Beta Securities sees significant room for a revaluation of the Greek stock market, as the majority of listed companies continue to trade at a substantial discount compared to their European and international peers, despite the Athens Stock Exchange’s strong performance since the beginning of the year.
Banks, PPC, OTE, Jumbo, and Titan stand out for their low valuations, while in many cases Greek companies also offer significantly higher dividend yields than their foreign competitors.
The picture painted by Beta Securities’ relative valuation analysis for the 2026–2028 period confirms that the Greek market continues to exhibit attractive characteristics, even after the market’s multi-year upward trend.
In the banking sector, the four systemic banks are trading at an average P/E ratio of 9.2 times for 2026, compared to 10.6 times for European banks, representing a 13% discount. The largest discount is seen in Alpha Bank at 19%, followed by Eurobank at 17% and Piraeus Bank at 14%, while National Bank of Greece has a smaller discount of around 4%.
Special mention is made of OTE, which trades at a 31% discount compared to European telecommunications groups, while at the same time offering a higher dividend yield, 5.24% for 2026 compared to the European average of 4.13%.
Greek refineries present a similar picture. HELLENIQ ENERGY and Motor Oil are trading at an average discount of 24% compared to their European peers, while offering a dividend yield of over 5%.
In the transportation sector, Aegean Airlines continues to stand out, primarily due to its dividend policy. The company trades at a 14% discount compared to European airlines but offers a yield of 7.83%, nearly four times the European average.
According to Beta, some of the most notable cases of undervaluation include Titan, which trades at a 46% discount compared to international cement companies, as well as Jumbo, which trades at a 45% discount compared to international retailers. In fact, Jumbo combines its low valuation with an exceptionally high dividend yield of 6.8%, more than double the international average.
DEI also maintains a significant discount, at 22% compared to European utilities, while Cenergy appears 17% cheaper than international industrial companies in the sector, despite the stock’s strong +60.9% gain since the start of the year.
Conversely, Beta also identifies cases where the market assigns a premium to Greek companies. Allwyn trades at an 82% premium compared to European gaming companies, a factor attributed to its growth momentum and high dividends to shareholders. Specifically, the dividend yield is estimated at 8.18% compared to 3.95% for European companies, with the difference exceeding 420 basis points.
Coca-Cola HBC also trades at a premium, but at significantly lower levels, around 4%, while the dividend yield is estimated at 2.6%, marginally higher than the European average of 2.49%.
The case of Lamda Development is also noteworthy. The stock is valued at a 49% premium in terms of P/E relative to European real estate companies, yet it continues to trade at a discount in terms of book value (P/BV), a factor that reflects the market’s differing assessment of the value and prospects of Elliniko.