INA-Industrija nafte d.d's (ZGSE:INA) Returns On Capital Are Heading Higher
Sep 12
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Croatian (CROBEX) Market Analysis & Valuation
UpdatedSep 12, 2025
DataAggregated Company Financials
Companies56
- 7D0.7%
- 3M7.2%
- 1Y27.3%
- YTD11.9%
In the last week, the market has stayed flat, however the Industrials sector stood out, gaining 6.8%. Meanwhile, the market is actually up 27% over the past year. Looking forward, earnings are forecast to grow by 12% 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 |
|---|---|---|---|---|---|---|
| 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 |
| Thu, 24 Nov 2022 | Kn133.3b | Kn107.0b | Kn11.5b | 13.5x | 11.6x | 1.2x |
| Sat, 22 Oct 2022 | Kn131.5b | Kn97.4b | Kn9.9b | 14.7x | 13.3x | 1.4x |
| Mon, 19 Sep 2022 | Kn133.7b | Kn97.1b | Kn9.8b | 14.7x | 13.7x | 1.4x |
Price to Earnings Ratio
13.7x
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 15.7x.
Past Earnings Growth
- The earnings for companies in the Croatian industry have declined 41% 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 Market | 0.67% | |
| Industrials | 6.76% | |
| Telecom | 0.98% | |
| Tech | 0.30% | |
| Consumer Discretionary | 0.19% | |
| Real Estate | 0% | 0 |
| Materials | 0% | 0 |
| Utilities | 0% | 0 |
| Financials | -0.91% | |
| Consumer Staples | -1.26% | |
| Healthcare | -2.57% | |
| Energy | -3.78% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading close to its 3-year average PE ratio of 24.8x.
- 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 Staples sector, expecting annual earnings growth of 35% over the next 5 years.
- This is better than its past earnings decline of 0.3% per year.
- In contrast, the Industrials sector is expected to see its earnings grow by 8.0% 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 | |
|---|---|---|---|---|---|---|
| KOEI KONCAR - Elektroindustrija d.d | €712.00 | 24.0% +€351.5m | 93.5% | PE12.3x | Industrials | |
| DDJH Ðuro Ðakovic Grupa d.d | €55.00 | 10.0% +€141.5m | 139.1% | PE158.3x | Industrials | |
| ADRS Adris grupa d. d | €119.00 | 2.6% +€47.6m | 46.0% | PE26x | Industrials | |
| HT Hrvatski Telekom d.d | €41.40 | 1.0% +€30.6m | 28.6% | PE22.2x | Telecom | |
| DLKV Dalekovod d.d | €8.30 | 9.5% +€29.7m | 153.0% | PE35.5x | Industrials |
