Despite the strong rally in bank stocks on the Athens Stock Exchange, Greek systemic banks continue to trade at a significant discount to their European peers, according to a new analysis by Beta Securities, which examines valuations for the 2026–2028 period based on market data as of June 4.
Specifically, the four systemic banks are trading at a weighted P/E ratio of 9.6 times for 2026, compared to 10.7 times for European banks, which translates to an 11% discount.
The largest discount is seen in Alpha Bank (-17%), followed by Eurobank (-14%) and Piraeus Bank (-13%), while National Bank of Greece trades just 2% below the European average.
At the same time, Greek banks are showing strong stock market momentum, with an average return of 15.48% since the beginning of the year. Piraeus Bank leads the pack with a 29.47% increase, followed by Eurobank at 13.99%, National Bank of Greece at 12.96%, and Alpha Bank at 3.94%.
The picture of undervaluation is even more pronounced based on the price-to-tangible book value (P/TBV) ratio. The sector trades at an average of 1.4x, compared to 2.0x for European banks, representing a 32% discount. Alpha Bank has the largest discount (-48%), followed by Piraeus (-31%), Eurobank (-28%), and National Bank (-25%).
The picture of discounts is not limited to banks. In telecommunications, OTE is trading at a 31% discount compared to its European competitors and offers a dividend yield of 5.39% for 2026, higher than the European average.
In the refining sector, HELLENiQ Energy and Motor Oil are trading at an average discount of 21%, with the latter showing a 30% discount. The sector as a whole offers a dividend yield of 5.29% and a return of 25.04% year-to-date.
Aegean Airlines is trading at a 17% discount compared to European airlines, while offering an impressive dividend yield of 7.49%. Similarly, Athens International Airport (AIA) is trading at a 9% discount and has a dividend yield of 6.36%.
In construction and industry, Titan is trading at a 45% discount to the international cement sector, while Cenergy Holdings is trading at a 19% discount, having also seen an explosive 67.1% rise since the start of the year.
In the retail sector, Jumbo stands out with a 39% discount relative to its international peers and a dividend yield of 5.09%, while PPC is trading at a 15% discount relative to European utility companies.
On the other hand, there are also Greek stocks trading at a premium. Allwyn is valued 74% higher than European gaming companies, Lamda Development 57% higher than European real estate companies, Kri Kri is 36% higher than the international food and dairy sector, and Coca-Cola HBC is 10% higher than the global beverage sector.
According to Beta Securities, the overall picture suggests that, despite the significant rise in prices and the improvement in fundamentals, a large portion of the Greek market continues to trade at significant discounts relative to its international competitors, with banks remaining the focus of investor interest due to a combination of strong profitability, high yields, and attractive valuations.