Greek Undervalued over 20% based on DCF

Eurobank

Market Cap: €12.5b

Provides retail, corporate and private banking, asset management, treasury and capital market, and other services in Greece, Bulgaria, Cyprus, and Luxembourg.

National Bank of Greece

Market Cap: €11.8b

Provides banking, financial products, and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom, and internationally.

Piraeus Bank

Market Cap: €9.1b

Provides various banking products and services in Greece, Europe, and internationally.

Alpha Bank

Market Cap: €7.6b

Provides various banking and financial products and services in Greece and internationally.

Metlen Energy & Metals

Market Cap: €4.8b

Operates as an industrial and energy company with focus on the metals and energy sectors worldwide.

Motor Oil (Hellas) Corinth Refineries

Market Cap: €4.2b

Motor Oil (Hellas) Corinth Refineries S.A.

HELLENiQ ENERGY Holdings

Market Cap: €3.0b

Operates in the energy sector in Greece, the Southeastern Europe, and the East Mediterranean.

Bally's Intralot

Market Cap: €1.7b

Supplies integrated gaming and transaction processing systems, game content, sports betting management, and interactive gaming services to state-licensed gaming organizations worldwide.

Aegean Airlines

Market Cap: €1.1b

Operates as an airline company that engages in the provision of public airline transportation services in Greece and internationally.

Admie Holding

Market Cap: €667.5m

Operates, controls, maintains, and develops an electricity transmission system for the supply of electricity in Greece.

Autohellas

Market Cap: €528.2m

Engages in the car rental and sale activities under the Hertz, Thrifty, Dollar, and Firefly brands.

Avax

Market Cap: €434.5m

Operates as a construction company in Greece and internationally.

Trade Estates REIC

Market Cap: €228.0m

Engages in the rental of commercial real estate properties in Greece, other countries of Southeastern Europe, Cyprus, and Bulgaria.

Papoutsanis

Market Cap: €93.4m

Engages in the production and sale of soaps and liquid cosmetics in Greece.

General Commercial & Industrial

Market Cap: €52.9m

Supplies industrial and hydraulic equipment in Greece and East European countries.

Quality & ReliabilityE.E

Market Cap: €39.9m

Quality & Reliability A.B.E.E, together with its subsidiaries, delivers integrated information systems for large and mid-size enterprises in the public and private sector in Greece and internationally.

Nafpaktos Textile Industry

Market Cap: €15.3m

Engages in the cotton ginning and production of cotton yarns in Greece.

J. & B. Ladenis Bros - Minerva - Knitwear Manufacturing

Market Cap: €3.3m

Manufactures and sells apparel in Greece and internationally.