Some Confidence Is Lacking In INA-Industrija nafte, d.d.'s (ZGSE:INA) P/E
Dec 09
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Croatian (CROBEX) Market Analysis & Valuation
UpdatedDec 20, 2025
DataAggregated Company Financials
Companies61
- 7D0.2%
- 3M-1.6%
- 1Y12.4%
- YTD12.8%
The Energy sector gained 3.0% while the market remained flat over the last week. More promisingly, the market is up 12% over the past year. Looking forward, earnings are forecast to grow by 9.1% 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 |
|---|---|---|---|---|---|---|
| Sat, 20 Dec 2025 | Kn33.4b | Kn18.9b | Kn1.9b | 15.6x | 17.3x | 1.8x |
| Mon, 17 Nov 2025 | Kn33.2b | Kn18.6b | Kn1.9b | 16.3x | 17.2x | 1.8x |
| Wed, 15 Oct 2025 | Kn33.0b | Kn18.1b | Kn2.0b | 14.6x | 16.7x | 1.8x |
| Fri, 12 Sep 2025 | Kn33.1b | Kn18.1b | Kn2.0b | 14.9x | 16.9x | 1.8x |
| Sun, 10 Aug 2025 | Kn33.1b | Kn17.9b | Kn1.9b | 15x | 17x | 1.9x |
| Tue, 08 Jul 2025 | Kn31.5b | Kn17.4b | Kn1.9b | 15.8x | 16.6x | 1.8x |
| Thu, 05 Jun 2025 | Kn30.8b | Kn17.5b | Kn1.9b | 15.1x | 16.2x | 1.8x |
| Sat, 03 May 2025 | Kn30.0b | Kn17.4b | Kn1.9b | 14.6x | 16.2x | 1.7x |
| Mon, 31 Mar 2025 | Kn30.9b | Kn17.1b | Kn1.8b | 15x | 17.5x | 1.8x |
| Wed, 26 Feb 2025 | Kn30.1b | Kn16.7b | Kn1.7b | 15x | 17.5x | 1.8x |
| Fri, 24 Jan 2025 | Kn30.7b | Kn16.7b | Kn1.8b | 15x | 17.1x | 1.8x |
| Sun, 22 Dec 2024 | Kn29.2b | Kn16.7b | Kn1.8b | 14.5x | 16.2x | 1.8x |
| Tue, 19 Nov 2024 | Kn27.5b | Kn16.6b | Kn1.8b | 15.7x | 15.4x | 1.7x |
| Thu, 17 Oct 2024 | Kn26.1b | Kn16.4b | Kn1.7b | 17.9x | 15.6x | 1.6x |
| Sat, 14 Sep 2024 | Kn25.8b | Kn16.4b | Kn1.7b | 18.2x | 15.4x | 1.6x |
| Mon, 12 Aug 2024 | Kn25.4b | Kn16.5b | Kn1.7b | 17.2x | 15.1x | 1.5x |
| Wed, 10 Jul 2024 | Kn24.5b | Kn16.1b | Kn1.7b | 14.9x | 14.6x | 1.5x |
| Fri, 07 Jun 2024 | Kn24.7b | Kn16.1b | Kn1.7b | 14.8x | 14.7x | 1.5x |
| Sun, 05 May 2024 | Kn24.2b | Kn16.1b | Kn1.7b | 14.8x | 14.3x | 1.5x |
| Tue, 02 Apr 2024 | Kn24.9b | Kn16.0b | Kn1.6b | 15x | 15.2x | 1.6x |
| Thu, 29 Feb 2024 | Kn24.4b | Kn15.5b | Kn1.6b | 15.3x | 15.4x | 1.6x |
| Sat, 27 Jan 2024 | Kn25.4b | Kn17.9b | Kn1.4b | 16x | 18.2x | 1.4x |
| Mon, 25 Dec 2023 | Kn24.4b | Kn18.0b | Kn1.4b | 15.4x | 17.5x | 1.4x |
| Wed, 22 Nov 2023 | Kn22.9b | Kn17.9b | Kn1.4b | 15.9x | 16.4x | 1.3x |
| Fri, 20 Oct 2023 | Kn22.5b | Kn17.3b | Kn1.3b | 15.8x | 16.7x | 1.3x |
| Sun, 17 Sep 2023 | Kn22.9b | Kn17.3b | Kn1.3b | 15.6x | 17x | 1.3x |
| Tue, 15 Aug 2023 | Kn22.6b | Kn17.3b | Kn1.3b | 16.3x | 16.7x | 1.3x |
| Thu, 13 Jul 2023 | Kn21.7b | Kn17.0b | Kn1.4b | 18.6x | 16x | 1.3x |
| Sat, 10 Jun 2023 | Kn21.8b | Kn17.2b | Kn1.3b | 18.1x | 16.3x | 1.3x |
| Mon, 08 May 2023 | Kn20.5b | Kn16.3b | Kn1.2b | 18.5x | 16.9x | 1.3x |
| Wed, 05 Apr 2023 | Kn20.8b | Kn16.1b | Kn1.2b | 17.1x | 16.7x | 1.3x |
| Fri, 03 Mar 2023 | Kn20.6b | Kn16.2b | Kn1.4b | 16.1x | 15.1x | 1.3x |
| Sun, 29 Jan 2023 | Kn19.6b | Kn15.6b | Kn1.5b | 14.8x | 13x | 1.3x |
| Tue, 27 Dec 2022 | Kn134.0b | Kn107.0b | Kn11.5b | 13.8x | 11.7x | 1.3x |
Price to Earnings Ratio
11.7x
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 16.1x.
Past Earnings Growth
- The earnings for companies in the Croatian industry have declined 45% per year over the last three years.
- Revenues have also declined 44% 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 | 0.22% | |
| Energy | 3.03% | |
| Industrials | 0.76% | |
| Real Estate | 0% | 0 |
| Materials | 0% | 0 |
| Utilities | 0% | 0 |
| Consumer Staples | -0.50% | |
| Financials | -0.54% | |
| Telecom | -0.97% | |
| Consumer Discretionary | -1.36% | |
| Tech | -2.43% | |
| Healthcare | -2.88% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 25.9x.
- 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 8.9x.
Forecasted Growth
- Analysts are most optimistic on the Consumer Staples sector, expecting annual earnings growth of 37% over the next 5 years.
- This is better than its past earnings decline of 53% per year.
- In contrast, the Telecom sector is expected to see its earnings grow by 4.5% 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 | |
|---|---|---|---|---|---|---|
| INA INA-Industrija nafte d.d | €500.00 | 4.2% +€200.0m | 9.6% | PE31.8x | Energy | |
| ADRS Adris grupa d. d | €119.00 | 1.7% +€31.7m | 52.6% | PE22.1x | Industrials | |
| MAIS Maistra d.d | €59.00 | 3.5% +€21.9m | 24.5% | PE17.4x | Consumer Discretionary | |
| KOEI KONCAR - Elektroindustrija d.d | €700.00 | 1.2% +€20.4m | 57.7% | PE12.3x | Industrials | |
| DDJH Ðuro Ðakovic Grupa d.d | €58.50 | 0.9% +€14.2m | 275.0% | PE168.4x | Industrials |
