In a European environment where interest rates are easing and the search for yield is back in the spotlight, seven stocks listed on the Athens Stock Exchange combine a dividend yield of over 5% for 2026 with valuations lower than those of their European counterparts.
Allwyn leads the pack with a yield of 7.60%, followed by Aegean at 7% and Athens International Airport at 6.14%, while Motor Oil (5.44%), Jumbo (5.38%), HELLENiQ Energy (5.29%), and OTE (5.05%) round out the top seven stocks with strong dividend yields and discounts relative to their European peers.
Of the seven stocks, four (Allwyn, Aegean, AIA, Motor Oil) have already declared their (main) dividend for the 2025 fiscal year as of June 26, 2026—with Motor Oil declaring a dividend of 1.427 euros on Friday.
For the other three, the picture is mixed depending on what you count as a “dividend”: HELLENiQ Energy, Jumbo, and OTE have already paid an interim/special dividend for the 2025 fiscal year in 2026, but the regular/final dividend for the 2025 fiscal year will be paid after June 26 (HELLENiQ and OTE on July 1, Jumbo on July 22).
Beyond that, Piraeus Bank’s yield stands at 5.60%—exceeding the average for European banks (4.90%) and effectively placing it in the high-yield range.
What is unusual is not just the level of these yields—it is how they compare to other European sectors. According to data from Beta Securities, Aegean outperforms the average of European airlines by 529 basis points, while trading at a 27% P/E discount compared to its competitors.
AIA outperforms European airports by 243 basis points in dividend yield, while also trading at a 14% P/E discount. Allwyn’s stock, despite its valuation premium (P/E 21.1x, +80% vs. peers), outperforms the European gaming sector by 397 basis points—a performance justified by the structural stability of the cash flows generated by the lottery. Jumbo, which is down 20.1% this year, is now yielding 5.38% with a 42% P/E discount—the very definition of a contrarian play.
Across the rest of the market, the picture is more mixed. National Bank of Greece’s stock is performing exactly in line with the European banking average (4.90%), Eurobank trails by 90 basis points (4.00%) and Alpha Bank by 110 basis points (3.80%)—although all three are trading at significant P/TBV discounts relative to European banks, a fact that leaves room for upside.
DEI offers a dividend yield of 3.46%, with Beta forecasting a gradual rise to 4.44% in 2027 and 5.24% in 2028, while Coca-Cola HBC has a yield of 2.34% for the current fiscal year, 2.57% for fiscal year 2027, and 2.79% for 2028.
Titan (2.46%), Kri Kri (1.68%), and Cenergy (1.32%) are growth picks rather than value plays—with the latter two posting gains of over 50% this year.
The only stock in the universe that is not paying any dividend for 2026 is Lamda Development—compared to an average yield of 6.32% for the European real estate sector. This decision is directly linked to the financing needs of the Elliniko project, prompting investors to focus exclusively on the value story — the P/BV discount (0.9x vs. 1.0x for peers) and the 10.6% rebound in the second quarter suggest that the market is beginning to recognize this.
For investors viewing the Greek market in an international context, the message is clear: in a world seeking returns, Greek stocks offer them—and, in many cases, with the added advantage of low valuations serving as a “safety net.”
