Analysis Article • May 13
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Croatian (CROBEX) Market Analysis & Valuation
UpdatedJul 02, 2026
DataAggregated Company Financials
Companies56
- 7D-0.07%
- 3M9.9%
- 1Y16.2%
- YTD8.6%
The market has been flat in the last week, however the Consumer Staples sector is down 3.9%. Meanwhile, the market is actually up 15% over the past year. Looking forward, earnings are forecast to grow by 5.9% 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 |
|---|---|---|---|---|---|---|
| Thu, 02 Jul 2026 | Kn36.6b | Kn18.4b | Kn1.8b | 17.9x | 20.1x | 2x |
| Sat, 30 May 2026 | Kn35.0b | Kn18.5b | Kn1.8b | 16.1x | 19.1x | 1.9x |
| Mon, 27 Apr 2026 | Kn33.8b | Kn18.3b | Kn2.0b | 16.5x | 17x | 1.8x |
| Wed, 25 Mar 2026 | Kn33.6b | Kn19.2b | Kn2.0b | 14.8x | 16.5x | 1.7x |
| Fri, 20 Feb 2026 | Kn34.5b | Kn18.9b | Kn2.0b | 16.2x | 17.5x | 1.8x |
| Sun, 18 Jan 2026 | Kn34.3b | Kn18.8b | Kn1.9b | 15.7x | 17.7x | 1.8x |
| Tue, 16 Dec 2025 | Kn33.4b | Kn18.9b | Kn1.9b | 15.7x | 17.3x | 1.8x |
| Thu, 13 Nov 2025 | Kn33.2b | Kn18.6b | Kn1.9b | 16.4x | 17.2x | 1.8x |
| Sat, 11 Oct 2025 | Kn33.2b | Kn18.1b | Kn2.0b | 14.6x | 16.9x | 1.8x |
| Mon, 08 Sep 2025 | Kn33.1b | Kn18.2b | Kn2.0b | 14.7x | 16.9x | 1.8x |
| Wed, 06 Aug 2025 | Kn32.8b | Kn17.9b | Kn1.9b | 14.8x | 16.9x | 1.8x |
| Fri, 04 Jul 2025 | Kn31.3b | Kn17.4b | Kn1.9b | 15.8x | 16.5x | 1.8x |
| Sun, 01 Jun 2025 | Kn30.6b | Kn17.5b | Kn1.9b | 15x | 16.1x | 1.7x |
| Tue, 29 Apr 2025 | Kn29.8b | Kn17.1b | Kn1.8b | 14.5x | 16.9x | 1.7x |
| Thu, 27 Mar 2025 | Kn30.9b | Kn17.1b | Kn1.8b | 14.9x | 17.5x | 1.8x |
| Sat, 22 Feb 2025 | Kn30.3b | Kn16.6b | Kn1.8b | 15.5x | 16.9x | 1.8x |
| Mon, 20 Jan 2025 | Kn30.3b | Kn16.7b | Kn1.8b | 15.2x | 16.8x | 1.8x |
| Wed, 18 Dec 2024 | Kn29.1b | Kn16.7b | Kn1.8b | 15.5x | 16.2x | 1.7x |
| Fri, 15 Nov 2024 | Kn27.4b | Kn16.6b | Kn1.8b | 15.7x | 15.3x | 1.7x |
| Sun, 13 Oct 2024 | Kn25.9b | Kn16.4b | Kn1.7b | 17.9x | 15.5x | 1.6x |
| Tue, 10 Sep 2024 | Kn25.6b | Kn16.4b | Kn1.7b | 18.3x | 15.3x | 1.6x |
| Thu, 08 Aug 2024 | Kn25.3b | Kn16.5b | Kn1.7b | 17.2x | 15.1x | 1.5x |
| Sat, 06 Jul 2024 | Kn24.5b | Kn16.1b | Kn1.7b | 14.7x | 14.6x | 1.5x |
| Mon, 03 Jun 2024 | Kn24.7b | Kn16.1b | Kn1.7b | 14.7x | 14.7x | 1.5x |
| Wed, 01 May 2024 | Kn24.5b | Kn16.1b | Kn1.7b | 15.4x | 14.4x | 1.5x |
| Fri, 29 Mar 2024 | Kn24.9b | Kn16.0b | Kn1.6b | 15x | 15.2x | 1.6x |
| Sun, 25 Feb 2024 | Kn24.9b | Kn15.4b | Kn1.5b | 15.1x | 16.6x | 1.6x |
| Tue, 23 Jan 2024 | Kn25.4b | Kn18.0b | Kn1.4b | 16x | 18.2x | 1.4x |
| Thu, 21 Dec 2023 | Kn24.2b | Kn17.9b | Kn1.4b | 15.4x | 17.3x | 1.4x |
| Sat, 18 Nov 2023 | Kn22.9b | Kn17.9b | Kn1.4b | 16x | 16.4x | 1.3x |
| Mon, 16 Oct 2023 | Kn22.3b | Kn17.3b | Kn1.3b | 16.3x | 16.5x | 1.3x |
| Wed, 13 Sep 2023 | Kn23.0b | Kn17.3b | Kn1.3b | 15.6x | 17.2x | 1.3x |
| Fri, 11 Aug 2023 | Kn22.3b | Kn17.2b | Kn1.3b | 18.7x | 16.8x | 1.3x |
| Sun, 09 Jul 2023 | Kn21.5b | Kn17.0b | Kn1.4b | 18.1x | 15.9x | 1.3x |
Price to Earnings Ratio
15.9x
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 20.1x which is higher than its 3-year average PE of 16.5x.
Past Earnings Growth
- The earnings for Croatian listed companies have grown 10% per year over the last three years.
- Revenues for these companies have grown 2.7% 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 Croatian Market?
| HR Market | -0.071% | |
| Industrials | 3.75% | |
| Energy | 0.66% | |
| Tech | 0.29% | |
| Real Estate | 0% | 0 |
| Materials | 0% | 0 |
| Healthcare | 0% | 0 |
| Utilities | 0% | 0 |
| Consumer Discretionary | -0.74% | |
| Financials | -2.15% | |
| Consumer Staples | -3.02% | |
| Telecom | -3.78% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 27.7x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
- The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 12.1x.
Forecasted Growth
- Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 7.0% over the next 5 years.
- However this is lower than its past earnings growth rate of 22% per year.
- In contrast, the Consumer Staples sector is expected to see its earnings grow by 4.4% 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 | |
|---|---|---|---|---|---|---|
| DLKV Dalekovod d.d | €19.20 | 28.4% +€175.3m | 214.8% | PE52.9x | Industrials | |
| ADRS Adris grupa d. d | €150.00 | 4.2% +€95.3m | 50.0% | PE29.7x | Industrials | |
| KODT Koncar - distributivni i specijalni transformatori d.d | €4.44k | 2.8% +€61.3m | 43.7% | PE15.9x | Industrials | |
| JNAF Jadranski naftovod d.d | €870.00 | 4.8% +€40.3m | 8.8% | PE27.7x | Energy | |
| DDJH Ðuro Ðakovic Grupa d.d | €51.50 | 2.0% +€28.3m | 25.0% | PE204.7x | Industrials |