Impressive Earnings May Not Tell The Whole Story For Podravka d.d (ZGSE:PODR)
May 06
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Croatian (CROBEX) Market Analysis & Valuation
UpdatedMay 06, 2025
DataAggregated Company Financials
Companies59
- 7D0.4%
- 3M-4.9%
- 1Y19.7%
- YTD2.8%
In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 6.2%. As for the longer term, the market has risen 20% in the past 12 months. As for the next few years, earnings are expected to grow by 6.4% 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 |
|---|---|---|---|---|---|---|
| Tue, 06 May 2025 | Kn29.9b | Kn17.5b | Kn1.9b | 14.5x | 16x | 1.7x |
| Thu, 03 Apr 2025 | Kn30.8b | Kn17.1b | Kn1.8b | 14.7x | 17.5x | 1.8x |
| Sat, 01 Mar 2025 | Kn29.7b | Kn17.7b | Kn1.7b | 14x | 17x | 1.7x |
| Mon, 27 Jan 2025 | Kn30.7b | Kn16.6b | Kn1.8b | 15.3x | 17x | 1.8x |
| Wed, 25 Dec 2024 | Kn29.3b | Kn16.7b | Kn1.8b | 15.1x | 16.3x | 1.8x |
| Fri, 22 Nov 2024 | Kn27.6b | Kn16.6b | Kn1.8b | 15.5x | 15.4x | 1.7x |
| Sun, 20 Oct 2024 | Kn26.2b | Kn16.4b | Kn1.7b | 17.9x | 15.6x | 1.6x |
| Tue, 17 Sep 2024 | Kn25.8b | Kn16.4b | Kn1.7b | 18x | 15.4x | 1.6x |
| Thu, 15 Aug 2024 | Kn25.4b | Kn16.4b | Kn1.7b | 18.1x | 15.2x | 1.6x |
| Sat, 13 Jul 2024 | Kn24.7b | Kn16.1b | Kn1.7b | 15.5x | 14.7x | 1.5x |
| Mon, 10 Jun 2024 | Kn24.8b | Kn16.1b | Kn1.7b | 14.8x | 14.8x | 1.5x |
| Wed, 08 May 2024 | Kn24.3b | Kn16.1b | Kn1.7b | 14.7x | 14.3x | 1.5x |
| Fri, 05 Apr 2024 | Kn24.9b | Kn16.0b | Kn1.6b | 15x | 15.3x | 1.6x |
| Sun, 03 Mar 2024 | Kn24.2b | Kn15.8b | Kn1.6b | 14.8x | 14.7x | 1.5x |
| Tue, 30 Jan 2024 | Kn25.5b | Kn17.9b | Kn1.4b | 16.1x | 18.3x | 1.4x |
| Thu, 28 Dec 2023 | Kn24.5b | Kn18.0b | Kn1.4b | 15.4x | 17.6x | 1.4x |
| Sat, 25 Nov 2023 | Kn23.2b | Kn17.9b | Kn1.4b | 16x | 16.6x | 1.3x |
| Mon, 23 Oct 2023 | Kn22.2b | Kn17.3b | Kn1.3b | 15.8x | 16.5x | 1.3x |
| Wed, 20 Sep 2023 | Kn22.6b | Kn17.3b | Kn1.3b | 15.4x | 16.8x | 1.3x |
| Fri, 18 Aug 2023 | Kn22.6b | Kn17.3b | Kn1.3b | 16.1x | 16.8x | 1.3x |
| Sun, 16 Jul 2023 | Kn21.6b | Kn17.0b | Kn1.4b | 18.6x | 16x | 1.3x |
| Tue, 13 Jun 2023 | Kn21.7b | Kn17.2b | Kn1.3b | 17.6x | 16.2x | 1.3x |
| Thu, 11 May 2023 | Kn20.5b | Kn16.3b | Kn1.2b | 18.7x | 16.8x | 1.3x |
| Sat, 08 Apr 2023 | Kn20.8b | Kn16.1b | Kn1.2b | 17.5x | 16.7x | 1.3x |
| Mon, 06 Mar 2023 | Kn20.6b | Kn15.5b | Kn1.3b | 16.1x | 15.8x | 1.3x |
| Wed, 01 Feb 2023 | Kn19.6b | Kn15.6b | Kn1.5b | 14.8x | 13x | 1.3x |
| Fri, 30 Dec 2022 | Kn135.3b | Kn107.0b | Kn11.5b | 14.1x | 11.8x | 1.3x |
| Sun, 27 Nov 2022 | Kn133.6b | Kn107.0b | Kn11.5b | 13.5x | 11.6x | 1.2x |
| Tue, 25 Oct 2022 | Kn131.5b | Kn97.4b | Kn9.9b | 14.7x | 13.3x | 1.4x |
| Thu, 22 Sep 2022 | Kn134.1b | Kn97.1b | Kn9.8b | 14.7x | 13.7x | 1.4x |
| Sat, 20 Aug 2022 | Kn135.4b | Kn97.1b | Kn9.8b | 14.8x | 13.8x | 1.4x |
| Mon, 18 Jul 2022 | Kn133.8b | Kn90.1b | Kn8.0b | 14.2x | 16.8x | 1.5x |
| Wed, 15 Jun 2022 | Kn136.6b | Kn90.8b | Kn8.0b | 15.2x | 17x | 1.5x |
| Fri, 13 May 2022 | Kn137.4b | Kn90.7b | Kn8.0b | 15.6x | 17.2x | 1.5x |
Price to Earnings Ratio
17.2x
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 15.6x.
Past Earnings Growth
- The earnings for companies in the Croatian industry have declined 38% per year over the last three years.
- Revenues have also declined 42% 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 | 0.41% | |
| Tech | 6.23% | |
| Telecom | 5.33% | |
| Industrials | 2.45% | |
| Consumer Discretionary | 0.56% | |
| Real Estate | 0% | 0 |
| Materials | 0% | 0 |
| Utilities | 0% | 0 |
| Consumer Staples | -0.53% | |
| Healthcare | -0.93% | |
| Financials | -1.21% | |
| Energy | -1.62% | |
Sector PE
- Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 20.2x.
- 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 9.1x.
Forecasted Growth
- Analysts are most optimistic on the Industrials sector, expecting annual earnings growth of 12% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
- In contrast, the Consumer Staples sector is expected to see its earnings decline by 5.0% 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 | |
|---|---|---|---|---|---|---|
| HT Hrvatski Telekom d.d | €41.50 | 2.5% +€76.8m | 35.2% | PE22.5x | Telecom | |
| DDJH Ðuro Ðakovic Grupa d.d | €43.00 | 4.9% +€56.6m | 76.2% | PE138.6x | Industrials | |
| ADRS Adris grupa d. d | €90.00 | 2.3% +€31.7m | 12.5% | PE21.4x | Industrials | |
| RIVP Valamar Riviera d.d | €5.88 | 3.2% +€20.7m | 15.7% | PE29.1x | Consumer Discretionary | |
| ERNT Ericsson Nikola Tesla d.d | €191.00 | 3.2% +€8.0m | -5.9% | PE16.9x | Tech |
