The Greek stock market continues to offer value relative to foreign markets, despite its strong performance since the start of the year. That is the conclusion of a new comparative analysis by Beta Securities, which compares the key valuation metrics of Greek-listed companies with those of their European and international peers for the period 2026-2028, based on closing prices on 12 November.
Of the 18 Greek stocks in the sample, 13 trade at a discount on 2026 P/E. Five are valued at more than 30% below their international sector average.
Deep discounts
The cheapest valuations are found in consumer goods. Papoutsanis trades on a 2026 P/E of 11.8 times and Sarantis on 13.4 times, compared with 24.8 times for international groups.
This represents discounts of 52% and 46%, respectively. Both stocks are down since the start of the year, by 11.56% and 14.74%.
Jumbo follows, trading on a P/E of 11.6 times versus 19.5 times for international groups (a 41% discount), with a similar discount on EV/EBITDA (7x versus 11.8x). Its 2026 dividend yield is estimated at 4.35%, compared with just 1.14% for the sector, a difference of 321 basis points. The stock is marginally lower since the start of the year (-1.1%), but has gained 29.1% over the past six months.
Titan is valued at 10.9 times P/E, against 16.6 times for international cement makers (a 34% discount), while the discount on EV/EBITDA is 30%. The stock is down 12.6% since the start of the year.
Aegean trades on a P/E of 10 times, compared with 14.7 times for European transport companies (a 32% discount). It offers a 2026 dividend yield of 5.98%, against 1.79% for the sector, a difference of 419 basis points. The stock is down 19.6% year to date.
Bank valuations
Among banks, the P/E gap has almost closed. The four systemically important banks trade at a weighted 2026 P/E of 11.3 times, against 11.5 times for their European counterparts, a marginal discount of 2%. In 2027, the multiple falls to 9.6 times, compared with 10 times.
The more substantial discount is on tangible book value. The weighted P/TBV ratio stands at 1.7x, against 2.2x for European banks, a discount of 23%. The difference is partly linked to lower profitability: Greek banks’ average return on equity (RoAvE) is estimated at 14.25% in 2026, against 16.73% in Europe.
Among individual banks, Piraeus is the cheapest on a P/E basis (10.5x, a 9% discount). It is followed by Eurobank (11.1x, -4%) and Alpha Bank (11.1x, -3%), while National Bank of Greece is the only one trading at a premium, of 7% (12.3x).
On a P/TBV basis, Alpha Bank has the largest discount (1.3x, -39%). The sector has returned 39.78% since the start of the year, against 13.58% for European banks, with Piraeus leading the way (+48.66%).
OTE is valued at 11.5 times 2026 P/E, compared with 15.2 times for European telecoms groups (a 24% discount). Its dividend yield is 5.27%, 85 basis points above the European average of 4.42%. Net debt, at 0.2x EBITDA, is far below the 2.4x reported by its peers, while the stock is up 11.92% year to date.
Refiners, the year’s biggest performers with a weighted gain of 97.24%, remain cheaper than their European counterparts on earnings. Their P/E is 4.5 times, against 5.5 times (a 19% discount), while on P/BV they trade at a 12% premium (1.4x versus 1.3x).
Helleniq Energy has more than doubled (+102.8%), while Motor Oil is up 92.8%. The weighted 2026 dividend yield is estimated at 5.89%.
Allwyn has fallen the most in the sample (-44.8% since the start of the year) and trades on a P/E of 15.4 times, compared with 17.1 times for international gaming groups (a 10% discount). It offers the analysis’s highest dividend yield, at 7.6%, 319 basis points above the sector average.
PPC trades on a 2026 P/E of 19.4 times, against 18.2 times for European utilities (a 7% premium). The picture reverses in the following years, with discounts of 6% in 2027 and 14% in 2028. The discount is 48% on P/BV (1.4x versus 2.6x) and 40% on EV/EBITDA, while the stock has gained 26.9% since the start of the year.
Where stocks command a premium
At the other end of the scale, Kri Kri, which has almost doubled since the start of the year (+99.5%), trades on a P/E of 29.6 times. International food groups are valued at 18.1 times, putting Kri Kri’s premium at 64%; its premium on P/BV is 40%.
Cenergy (+50.1% year to date) trades on a P/E of 18.9 times, a 3% discount to its international peers, but at a 51% premium on P/BV (4.4x versus 2.9x).
Athens International Airport is valued broadly in line with European airports on earnings (18.9x versus 18.8x), but at a 49% premium on P/BV. Its dividend yield is higher, however, at 5.35% against 3.76% for its peers, a difference of 158 basis points.
Finally, Coca-Cola HBC trades on much the same P/E as international groups (17.2x versus 17.4x), but at a 56% premium to book value.
Valuation map (2026E)
| Stock | P/E 2026E | Versus peers | Dividend yield 2026E | Year-to-date performance |
|---|
| Papoutsanis* | 11.8x | -52% | 3.38% | -11.6% |
| Sarantis* | 13.4x | -46% | 2.90% | -14.7% |
| Jumbo* | 11.6x | -41% | 4.35% | -1.1% |
| Titan | 10.9x | -34% | 2.59% | -12.6% |
| Aegean | 10.0x | -32% | 5.98% | -19.6% |
| OTE | 11.5x | -24% | 5.27% | +11.9% |
| Helleniq Energy | 4.3x | -23% | 5.76% | +102.8% |
| Motor Oil | 4.6x | -16% | 5.99% | +92.8% |
| Allwyn* | 15.4x | -10% | 7.60% | -44.8% |
| Piraeus | 10.5x | -9% | 5.1% | +48.7% |
| Eurobank | 11.1x | -4% | 3.5% | +42.6% |
| Alpha Bank | 11.1x | -3% | 3.1% | +32.1% |
| Cenergy | 18.9x | -3% | 1.49% | +50.1% |
| Coca-Cola HBC | 17.2x | -1% | 2.64% | +9.5% |
| Athens International Airport | 18.9x | +1% | 5.35% | +13.6% |
| National Bank of Greece | 12.3x | +7% | 4.1% | +34.8% |
| PPC | 19.4x | +7% | 3.48% | +26.9% |
| Kri Kri* | 29.6x | +64% | 1.32% | +99.5% |
Source: Beta Securities, closing prices as of 12 November 2026. *Beta estimates; consensus estimates for the other companies.