1x | 1.7x |
| Tue, 03 Dec 2024 | Kn28.3b | Kn16.7b | Kn1.8b | 15.2x | 15.8x | 1.7x |
| Thu, 31 Oct 2024 | Kn26.4b | Kn16.5b | Kn1.7b | 17.2x | 15.6x | 1.6x |
| Sat, 28 Sep 2024 | Kn25.8b | Kn16.5b | Kn1.7b | 18x | 15.4x | 1.6x |
| Mon, 26 Aug 2024 | Kn25.5b | Kn16.4b | Kn1.7b | 18.2x | 15.2x | 1.6x |
| Wed, 24 Jul 2024 | Kn24.9b | Kn16.1b | Kn1.7b | 16.4x | 14.8x | 1.5x |
| Fri, 21 Jun 2024 | Kn24.8b | Kn16.1b | Kn1.7b | 14.7x | 14.8x | 1.5x |
| Sun, 19 May 2024 | Kn24.5b | Kn16.1b | Kn1.7b | 14.9x | 14.5x | 1.5x |
| Tue, 16 Apr 2024 | Kn25.0b | Kn16.0b | Kn1.6b | 15.2x | 15.3x | 1.6x |
| Thu, 14 Mar 2024 | Kn24.3b | Kn16.0b | Kn1.6b | 15.3x | 14.8x | 1.5x |
| Sat, 10 Feb 2024 | Kn24.4b | Kn15.4b | Kn1.2b | 15.6x | 19.5x | 1.6x |
| Mon, 08 Jan 2024 | Kn24.7b | Kn18.0b | Kn1.4b | 15.8x | 17.7x | 1.4x |
| Wed, 06 Dec 2023 | Kn23.7b | Kn17.9b | Kn1.4b | 15.5x | 17x | 1.3x |
| Fri, 03 Nov 2023 | Kn22.6b | Kn17.7b | Kn1.4b | 15.2x | 15.7x | 1.3x |
| Sun, 01 Oct 2023 | Kn22.6b | Kn17.3b | Kn1.3b | 16.3x | 16.7x | 1.3x |
| Tue, 29 Aug 2023 | Kn22.7b | Kn17.3b | Kn1.3b | 16.1x | 16.9x | 1.3x |
| Thu, 27 Jul 2023 | Kn21.7b | Kn17.2b | Kn1.4b | 19.5x | 15x | 1.3x |
| Sat, 24 Jun 2023 | Kn21.5b | Kn17.0b | Kn1.4b | 17.9x | 15.9x | 1.3x |
| Mon, 22 May 2023 | Kn21.0b | Kn16.8b | Kn1.3b | 17.7x | 15.6x | 1.2x |
| Wed, 19 Apr 2023 | Kn20.3b | Kn16.0b | Kn1.2b | 17.1x | 16.4x | 1.3x |
| Fri, 17 Mar 2023 | Kn20.6b | Kn16.5b | Kn1.3b | 16.5x | 15.8x | 1.2x |
| Sun, 12 Feb 2023 | Kn19.7b | Kn15.9b | Kn1.5b | 15.5x | 12.8x | 1.2x |
| Tue, 10 Jan 2023 | Kn19.4b | Kn15.8b | Kn1.5b | 14.7x | 12.7x | 1.2x |
| Thu, 08 Dec 2022 | Kn133.0b | Kn107.0b | Kn11.5b | 13.9x | 11.6x | 1.2x |
| Sat, 05 Nov 2022 | Kn131.6b | Kn104.2b | Kn11.3b | 13.1x | 11.7x | 1.3x |
| Mon, 03 Oct 2022 | Kn130.9b | Kn97.2b | Kn9.8b | 14.7x | 13.4x | 1.3x |
| Wed, 31 Aug 2022 | Kn135.5b | Kn97.1b | Kn9.8b | 14.8x | 13.9x | 1.4x |
| Fri, 29 Jul 2022 | Kn134.7b | Kn90.3b | Kn8.0b | 14.8x | 16.9x | 1.5x |
Price to Earnings Ratio
16.9x
Current Market PE
- Investors are relatively neutral on the Croatian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
- The market is trading close to its 3-year average PE ratio of 15.5x.
Past Earnings Growth
- The earnings for companies in the Croatian industry have declined 38% per year over the last three years.
- Revenues have also declined 42% 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 | 2.02% | |
| Industrials | 6.12% | |
| Financials | 3.88% | |
| Consumer Discretionary | 1.40% | |
| Tech | 1.10% | |
| Real Estate | 0% | 0 |
| Materials | 0% | 0 |
| Utilities | 0% | 0 |
| Telecom | -1.43% | |
| Consumer Staples | -1.78% | |
| Energy | -2.14% | |
| Healthcare | -2.97% | |
Sector PE
- Investors favour the Telecom sector the most for future growth, which is trading close to its 3-year average PE ratio of 20.4x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
- The Healthcare sector is the least preferred by investors for future growth, which is trading below its 3-year average of 9.0x.
Forecasted Growth
- Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 20% over the next 5 years.
- This is better than its past earnings growth rate of 15% per year.
- In contrast, the Consumer Staples sector is expected to see its earnings decline by 8.8% 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 | |
|---|---|---|---|---|---|---|
| ZABA Zagrebacka banka d.d | €26.00 | 4.4% +€352.2m | 44.0% | PB3.3x | Financials | |
| ADRS Adris grupa d. d | €115.00 | 8.5% +€142.5m | 37.7% | PE27.1x | Industrials | |
| KODT Koncar - distributivni i specijalni transformatori d.d | €3.75k | 6.5% +€117.6m | 119.3% | PE14.4x | Industrials | |
| DDJH Ðuro Ðakovic Grupa d.d | €42.80 | 7.0% +€79.3m | 64.6% | PE138x | Industrials | |
| LKRI Luka Rijeka d.d | €17.90 | 37.7% +€66.1m | 126.6% | PE25.4x | Industrials |
