With the General Index near multi-year highs and many listed companies posting strong earnings, the question for investors is no longer which stocks have risen the most, but which ones remain undervalued and which ones have already priced in market expectations.
Beta Securities’ comparative analysis (as of the close of trading on June 18, 2026) compares each Greek stock with its international competitors. Of course, investors should be aware that “cheap” does not necessarily mean a good investment, nor does “expensive” mean a bad one. A premium often reflects superior growth. It is worth noting that several of the “expensive” stocks are also among the year’s top performers.
Titan: The cement industry shows the largest discount: it trades at a P/E ratio approximately 42% lower than the average for international building materials producers, with a corresponding discount in EV/EBITDA as well. This striking figure, however, requires some clarification: the average of 23x is “inflated” mainly by the expensive U.S. stocks in the sector (Vulcan, Martin Marietta). Compared to European cement companies—Heidelberg at 14.1x, Cementir at 12.8x—Titan is significantly less undervalued than the “42%” figure suggests.
Jumbo: The stock is valued at approximately 42% below that of comparable European and international retail companies, despite strong profitability, high cash generation, and essentially negative net debt. However, the stock’s recent performance is a cause for concern, with a negative return of nearly 19% over the past six months.
Motor Oil: With a P/E ratio of just 5.8 times 2026 earnings, it is trading about 28% below the European refining sector. At the same time, however, in terms of EV/EBITDA, Greek refineries are trading at a premium relative to their European peers.
HelleniQ Energy: It is trading at a discount of approximately 19% in terms of earnings compared to European refining groups. The same caveat applies as with Motor Oil.
Cenergy Holdings: With an absolute P/E of 20.7x, it appears expensive, but compared to its own peers (Prysmian, Nexans, NKT), it is trading at a discount of approximately 19%.