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Croatian (CROBEX) Market Analysis & Valuation

UpdatedJul 26, 2025
DataAggregated Company Financials
Companies58
  • 7D1.4%
  • 3M9.6%
  • 1Y28.4%
  • YTD12.4%

The market has climbed by 1.4% over the past week, with every sector up and the Energy sector leading the way. As for the past 12 months, the market is up 28%. Looking forward, earnings are expected to remain mostly flat in the next few years.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 26 Jul 2025Kn32.7bKn17.5bKn1.9b16.8x17.1x1.9x
Mon, 23 Jun 2025Kn31.1bKn17.4bKn1.9b15.4x16.4x1.8x
Wed, 21 May 2025Kn30.5bKn17.5bKn1.9b15.2x16.3x1.7x
Fri, 18 Apr 2025Kn29.3bKn17.0bKn1.8b14.5x16.6x1.7x
Sun, 16 Mar 2025Kn30.2bKn17.1bKn1.8b15x17.1x1.8x
Tue, 11 Feb 2025Kn30.2bKn16.6bKn1.8b15x16.7x1.8x
Thu, 09 Jan 2025Kn29.4bKn16.7bKn1.8b15.2x16.3x1.8x
Sat, 07 Dec 2024Kn28.4bKn16.7bKn1.8b14.8x15.8x1.7x
Mon, 04 Nov 2024Kn26.5bKn16.6bKn1.8b15.7x15.1x1.6x
Wed, 02 Oct 2024Kn25.8bKn16.5bKn1.7b18.1x15.4x1.6x
Fri, 30 Aug 2024Kn25.6bKn16.4bKn1.7b18.1x15.2x1.6x
Sun, 28 Jul 2024Kn24.8bKn16.3bKn1.7b15.3x14.4x1.5x
Tue, 25 Jun 2024Kn24.5bKn16.1bKn1.7b14.7x14.6x1.5x
Thu, 23 May 2024Kn24.6bKn16.1bKn1.7b14.8x14.5x1.5x
Sat, 20 Apr 2024Kn24.5bKn16.0bKn1.6b15.2x15x1.5x
Mon, 18 Mar 2024Kn24.3bKn16.0bKn1.6b15x14.9x1.5x
Wed, 14 Feb 2024Kn24.4bKn15.4bKn1.2b15.5x19.6x1.6x
Fri, 12 Jan 2024Kn25.0bKn18.0bKn1.4b16.5x17.9x1.4x
Sun, 10 Dec 2023Kn23.5bKn17.9bKn1.4b15.4x16.8x1.3x
Tue, 07 Nov 2023Kn22.7bKn17.9bKn1.4b14.2x16.2x1.3x
Thu, 05 Oct 2023Kn22.8bKn17.3bKn1.3b16.3x16.9x1.3x
Sat, 02 Sep 2023Kn22.6bKn17.3bKn1.3b16.4x16.8x1.3x
Mon, 31 Jul 2023Kn21.9bKn17.3bKn1.3b18.8x16.3x1.3x
Wed, 28 Jun 2023Kn21.7bKn17.1bKn1.3b17.8x16.1x1.3x
Fri, 26 May 2023Kn21.2bKn16.8bKn1.3b18.1x15.9x1.3x
Sun, 23 Apr 2023Kn20.3bKn16.0bKn1.2b17.2x16.4x1.3x
Tue, 21 Mar 2023Kn20.6bKn16.4bKn1.3b17x15.9x1.3x
Thu, 16 Feb 2023Kn19.9bKn15.8bKn1.5b15.6x13x1.3x
Sat, 14 Jan 2023Kn19.7bKn15.7bKn1.5b15x13x1.3x
Mon, 12 Dec 2022Kn133.4bKn107.0bKn11.5b13.9x11.6x1.2x
Wed, 09 Nov 2022Kn131.1bKn106.0bKn11.4b13.1x11.5x1.2x
Fri, 07 Oct 2022Kn130.9bKn97.2bKn9.8b14.7x13.4x1.3x
Sun, 04 Sep 2022Kn134.1bKn97.1bKn9.8b14.7x13.7x1.4x
Tue, 02 Aug 2022Kn134.3bKn95.6bKn9.6b13.1x14x1.4x
Price to Earnings Ratio

14x


Total Market Cap: Kn134.3bTotal Earnings: Kn9.6bTotal Revenue: Kn95.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Croatian Market Price to Earnings3Y Average 15.5x202320242025
Current Market PE
  • Investors are optimistic on the Croatian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 17.1x which is higher than its 3-year average PE of 15.5x.
Past Earnings Growth
  • The earnings for companies in the Croatian industry have declined 42% per year over the last three years.
  • Revenues have also declined 43% 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 Market1.40%
Consumer Staples3.70%
Energy3.34%
Healthcare1.66%
Telecom0.96%
Financials0.87%
Industrials0.64%
Tech0.51%
Consumer Discretionary0.47%
Real Estate0%0
Materials0%0
Utilities0%0
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading close to its 3-year average PE ratio of 24.5x.
    • 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 14% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
INA INA-Industrija nafte d.d€505.003.1%
+€150.0m
9.8%PE24.6xEnergy
ADRS Adris grupa d. d€116.005.5%
+€95.0m
41.5%PE27.4xIndustrials
ZABA Zagrebacka banka d.d€25.700.8%
+€64.0m
38.5%PB3.1xFinancials
JNAF Jadranski naftovod d.d€840.005.0%
+€40.3m
-6.1%PE16.8xEnergy
PODR Podravka d.d€146.503.5%
+€35.2m
-11.2%PE7.9xConsumer Staples
See more

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