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Croatian (CROBEX) Market Analysis & Valuation
UpdatedNov 06, 2025
DataAggregated Company Financials
Companies57
- 7D-0.9%
- 3M1.3%
- 1Y24.6%
- YTD12.8%
In the last week, the market has been flat, with a notable exception in the Healthcare sector dropping 4.5%. More promisingly, the market is up 25% over the past year. As for the next few years, earnings are expected to grow by 9.3% per annum.
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, 06 Nov 2025 | Kn33.3b | Kn18.6b | Kn1.9b | 15.7x | 17.3x | 1.8x |
| Sat, 04 Oct 2025 | Kn33.4b | Kn18.1b | Kn2.0b | 14.8x | 17x | 1.8x |
| Mon, 01 Sep 2025 | Kn32.9b | Kn17.9b | Kn1.9b | 14.8x | 16.9x | 1.8x |
| Wed, 30 Jul 2025 | Kn32.8b | Kn17.6b | Kn1.9b | 17.1x | 17.2x | 1.9x |
| Fri, 27 Jun 2025 | Kn31.7b | Kn17.4b | Kn1.9b | 16x | 16.7x | 1.8x |
| Sun, 25 May 2025 | Kn29.5b | Kn17.5b | Kn1.9b | 14.8x | 15.6x | 1.7x |
| Tue, 22 Apr 2025 | Kn29.3b | Kn17.0b | Kn1.8b | 14.5x | 16.6x | 1.7x |
| Thu, 20 Mar 2025 | Kn30.5b | Kn17.1b | Kn1.8b | 14.9x | 17.3x | 1.8x |
| Sat, 15 Feb 2025 | Kn30.0b | Kn16.6b | Kn1.8b | 15.2x | 16.7x | 1.8x |
| Mon, 13 Jan 2025 | Kn30.0b | Kn16.7b | Kn1.8b | 15.1x | 16.7x | 1.8x |
| Wed, 11 Dec 2024 | Kn28.3b | Kn16.7b | Kn1.8b | 14.3x | 15.7x | 1.7x |
| Fri, 08 Nov 2024 | Kn26.5b | Kn16.6b | Kn1.8b | 15.6x | 14.8x | 1.6x |
| Sun, 06 Oct 2024 | Kn25.7b | Kn16.5b | Kn1.7b | 18.1x | 15.3x | 1.6x |
| Tue, 03 Sep 2024 | Kn25.6b | Kn16.4b | Kn1.7b | 18.1x | 15.3x | 1.6x |
| Thu, 01 Aug 2024 | Kn25.1b | Kn16.3b | Kn1.7b | 15.7x | 14.5x | 1.5x |
| Sat, 29 Jun 2024 | Kn24.6b | Kn16.1b | Kn1.7b | 14.9x | 14.6x | 1.5x |
| Mon, 27 May 2024 | Kn24.6b | Kn16.1b | Kn1.7b | 14.7x | 14.5x | 1.5x |
| Wed, 24 Apr 2024 | Kn24.6b | Kn16.0b | Kn1.6b | 15.2x | 15.1x | 1.5x |
| Fri, 22 Mar 2024 | Kn24.8b | Kn16.0b | Kn1.6b | 15x | 15.2x | 1.5x |
| Sun, 18 Feb 2024 | Kn24.6b | Kn15.4b | Kn1.5b | 15.5x | 16.8x | 1.6x |
| Tue, 16 Jan 2024 | Kn25.0b | Kn18.0b | Kn1.4b | 16.2x | 17.9x | 1.4x |
| Thu, 14 Dec 2023 | Kn23.9b | Kn17.9b | Kn1.4b | 15.5x | 17.1x | 1.3x |
| Sat, 11 Nov 2023 | Kn22.9b | Kn17.9b | Kn1.4b | 15.4x | 16.4x | 1.3x |
| Mon, 09 Oct 2023 | Kn22.5b | Kn17.3b | Kn1.3b | 16.3x | 16.7x | 1.3x |
| Wed, 06 Sep 2023 | Kn22.5b | Kn17.3b | Kn1.3b | 15.6x | 16.7x | 1.3x |
| Fri, 04 Aug 2023 | Kn22.5b | Kn17.1b | Kn1.3b | 18.6x | 17.2x | 1.3x |
| Sun, 02 Jul 2023 | Kn21.4b | Kn17.0b | Kn1.4b | 17.9x | 15.8x | 1.3x |
| Tue, 30 May 2023 | Kn21.6b | Kn17.0b | Kn1.3b | 18.2x | 16.2x | 1.3x |
| Thu, 27 Apr 2023 | Kn20.4b | Kn15.9b | Kn1.2b | 18.5x | 16.5x | 1.3x |
| Sat, 25 Mar 2023 | Kn20.5b | Kn16.2b | Kn1.3b | 17x | 16x | 1.3x |
| Mon, 20 Feb 2023 | Kn19.9b | Kn16.1b | Kn1.4b | 15.6x | 14.4x | 1.2x |
| Wed, 18 Jan 2023 | Kn19.3b | Kn15.7b | Kn1.5b | 14.8x | 12.7x | 1.2x |
| Fri, 16 Dec 2022 | Kn134.8b | Kn107.0b | Kn11.5b | 13.9x | 11.7x | 1.3x |
| Sun, 13 Nov 2022 | Kn131.1b | Kn106.0b | Kn11.4b | 13x | 11.5x | 1.2x |
Price to Earnings Ratio
11.5x
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 15.8x.
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 | -0.91% | |
| Tech | 2.77% | |
| Consumer Discretionary | 0.90% | |
| Real Estate | 0% | 0 |
| Materials | 0% | 0 |
| Utilities | 0% | 0 |
| Energy | -0.17% | |
| Industrials | -0.59% | |
| Telecom | -1.18% | |
| Financials | -1.76% | |
| Consumer Staples | -2.64% | |
| Healthcare | -4.46% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 25.2x.
- 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 40% over the next 5 years.
- This is better than its past earnings decline of 42% 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 | |
|---|---|---|---|---|---|---|
| MAIS Maistra d.d | €55.50 | 2.8% +€16.4m | 21.2% | PE16.4x | Consumer Discretionary | |
| RIVP Valamar Riviera d.d | €6.38 | 1.9% +€14.8m | 24.6% | PE19x | Consumer Discretionary | |
| PLAG Plava laguna d.d | €336.00 | 1.8% +€13.2m | 1.8% | PE13.2x | Consumer Discretionary | |
| ERNT Ericsson Nikola Tesla d.d | €192.00 | 3.2% +€8.0m | 5.2% | PE14.8x | Tech | |
| ZITO Zito d.o.o | €19.50 | -1.5% €7.3m | n/a | PE34.8x | Consumer Staples |