After last week’s plunge, Greek shares now look more attractively valued than their overseas peers. From Titan and Jumbo to the banks, Aegean and the refineries, a significant number of Greek blue chips are trading at discounts of up to 46% to their foreign peers.
That is the finding of a weekly relative valuation analysis by Beta Securities, based on FactSet data using closing prices on 8 October 2026 and estimates for 2026-28. The picture is mixed. Alongside the “cheap” shares are stocks for which the market continues to pay a premium, despite the correction.
Titan: P/E 43% below the sector
Titan stands out with a 43% discount on 2026 P/E. The shares are valued at 11 times earnings, compared with 19.3 times for the global cement industry. The gap remains above 39% in 2027 and 2028.
The picture is also one of discounts on other measures. The price-to-book ratio (1.8 times versus 2.2) is 19% lower, while the discount on EV/EBITDA (6.6 times versus 10.8) reaches 39%. Its dividend yield of 2.59% is also above the sector’s 1.87%.
The shares are down 11.5% since the start of the year, but have performed significantly better than the sector, which is down 21.25% on average.
Banks: discounts are concentrated in tangible equity
The four systemic banks trade at 10.5 times 2026 P/E, compared with 11.3 times for their European peers, a discount of 7%. The largest gap is in the price-to-tangible book value ratio (P/TBV). The weighted average for Greek banks is 1.5 times, against 2.1 times in Europe, a discount of 27%.
| Bank | P/E 2026E | Versus Europe | P/TBV 2026E | Versus Europe | Dividend yield 2026E | YTD return |
|---|
| Alpha Bank | 10.1x | -11% | 1.2x | -43% | 3.3% | +18.1% |
| Piraeus | 10.0x | -11% | 1.5x | -28% | 5.5% | +41.9% |
| Eurobank | 10.3x | -9% | 1.6x | -22% | 3.7% | +29.3% |
| National Bank | 11.5x | +1% | 1.7x | -21% | 4.2% | +24.6% |
Alpha Bank has the largest discount, at 43%. Piraeus is the year’s top performer, up 41.92%, and offers a 5.5% dividend yield, above the 4.9% for European banks. The sector as a whole is up 28.89% since the start of the year, compared with 11.57% for European banks.
Jumbo, Papoutsanis and Sarantis: deep discounts in consumer stocks
Jumbo is valued at 10.4 times 2026 P/E, compared with 16.9 times for international discount retailers, a discount of 39%. The gap widens to 43% on EV/EBITDA. Its dividend yield of 4.85% is well above the sector’s 1.30%. The shares remain down 11.4% since the start of the year, but have recovered 8.7% over the past three months.
Greek consumer goods companies trade at 12.9 times P/E, compared with 21.7 times for international giants, a discount of 40%.
- Papoutsanis: P/E of 11.6 times (a 46% discount, the largest in the analysis) and P/BV of 2.2 times (a 61% discount). Dividend yield of 3.44%; shares down 13.1% since the start of the year.
- Sarantis: P/E of 13.1 times (a 40% discount) and P/BV of 1.7 times (a 71% discount). Dividend yield of 3%; shares down 16.79% since the start of the year and 24.2% over the quarter.
Aegean, refineries and OTE: discounts and generous dividends
Aegean. The airline trades at 9.4 times 2026 P/E, compared with 13.2 times for European airlines, a discount of 29%. Its dividend is its strongest selling point: the 6.26% yield is 429 basis points above the sector’s 1.97%. The shares are down 23.1% since the start of the year, however, and higher fuel costs this year mean the 2026 dividend may be lower than last year’s.
Refineries. Greek refinery companies trade at 5.9 times P/E, compared with 7.4 times for their European peers, a discount of 20%. Motor Oil (5.8 times) trades at a 22% discount and Helleniq Energy (6.1 times) at an 18% discount. On a price-to-book basis, however, they trade at a 14% premium. The sector offers an average dividend yield of 4.67% and is the year’s biggest gainer, up 117.5% since the start of the year. Notably, the P/E discount is almost gone by 2028 (10.3 times versus 10.5), as estimates point to a moderation in today’s high margins.
OTE. The company trades at 11.8 times P/E, compared with 14.3 times for European telecoms groups, a discount of 17%. Its dividend yield of 5.05% is above the sector average of 4.60%, while net debt, at 0.2 times EBITDA, is far below the 2.4 times recorded by peers. The shares are up 15.66% since the start of the year.
PPC and Cenergy: valuations depend on the measure
PPC. Based on 2026 earnings, the company trades at an 11% premium (P/E of 18.9 times versus 17.0 times for European utilities). The picture reverses in the following years, with a 2% discount in 2027 and 10% in 2028. The discount on book value is substantial: 1.3 times versus 2.4, or 45%. The dividend yield is 3.54%, compared with 4.14% for the sector, while the shares are up 24.1% since the start of the year.
Cenergy. The cable maker trades at 19.3 times P/E, compared with 21.4 times for international peers, a discount of 10%. However, it carries a 39% premium on book value (4.5 times versus 3.2). The shares are among the year’s strongest performers, up 52.7%.
Where the market still pays a premium
By contrast, some stocks remain valued above their international peers, even after the correction.
| Share | P/E 2026E | Peer P/E | Premium | Dividend yield 2026E | YTD return |
|---|
| Kri Kri | 25.4x | 15.9x | +59% | 1.54% | +71.1% |
| Allwyn | 18.2x | 15.1x | +21% | 7.60% | -34.5% |
| Athens International Airport (AIA) | 18.6x | 16.3x | +14% | 5.45% | +11.8% |
| Coca-Cola HBC | 17.2x | 15.5x | +11% | 2.64% | +10.7% |
Kri Kri has the largest premium, alongside a 71.1% gain since the start of the year. Despite its premium, Allwyn offers a 7.60% dividend yield, 276 basis points above the sector, while its shares have fallen 34.5%.
Athens International Airport trades at a 70% premium on book value, but offers a 5.45% dividend yield, compared with 4.35% for European airports.
Lamda Development trades at 25 times 2027 P/E, more than twice the multiple of European property companies, while trading at a discount on book value. The company pays no dividend and its shares are down 15.6% since the start of the year.
Source: Beta Securities, Relative Valuation – Greek Universe vs. Foreign Peers. FactSet data, closing prices as of 8 October 2026, 180-day consensus window.