The momentum of the Greek market in the second quarter highlights something that the picture for the half-year as a whole may obscure: the Greek market isn’t just rising because of a few stocks that surged early on—it’s broadening. And this is usually the signal that experienced investors look for to confirm that a rally has staying power.
According to data from Beta Securities, Kri Kri tops the second-quarter returns with +48.8%, confirming that its explosive performance so far this year (+56.3%) is not just a “flash in the pan” from the first quarter. The stock received a boost from the announcement of significantly improved financial results for the first quarter of the year.
Its P/E ratio of 23.2x (+45% vs. global peers) may seem expensive, but the momentum suggests that the market is pricing in growth.
Next is Cenergy, up +30.3% in the second quarter, accelerating in absolute terms. The company remains on a structural upward trajectory thanks to demand for subsea cables for offshore wind farms. Gains were even higher earlier in the week (high of 26.2 euros), but following the placement at 24.2 euros, the stock came under pressure and closed Friday at 23.82 euros.
The 20% P/E discount relative to global peers (20.5x vs. 25.5x) remains intact despite a +59.3% gain so far this year, a fact that leaves room for further upside.
The big surprise of the quarter, however, is the banking sector’s strong performance. Piraeus Bank (+28.5%), Eurobank (+24.1%), Alpha Bank (+24.0%), and National Bank of Greece (+21.4%) indicate that the banking sector’s re-rating has not run its course. Alpha Bank is the most striking example: It has returned just +10.8% over the past six months, but in the last quarter it surged by +24%—nearly double the rate of growth.
The reason is obvious to anyone who looks at the data: Alpha is trading at a P/TBV of 1.1x compared to the European average of 2.1x, a 48% discount—the largest in the sector. With ROE improving year over year and EPS expected to reach 0.50 euros in 2028 from 0.42 euros in 2026, convergence with European peers remains the central investment case. A similar logic applies to Eurobank (P/TBV 1.5x vs. 2.1x for peers, 30% discount) and Piraeus Bank (1.4x vs. 2.1x, 35% discount).
DEI surged +28.9% in the second quarter, driven by a capital increase, which also boosted the stock’s performance for the year to date (+26.5% YTD). It is trading at a P/BV of 1.2x compared to 2.4x for the European utilities sector—a 52% discount—while its P/E (15.1x) is 14% below the European average.
Conversely, three stocks remain on the sidelines despite their attractive fundamentals. Allwyn posted a gain of just +2.8% for the quarter, continuing its -24.2% decline so far this year.
The market is struggling to digest the valuation premium (P/E 21.1x, +80% vs. peers), despite the fact that the dividend yield of 7.60% is the highest in the Greek market.
Jumbo (+0.5% over 3M) remains under pressure following a -20.1% decline since the start of the year, resulting in a 42% P/E discount compared to global retail peers and a dividend yield of 5.38%—a combination that is hard to ignore over the long term.
Aegean, up 7.9% for the quarter but down 9.8% since January 1, remains in a zone of uncertainty despite its top-tier dividend outperformance (+529 bps vs. European airlines) and a 27% P/E discount, with its trajectory directly linked to oil price movements and uncertainty in the Strait of Hormuz.
