INA-Industrija nafte, d.d.'s (ZGSE:INA) Share Price Not Quite Adding Up
Jul 25
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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?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 26 Jul 2025 | Kn32.7b | Kn17.5b | Kn1.9b | 16.8x | 17.1x | 1.9x |
| Mon, 23 Jun 2025 | Kn31.1b | Kn17.4b | Kn1.9b | 15.4x | 16.4x | 1.8x |
| Wed, 21 May 2025 | Kn30.5b | Kn17.5b | Kn1.9b | 15.2x | 16.3x | 1.7x |
| Fri, 18 Apr 2025 | Kn29.3b | Kn17.0b | Kn1.8b | 14.5x | 16.6x | 1.7x |
| Sun, 16 Mar 2025 | Kn30.2b | Kn17.1b | Kn1.8b | 15x | 17.1x | 1.8x |
| Tue, 11 Feb 2025 | Kn30.2b | Kn16.6b | Kn1.8b | 15x | 16.7x | 1.8x |
| Thu, 09 Jan 2025 | Kn29.4b | Kn16.7b | Kn1.8b | 15.2x | 16.3x | 1.8x |
| Sat, 07 Dec 2024 | Kn28.4b | Kn16.7b | Kn1.8b | 14.8x | 15.8x | 1.7x |
| Mon, 04 Nov 2024 | Kn26.5b | Kn16.6b | Kn1.8b | 15.7x | 15.1x | 1.6x |
| Wed, 02 Oct 2024 | Kn25.8b | Kn16.5b | Kn1.7b | 18.1x | 15.4x | 1.6x |
| Fri, 30 Aug 2024 | Kn25.6b | Kn16.4b | Kn1.7b | 18.1x | 15.2x | 1.6x |
| Sun, 28 Jul 2024 | Kn24.8b | Kn16.3b | Kn1.7b | 15.3x | 14.4x | 1.5x |
| Tue, 25 Jun 2024 | Kn24.5b | Kn16.1b | Kn1.7b | 14.7x | 14.6x | 1.5x |
| Thu, 23 May 2024 | Kn24.6b | Kn16.1b | Kn1.7b | 14.8x | 14.5x | 1.5x |
| Sat, 20 Apr 2024 | Kn24.5b | Kn16.0b | Kn1.6b | 15.2x | 15x | 1.5x |
| Mon, 18 Mar 2024 | Kn24.3b | Kn16.0b | Kn1.6b | 15x | 14.9x | 1.5x |
| Wed, 14 Feb 2024 | Kn24.4b | Kn15.4b | Kn1.2b | 15.5x | 19.6x | 1.6x |
| Fri, 12 Jan 2024 | Kn25.0b | Kn18.0b | Kn1.4b | 16.5x | 17.9x | 1.4x |
| Sun, 10 Dec 2023 | Kn23.5b | Kn17.9b | Kn1.4b | 15.4x | 16.8x | 1.3x |
| Tue, 07 Nov 2023 | Kn22.7b | Kn17.9b | Kn1.4b | 14.2x | 16.2x | 1.3x |
| Thu, 05 Oct 2023 | Kn22.8b | Kn17.3b | Kn1.3b | 16.3x | 16.9x | 1.3x |
| Sat, 02 Sep 2023 | Kn22.6b | Kn17.3b | Kn1.3b | 16.4x | 16.8x | 1.3x |
| Mon, 31 Jul 2023 | Kn21.9b | Kn17.3b | Kn1.3b | 18.8x | 16.3x | 1.3x |
| Wed, 28 Jun 2023 | Kn21.7b | Kn17.1b | Kn1.3b | 17.8x | 16.1x | 1.3x |
| Fri, 26 May 2023 | Kn21.2b | Kn16.8b | Kn1.3b | 18.1x | 15.9x | 1.3x |
| Sun, 23 Apr 2023 | Kn20.3b | Kn16.0b | Kn1.2b | 17.2x | 16.4x | 1.3x |
| Tue, 21 Mar 2023 | Kn20.6b | Kn16.4b | Kn1.3b | 17x | 15.9x | 1.3x |
| Thu, 16 Feb 2023 | Kn19.9b | Kn15.8b | Kn1.5b | 15.6x | 13x | 1.3x |
| Sat, 14 Jan 2023 | Kn19.7b | Kn15.7b | Kn1.5b | 15x | 13x | 1.3x |
| Mon, 12 Dec 2022 | Kn133.4b | Kn107.0b | Kn11.5b | 13.9x | 11.6x | 1.2x |
| Wed, 09 Nov 2022 | Kn131.1b | Kn106.0b | Kn11.4b | 13.1x | 11.5x | 1.2x |
| Fri, 07 Oct 2022 | Kn130.9b | Kn97.2b | Kn9.8b | 14.7x | 13.4x | 1.3x |
| Sun, 04 Sep 2022 | Kn134.1b | Kn97.1b | Kn9.8b | 14.7x | 13.7x | 1.4x |
| Tue, 02 Aug 2022 | Kn134.3b | Kn95.6b | Kn9.6b | 13.1x | 14x | 1.4x |
Price to Earnings Ratio
14x
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 Market | 1.40% | |
| Consumer Staples | 3.70% | |
| Energy | 3.34% | |
| Healthcare | 1.66% | |
| Telecom | 0.96% | |
| Financials | 0.87% | |
| Industrials | 0.64% | |
| Tech | 0.51% | |
| Consumer Discretionary | 0.47% | |
| Real Estate | 0% | 0 |
| Materials | 0% | 0 |
| Utilities | 0% | 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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| INA INA-Industrija nafte d.d | €505.00 | 3.1% +€150.0m | 9.8% | PE24.6x | Energy | |
| ADRS Adris grupa d. d | €116.00 | 5.5% +€95.0m | 41.5% | PE27.4x | Industrials | |
| ZABA Zagrebacka banka d.d | €25.70 | 0.8% +€64.0m | 38.5% | PB3.1x | Financials | |
| JNAF Jadranski naftovod d.d | €840.00 | 5.0% +€40.3m | -6.1% | PE16.8x | Energy | |
| PODR Podravka d.d | €146.50 | 3.5% +€35.2m | -11.2% | PE7.9x | Consumer Staples |
