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Croatian (CROBEX) Market Analysis & Valuation

UpdatedNov 15, 2025
DataAggregated Company Financials
Companies57
  • 7D0.1%
  • 3M0.9%
  • 1Y18.8%
  • YTD12.5%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 3.8% in that time. As for the longer term, the market has risen 19% in the past 12 months. Looking forward, earnings are forecast to grow by 9.3% annually.

Market Valuation and Performance

Has the Croatian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 17 Nov 2025Kn33.2bKn18.6bKn1.9b16.3x17.2x1.8x
Wed, 15 Oct 2025Kn33.0bKn18.1bKn2.0b14.6x16.7x1.8x
Fri, 12 Sep 2025Kn33.1bKn18.1bKn2.0b14.9x16.9x1.8x
Sun, 10 Aug 2025Kn33.1bKn17.9bKn1.9b15x17x1.9x
Tue, 08 Jul 2025Kn31.5bKn17.4bKn1.9b15.8x16.6x1.8x
Thu, 05 Jun 2025Kn30.8bKn17.5bKn1.9b15.1x16.2x1.8x
Sat, 03 May 2025Kn30.0bKn17.4bKn1.9b14.6x16.2x1.7x
Mon, 31 Mar 2025Kn30.9bKn17.1bKn1.8b15x17.5x1.8x
Wed, 26 Feb 2025Kn30.1bKn16.7bKn1.7b15x17.5x1.8x
Fri, 24 Jan 2025Kn30.7bKn16.7bKn1.8b15x17.1x1.8x
Sun, 22 Dec 2024Kn29.2bKn16.7bKn1.8b14.5x16.2x1.8x
Tue, 19 Nov 2024Kn27.5bKn16.6bKn1.8b15.7x15.4x1.7x
Thu, 17 Oct 2024Kn26.1bKn16.4bKn1.7b17.9x15.6x1.6x
Sat, 14 Sep 2024Kn25.8bKn16.4bKn1.7b18.2x15.4x1.6x
Mon, 12 Aug 2024Kn25.4bKn16.5bKn1.7b17.2x15.1x1.5x
Wed, 10 Jul 2024Kn24.5bKn16.1bKn1.7b14.9x14.6x1.5x
Fri, 07 Jun 2024Kn24.7bKn16.1bKn1.7b14.8x14.7x1.5x
Sun, 05 May 2024Kn24.2bKn16.1bKn1.7b14.8x14.3x1.5x
Tue, 02 Apr 2024Kn24.9bKn16.0bKn1.6b15x15.2x1.6x
Thu, 29 Feb 2024Kn24.4bKn15.5bKn1.6b15.3x15.4x1.6x
Sat, 27 Jan 2024Kn25.4bKn17.9bKn1.4b16x18.2x1.4x
Mon, 25 Dec 2023Kn24.4bKn18.0bKn1.4b15.4x17.5x1.4x
Wed, 22 Nov 2023Kn22.9bKn17.9bKn1.4b15.9x16.4x1.3x
Fri, 20 Oct 2023Kn22.5bKn17.3bKn1.3b15.8x16.7x1.3x
Sun, 17 Sep 2023Kn22.9bKn17.3bKn1.3b15.6x17x1.3x
Tue, 15 Aug 2023Kn22.6bKn17.3bKn1.3b16.3x16.7x1.3x
Thu, 13 Jul 2023Kn21.7bKn17.0bKn1.4b18.6x16x1.3x
Sat, 10 Jun 2023Kn21.8bKn17.2bKn1.3b18.1x16.3x1.3x
Mon, 08 May 2023Kn20.5bKn16.3bKn1.2b18.5x16.9x1.3x
Wed, 05 Apr 2023Kn20.8bKn16.1bKn1.2b17.1x16.7x1.3x
Fri, 03 Mar 2023Kn20.6bKn16.2bKn1.4b16.1x15.1x1.3x
Sun, 29 Jan 2023Kn19.6bKn15.6bKn1.5b14.8x13x1.3x
Tue, 27 Dec 2022Kn134.0bKn107.0bKn11.5b13.8x11.7x1.3x
Thu, 24 Nov 2022Kn133.3bKn107.0bKn11.5b13.5x11.6x1.2x
Price to Earnings Ratio

11.6x


Total Market Cap: Kn133.3bTotal Earnings: Kn11.5bTotal Revenue: Kn107.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Croatian Market Price to Earnings3Y Average 15.9x202320242025
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 15.9x.
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 Market0.11%
Tech3.84%
Healthcare1.96%
Consumer Staples0.95%
Consumer Discretionary0.56%
Industrials0.42%
Real Estate0%0
Materials0%0
Utilities0%0
Energy-0.18%
Telecom-0.24%
Financials-0.43%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 25.4x.
    • 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 55% 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?

CompanyLast Price7D1YValuationSector
ADRS Adris grupa d. d€114.000.9%
+€15.9m		46.2%PE21.2xIndustrials
RIVP Valamar Riviera d.d€6.521.9%
+€14.8m		24.0%PE19.4xConsumer Discretionary
ATGR Atlantic Grupa d.d€42.602.4%
+€13.3m		-16.5%PE40xConsumer Staples
ZITO Zito d.o.o€20.002.0%
+€10.1m		n/aPE35.7xConsumer Staples
HPB Hrvatska postanska banka d.d€312.001.3%
+€8.1m		6.1%PB1xFinancials
See more

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€23.20
BOSQAR d.d
7D
-1.7%
1Y
0%
ZITO
€20.00
Zito d.o.o
7D
2.0%
1Y
n/a
ADRS
€114.00
Adris grupa d. d
7D
0.9%
1Y
46.2%

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€790.00
Jadranski naftovod d.d
7D
-6.0%
1Y
-4.8%

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KOEI
€656.00
KONCAR - Elektroindustrija d.d
7D
-0.3%
1Y
60.8%

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DLKV
€8.60
Dalekovod d.d
7D
1.7%
1Y
132.4%

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€12.30
Luka Rijeka d.d
7D
-5.4%
1Y
61.8%

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7D
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1Y
5.3%

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ERNT
€197.00
Ericsson Nikola Tesla d.d
7D
1.3%
1Y
7.1%
MDKA
€5,200.00
Medika d.d
7D
-2.8%
1Y
-8.0%
HT
€41.70
Hrvatski Telekom d.d
7D
-0.2%
1Y
10.3%
ATGR
€42.60
Atlantic Grupa d.d
7D
2.4%
1Y
-16.5%
HPB
€312.00
Hrvatska postanska banka d.d
7D
1.3%
1Y
6.1%
RIVP
€6.52
Valamar Riviera d.d
7D
1.9%
1Y
24.0%
ZABA
€24.00
Zagrebacka banka d.d
7D
-0.4%
1Y
2.6%
LRH
€575.00
Liburnia Riviera Hoteli d.d
7D
3.6%
1Y
58.0%

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