In a European environment where interest rates are declining and the search for yield is returning to the forefront, seven listed companies on the ATHEX combine a dividend yield above 5% for 2026 with valuations lower than their European peers.
Allwyn leads with a yield of 7.60%, followed by Aegean with 7% and Athens International Airport with 6.14%, while Motor Oil (5.44%), Jumbo (5.38%), HELLENiQ Energy (5.29%) and OTE (5.05%) complete the group of seven stocks with strong dividend yields but also a discount versus similar companies in Europe.
Of the seven stocks, four (Allwyn, Aegean, AIA, Motor Oil) have already gone ex-dividend for the (main) 2025 fiscal year dividend up to and including June 26, 2026 — with Motor Oil going ex-dividend on the 1.427 euro distribution on Friday.
For the other three, the picture is ambiguous depending on what you count as a “dividend”: HELLENiQ Energy, Jumbo and OTE have already gone ex-dividend for an interim/extraordinary dividend for fiscal year 2025 during 2026, but the main/final dividend for fiscal year 2025 goes ex-dividend after 26/6 (HELLENiQ & OTE on July 1, Jumbo on July 22).
Beyond these, the yield of Piraeus Bank reaches 5.60% — exceeding the average of European banks (4.90%) and effectively entering the high-yield zone.
The unusual element is not only the level of the yields — it is their comparison with the European sectors. Based on Beta Securities data, Aegean exceeds the average of European airlines by 529 basis points, while at the same time trading at a P/E discount of 27% versus its competitors.
AIA outperforms European airports in dividend yield by 243 bps, while at the same time trading at a P/E discount of 14%. Allwyn stock, despite the valuation premium (P/E 21.1x, +80% vs peers), yields 397 bps above the European gaming sector — something justified by the structural stability of the cash flows generated by the lottery. Jumbo, which is down 20.1% this year, now yields 5.38% with a P/E discount of 42% — the definition of a contrarian play.
In the rest of the market spectrum, the picture is more heterogeneous. National Bank stock yields exactly at the average of European banks (4.90%), Eurobank lags by 90 bps (4.00%) and Alpha Bank by 110 bps (3.80%) — although all three trade at significant P/TBV discounts versus European banks, a fact that keeps the upside open.
PPC offers a dividend yield of 3.46%, with Beta forecasting a gradual rise to 4.44% in 2027 and to 5.24% in 2028, while Coca-Cola HBC has a yield of 2.34% for this year’s fiscal year, 2.57% for fiscal year 2027 and 2.79 for 2028.
Titan (2.46%), Kri Kri (1.68%) and Cenergy (1.32%) are growth choices rather than value plays - with the latter two posting gains of more than 50% this year.
The only stock in the universe that is making no distribution at all for 2026 is Lamda Development — versus an average yield of 6.32% for the European real estate sector. This choice is directly linked to the financing needs of the Hellinikon project, prompting investors to focus exclusively on the value story — the P/BV discount (0.9x vs 1.0x peers) and the 10.6% recovery in the second quarter indicate that the market is beginning to recognize it.
For investors who view the Greek market in an international comparison, the message is clear: in a world searching for yields, Greek stocks offer them and, in many cases, with the advantage of low valuation as a “safety net”.
