The General Index is trading at multi-year highs, and large-cap listed companies are posting strong profits. And yet, some of the most internationalized companies on the market continue to trade at significant discounts relative to their foreign competitors, at least based on the price-to-earnings ratio.
Three cases stand out: Motor Oil, HelleniQ Energy, and Titan. All three have strong cash flows, a significant international presence, and resilient profitability.
Refineries
According to data from Beta Securities (as of the close of trading on June 18, 2026), Motor Oil is trading at a P/E ratio of just 5.8 times its estimated 2026 earnings, and HelleniQ Energy at 6.6 times, compared to an average of 8.1 times for European groups in the sector. In terms of P/E, this translates to a 28% discount for Motor Oil and a 19% discount for HelleniQ.
At the same time, of course, the picture changes when the EV/EBITDA ratio is taken into account: the two Greek refineries are trading at a premium relative to their European peers (HelleniQ by approximately 23%, the Greek sector as a whole by 10%).
Investors who remain cautious also point out that current refining profits are considered cyclical and vulnerable to a decline in margins. On the positive side, both groups offer high dividend yields (over 4%) and maintain strong cash flow generation.
Titan: The “40% discount” and key comparisons
With a P/E ratio of 13.3 times 2026 earnings, Titan appears 42% cheaper than the average for international cement producers (23.1 times). This discount is also confirmed by other metrics: approximately 23% lower in terms of book value and 42% lower in terms of EV/EBITDA.
However, there is one peculiarity: The average (23x) is “inflated” mainly by the high-priced U.S. stocks in the sector—Vulcan Materials (32.8x), Martin Marietta (31.9x), and Eagle Materials (17.1x).
European cement companies, by contrast, are trading very close to Titan: Heidelberg Materials at 14.1x, Cementir at 12.8x, and Vicat at 10.4x. Compared to these, Titan is not particularly cheap—the spectacular “40% discount” is largely a result of the composition of the peer group.
It is worth noting, however, that Titan now has significant exposure to the U.S., the market that currently underpins a significant portion of its growth. According to analysts, this means that if the market views it more as an “American player” and less as a Greek stock, there is room for a re-rating.