The Greek stock market may have shed its reputation as a “cheap” market on many fronts, but the picture is uneven.
A relative valuation by Beta Securities, based on closing prices on 29 October and FactSet consensus estimates, shows that a number of blue chips continue to trade at significant discounts to their European and international peers. At the same time, other stocks have risen so far that they now command a premium.
Value opportunities
Jumbo stands out as the cheapest stock in the sample on a valuation basis. It trades at a 2026 P/E of 11.4x, compared with 19.3x for international retail groups — a 41% discount. The picture is confirmed by the EV/EBITDA ratio (6.9x versus 11.7x, a 42% discount), while its P/BV stands at 2.1x versus 3.3x.
Its strongest selling point, however, is the return to shareholders. The estimated 2026 dividend yield is 4.41%, compared with just 1.20% for peers, while the group also has net cash. The shares are slightly lower year to date (down 2.6%), although they have gained 11.9% over the past quarter.
OTE trades at a 2026 P/E of 11.4x, compared with 14.3x for European telecoms companies — a 21% discount. The gap on an EV/EBITDA basis is 15% (5.3x versus 6.2x). Its forecast dividend yield is 5.29%, 69 basis points above the sector average.
The biggest difference is on the balance sheet: OTE’s net debt is equivalent to 0.2 times EBITDA, compared with 2.4 times for its European competitors. Its P/BV premium (4.4x versus 2.1x) reflects high profitability and share buybacks, rather than an expensive valuation. The shares are up 10.1% year to date.
Aegean Airlines trades at a 2026 P/E of 9.6x, compared with 14.2x for European airlines — a 33% discount. Its estimated dividend yield of 6.27% is three times the sector average (2.02%), a difference of 426 basis points.
The shares are down 23.4% year to date, weighed down by pressure on airlines from the surge in jet fuel prices.
Titan trades at a P/E of 11.1x, compared with 15.4x for the global cement sector — a 28% discount that remains steady through 2028. On an EV/EBITDA basis, the discount is 22% (6.7x versus 8.6x). Its estimated dividend yield of 2.51% is marginally above those of comparable companies abroad, while the shares are down 9.9% year to date.
The biggest valuation gaps in the sample are in consumer goods. Papoutsanis trades at a P/E of 11.6x and Sarantis at 13.5x, compared with 23.6x for international groups in the sector. The respective discounts are 51% and 43%.
Papoutsanis offers a dividend yield of 3.44% and Sarantis 2.9%, with the latter holding net cash. Both shares, however, remain down year to date, by 13.1% and 14.2%, respectively.
PPC trades at an 11% premium on a 2026 P/E basis (19.5x versus 17.6x). The picture reverses on the other metrics: the P/BV discount is 45% (1.4x versus 2.5x) and the EV/EBITDA discount is 37% (6.4x versus 10.3x). Based on earnings forecasts, the P/E premium disappears in 2027 and becomes a 10% discount in 2028, while the dividend yield rises to 5.13%. The shares are up 28.5% year to date.
The banks
The four systemic banks now trade at a weighted-average 2026 P/E of 10.7x, exactly in line with European banks. The discount has effectively closed on earnings and remains only on tangible book value: P/TBV of 1.6x versus 2.0x, a 22% discount.
Alpha Bank has the largest P/TBV discount (37%), while Piraeus remains the top performer, up 47.3% year to date. The sector as a whole is up 32.3%, compared with 5.2% for European banks.
Refiners
Helleniq Energy and Motor Oil trade at P/E ratios of 5.2x and 5.6x, a 14% discount to European refiners. Their dividend yields are 5%. The two shares, however, have nearly doubled year to date (up 112.6% and 108.3%), while the 2028 P/E estimate of 9.2x suggests the market expects refining margins to normalise.
At the other end of the market, Kri Kri trades at a P/E of 26.5x, a 53% premium to international food groups, after gaining 78.7% year to date. Lamda Development trades at a 2027 P/E of 24.9x, a 121% premium, although it is below book value (P/BV of 0.7x).
Coca-Cola HBC commands an 18% premium on P/E (19x versus 16.2x) and an 88% premium on P/BV. Cenergy trades at a 9% discount on P/E but a 43% premium on P/BV, after gaining 50.3%.
Allwyn trades at a 16% premium but offers the highest dividend yield in the sample (7.6%), after falling 37.9% this year.
Finally, Athens International Airport trades at an 11% premium, offset by a 5.11% dividend yield.