The most interesting element of the weekly relative valuations report by Beta Securities (based on the close of September 17) is not how cheap the Greek stock market is, but at exactly what levels a discount is identified compared with corresponding stocks in Europe.
The index that traditionally carried the undervaluation narrative, the banks, now shows a discount of just 9% in 2026 P/E terms (11.4x versus 12.4x for the European ones), and the gap narrows further to 8% for 2027 and 7% for 2028. In National Bank, in fact, the difference is essentially eliminated, with a marginal 1% discount this year and a 1% premium based on estimates for 2028 earnings.
The biggest discounts are outside banks
Among the biggest discounts in 2026 P/E terms is found in Papoutsanis: 11.6x versus 21.6x for the international consumer products sector, that is 46% lower – and the difference widens to 52% and 54% based on earnings estimates for 2027 and 2028 respectively.
In book value terms, the picture is even more extreme: a 61% discount, with Sarantis at -68% (1.8x versus 5.7x). Overall, the Greek consumer products sector is trading 35% cheaper than international groups.
They are followed by two “heavyweight” names with an identical 41% discount: Titan (11.7x versus 19.7x for the global cement sector) and Jumbo (10.5x versus 18x, with an additional 39% discount in P/BV and a 4.77% dividend). In Titan’s case the discount is clearly structural: it remains at -39% and -37% over the next two years.
Greek refineries show a 25% discount for 2026 (6.3x versus 8.4x), with Helleniq Energy at -27% and Motor Oil at -23%. The element that requires attention is the trajectory: the weighted multiple rises to 8.3x in 2027 and 10.7x in 2028, with the discount shrinking to 18% and ultimately 3%. With the year-to-date return standing at +120.9% so far (+77.3% in the quarter), the low P/E here may possibly reflect pricing in a normalization of margins.
Aegean is moving in the same logic: a 28% discount for this year (9.2x versus 12.8x), which is reduced to 18% and 10% over the next two years, with Beta estimating this year’s dividend yield at 6.19% – 421 basis points above the European average. The stock, however, is down 22.2% this year.
OTE maintains a 25% discount (12x versus 16x) with a 4.97% dividend and a 17.4% rise since the beginning of the year, while Cenergy presents a mixed picture: a 25% discount in P/E, but a 19% premium in P/BV, with a YTD return of +44.9%.
What remains in banks
Although in earnings terms the margin has almost closed, in book value it remains significant: 1.6x P/TBV versus 2.3x for the European banks, that is a 29% discount, with Alpha Bank carrying the largest one (-42%) and Piraeus recording the biggest rise with +52.8% YTD (weighted sector return +38.9%).
The stocks trading at a premium
The board is not one-sided. Kri Kri is trading at a 54% premium (25.4x versus 16.5x) after a 71.6% rise this year, PPC at a 20% premium in P/E (but a 40% discount in P/BV), Coca-Cola HBC at 18%, Allwyn at 17% and ATH at a marginal 3% – accompanied, however, by a 52% premium in book value terms and a 5.77% dividend. In Lamda the premium reaches 122% in 2027 P/E, while the 0.8x P/B gives a completely different valuation picture.