As the Athens Stock Exchange General Index has soared +35% since the beginning of 2025, there are many analysts who have begun to examine the valuations, in order to determine whether this year’s rally is still based on fundamentals.
Taking into account the annual net profitability of the previous year, we realize that the Greek market can in no way be characterized as “expensive”. Quite the opposite, we would say.
Overall, the P/E (price to earnings) ratio, which calculates the price per share to the profitability per share of each listed company, is at a fairly attractive (especially when compared to the rest of the Eurozone markets) 11.5x.
In fact, the processing of the data by “N” shows that tempting valuation continues to be a characteristic of even the “heavyweights”, which have “run” the biggest rally this year.
The case of banks is typical, which, despite strengthening by +66% in 2025, are mainly traded at single-digit P/E.
The “cheapest” share is that of Bank of Cyprus, which has a price/earnings ratio of just 5.6x, while the share of Piraeus Bank follows at 7.8x.
As for the share of Eurobank, which has a market value of over 11 billion euros, the current P/E ratio is 8x.
In the case of National Bank, the price/earnings ratio is 9.4x, remaining below 10x.
The relevant index for Alpha Bank is set at 11.8x, having gained more than +100% in the last 7 months.
Optima Bank’s share is close to 11.5x.
Apart from the banking sector, Aegean Airlines’ share, despite being close to the “peaks” of 13 euros, enjoys a single-digit P/E at 8.8x, with ELVALHALCOR’s share following at 9.7x.
Titan Cement’s share, after the recent retreat from February’s records, sees the P/E “refreshed” at 10.3x, while Metlen’s share, which is heading towards the London market, maintains its attractiveness, having a P/E index of 10.6.
Finally, the shares of Athens International Airport – OTE – Jumbo – OPAP – Cenergy continue to trade at satisfactory levels, with a P/E ratio of 12.7x to 14.8x.
FTSE Large stocks with low P/E
• Cyprus 5.6x
• Piraeus 7.8x
• Eurobank 8.0x
• Aegean 8.8x
• ELVALHALCOR 9.7x
• Ethniki 9.4x
• Titan 10.3
• Optima 11.5x
• Metlen 10.6x
• Alpha Bank 11.8x
• AIA 12.7x
• OTE 12.9
• Jumbo 13.1
• OPAP 13.6
• Cenergy 14.8x
