Friday’s wave of selling on the Athens bourse left several blue chips cheaper than their foreign peers. That is the finding of Beta Securities’ weekly relative valuation analysis, which incorporates closing prices for FTSE 25 constituents in the final session of the week.
Banks: fell with Europe, discount unchanged
The systemic banks bore the brunt of the session’s sell-off. National Bank fell 5.53% to €15.03 and Piraeus 5.21% to €9.10. Alpha Bank lost 4.21% to €4.098 and Eurobank 3.98% to €4.148. The correction, however, was in line with the European Euro Stoxx Banks index, which fell by more than 4%, leaving relative valuations broadly unchanged.
Greek banks now trade at a weighted 2026 P/E of close to 9.8 times. The discount to European banks remains at about 4%. On a P/TBV basis, the sector is valued at around 1.4 times, with a discount of about 25% to the European average.
Alpha Bank still has the biggest discount, at close to 40%. After Friday’s fall, the sector’s weighted return since the start of the year has narrowed to about +21%. Piraeus remains the top performer, with gains of close to 34%.
Aegean: discount widens to 32%
Aegean closed at €10.59, down 2.67%. Its 2026 P/E has fallen to 9.2 times, compared with 13.6 times for European airlines. The discount has therefore widened to 32%, from 30%. Its estimated 2026 dividend yield has risen to 6.47%, about 445 basis points above the sector average of 2.02%. The shares are now down about 25.7% since the start of the year.
Allwyn: premium narrows, yield rises
Allwyn fell 3.13% to €11.625. Its 2026 P/E has dropped to 17.9 times, compared with 15.2 times for international gaming companies. The premium has therefore narrowed to 18%, from 21%. The 2026 dividend yield stands at 7.85%, about 330 basis points above the sector average of 4.57%. Losses since the start of the year total 35.8%.
Cenergy: moves to a discount
Cenergy fell 3.56% to €21.16 and now trades below its international peers. Its 2026 P/E is 17.7 times, compared with 18.5 times, implying a 4% discount.
On a P/BV basis, it retains a premium, but this has narrowed to about 54%, from 60%. Its return since the start of the year remains strong, at close to +41%.
Jumbo: retail’s “cheapest” stock
Jumbo closed at €27.06, down 0.88%. It trades at a 2026 P/E of 11.3 times, compared with 18.2 times for international chains, a discount of 38%. On a P/BV basis, the discount is about 33%. Its 2026 dividend yield is 4.44%, while the sector average is just 1.23%.
OTE and PPC: little change
OTE (€19.37, -0.41%) retains an 18% discount on a 2026 P/E basis, at 11.9 times compared with 14.5 times for European telecoms companies. Its dividend yield is 5.07%.
PPC (€22.16, -1.51%) now has a 2026 P/E of 18.6 times, compared with 17.3 times for European utilities, implying an 8% premium. At the same time, its discount on a P/BV basis has widened to 49%. Its dividend yield is 3.61%, and its gains since the start of the year have reached about 21.7%.
Titan and refineries: defying the trend
By contrast, Titan rose 1.28% to €47.58. Its discount on a 2026 P/E basis narrowed to 23%, at 11.1 times compared with 14.5 times for the global cement sector.
Refineries extended their winning streak. Motor Oil gained 1.93% to €68.80 and Helleniq Energy 1.37% to €18.51. The sector now trades at a 2026 P/E of about 5.9 times, compared with 6.7 times for European peers, a discount of 13%. On a P/BV basis, it has a premium of about 22%. The dividend yield is about 4.7%, and gains since the start of the year exceed 119%.
Premiums for Athens International Airport, Coca-Cola HBC and Lamda
Athens International Airport (€12.93, +0.78%) trades at a 2026 P/E of 20.1 times. Its premium to European airports is 15% on a P/E basis and 70% on a P/BV basis. It also offers a dividend yield of 5.06%, compared with 4.09% for its peers.
Coca-Cola HBC (€54.80, +0.37%) retains a premium of 9%, with a 2026 P/E of 18.7 times compared with 17.2 times. Lamda Development (€5.91, -0.51%) has a premium of about 118% on a 2027 P/E basis, at 24.7 times compared with 11.3 times. On a P/BV basis, however, it trades at a discount of 18%.
Outside the FTSE 25
Among wider-market shares, based on closing prices on 22 October, Papoutsanis and Sarantis stand out for their deep discounts. Papoutsanis trades at a 52% discount on a P/E basis and Sarantis at a 48% discount. By contrast, Kri Kri is valued at a 55% premium, after rising 82.6% since the start of the year.