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Greek (ASE) Market Analysis & Valuation

UpdatedDec 20, 2025
DataAggregated Company Financials
Companies135
  • 7D-0.04%
  • 3M4.3%
  • 1Y43.0%
  • YTD36.7%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 6.6%. As for the longer term, the market has risen 43% in the past 12 months. Earnings are forecast to grow by 11% annually.

Market Valuation and Performance

Has the Greek Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Dec 2025€115.9b€88.6b€9.8b14.5x11.8x1.3x
Tue, 18 Nov 2025€112.3b€88.4b€8.7b14.7x12.9x1.3x
Thu, 16 Oct 2025€110.7b€88.5b€8.7b15.5x12.7x1.3x
Sat, 13 Sep 2025€111.0b€88.0b€8.7b15.7x12.8x1.3x
Mon, 11 Aug 2025€111.0b€87.1b€8.8b15.4x12.6x1.3x
Wed, 09 Jul 2025€103.3b€88.0b€8.9b14.3x11.6x1.2x
Fri, 06 Jun 2025€99.7b€88.0b€9.0b14x11.1x1.1x
Sun, 04 May 2025€93.3b€87.0b€9.2b13.4x10.2x1.1x
Tue, 01 Apr 2025€93.6b€87.1b€9.4b12.1x10x1.1x
Thu, 27 Feb 2025€89.3b€86.8b€9.6b12.1x9.3x1x
Sat, 25 Jan 2025€87.8b€86.5b€9.6b12.2x9.1x1x
Mon, 23 Dec 2024€82.9b€87.0b€9.6b11.1x8.6x1x
Wed, 20 Nov 2024€77.7b€87.6b€10.1b11.5x7.7x0.9x
Fri, 18 Oct 2024€81.8b€86.4b€10.4b11.5x7.9x0.9x
Sun, 15 Sep 2024€81.3b€85.5b€10.3b12.5x7.9x1x
Tue, 13 Aug 2024€80.5b€84.2b€10.2b11.5x7.9x1x
Thu, 11 Jul 2024€83.2b€83.3b€10.0b11.7x8.3x1x
Sat, 08 Jun 2024€84.3b€84.2b€10.0b12.2x8.5x1x
Mon, 06 May 2024€84.3b€84.5b€9.8b12.5x8.6x1x
Wed, 03 Apr 2024€81.3b€85.4b€9.3b12.2x8.7x1x
Fri, 01 Mar 2024€82.8b€85.4b€9.6b12.5x8.7x1x
Sun, 28 Jan 2024€77.3b€85.9b€9.2b12.2x8.4x0.9x
Tue, 26 Dec 2023€73.6b€87.1b€9.2b12.4x8x0.8x
Thu, 23 Nov 2023€72.2b€88.3b€9.1b12.1x8x0.8x
Sat, 21 Oct 2023€67.6b€90.7b€8.2b11.9x8.3x0.7x
Mon, 18 Sep 2023€71.1b€91.5b€7.9b13.1x9x0.8x
Wed, 16 Aug 2023€72.3b€94.4b€8.8b12.8x8.2x0.8x
Fri, 14 Jul 2023€74.2b€94.7b€8.8b12.9x8.4x0.8x
Sun, 11 Jun 2023€70.8b€94.8b€8.8b12.9x8x0.7x
Tue, 09 May 2023€63.7b€92.1b€8.3b11.9x7.7x0.7x
Thu, 06 Apr 2023€61.6b€90.2b€8.7b11.8x7.1x0.7x
Sat, 04 Mar 2023€64.6b€89.8b€10.4b12.2x6.2x0.7x
Mon, 30 Jan 2023€59.2b€93.0b€10.8b11.4x5.5x0.6x
Wed, 28 Dec 2022€54.6b€90.5b€10.5b11x5.2x0.6x
Price to Earnings Ratio

5.2x


Total Market Cap: €54.6bTotal Earnings: €10.5bTotal Revenue: €90.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Greek Market Price to Earnings3Y Average 9x202320242025
Current Market PE
  • Investors are optimistic on the Greek market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 11.8x which is higher than its 3-year average PE of 8.9x.
Past Earnings Growth
  • The earnings for Greek listed companies have declined 2.4% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Greek Market?

GR Market-0.041%
Healthcare6.59%
Materials5.65%
Consumer Staples1.58%
Industrials0.85%
Utilities0.46%
Consumer Discretionary-0.087%
Tech-0.12%
Energy-0.56%
Real Estate-0.72%
Financials-0.80%
Telecom-2.61%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 49.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.7%, which is higher than its past year's earnings growth of 8.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings growth rate of 8.7% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 2.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
TITC Titan€49.658.2%
+€279.0m		25.4%PE15.7xMaterials
AIA Athens International Airport€10.864.5%
+€145.5m		35.8%PE14.8xIndustrials
ALPHA Alpha Bank€3.491.6%
+€126.3m		121.2%PB0.9xFinancials
ELHA Elvalhalcor Hellenic Copper and Aluminium Industry€3.974.6%
+€65.6m		111.2%PE11.8xMaterials
BELA Jumbo€27.761.2%
+€43.0m		10.2%PE11.8xConsumer Discretionary
See more

Market Insights

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TITC
€49.65
Titan
7D
8.2%
1Y
25.4%

TITC: Data Center Demand And Low Carbon Shift Will Drive Balanced Outlook

Analysts have raised their price target on Titan from approximately 52.69 dollars to 53.51 dollars, citing slightly stronger long term revenue growth expectations and modestly lower discount rates that more than offset a small downward tweak to profit margin assumptions. What's in the News TITAN Group is scaling its TITAN Edge low carbon cement and concrete solutions to serve the rapid build out of data centers in Europe and the United States, now supplying around 80% of projects in Greece and roughly 40% of new facilities in key US markets.
ETE
€13.42
National Bank of Greece
7D
-0.9%
1Y
71.2%

ETE: Earnings Power And Governance Developments Will Shape A Measured Outlook

Analysts have lifted their price target on National Bank of Greece to EUR 15 from EUR 12.80, reflecting slightly stronger assumptions for fair value, revenue growth, and profit margins, alongside a marginally lower discount rate and modestly higher future P E expectations. Analyst Commentary Recent research updates highlight a constructive stance on National Bank of Greece, with the higher price target underscoring improved expectations for the bank's earnings power and capital strength.
ALPHA
€3.49
Alpha Bank
7D
1.6%
1Y
121.2%

ALPHA: Execution On Cost Control Will Support Future Upside Potential

Analysts slightly reduced their price target on Alpha Bank to EUR 4.00 from EUR 4.10, citing a marginally higher fair value alongside modest tweaks to the discount rate, revenue growth expectations, profit margin outlook, and forward valuation assumptions. Analyst Commentary Despite the marginal reduction in the price target, bullish analysts continue to highlight a constructive view on Alpha Bank’s medium term trajectory, pointing to a mix of valuation support and execution progress on strategic initiatives.
AVAX
€2.89
Avax
7D
6.7%
1Y
93.1%
ELHA
€3.97
Elvalhalcor Hellenic Copper and Aluminium Industry
7D
4.6%
1Y
111.2%
AEGN
€14.34
Aegean Airlines
7D
2.1%
1Y
42.4%

AEGN: Future Returns Are Expected To Improve Despite Higher Discount Rate

Analysts have raised their price target on Aegean Airlines by EUR 0.00 to EUR 16.05. This change reflects marginally higher long term discount rates and future earnings multiples that modestly enhance their valuation outlook.
AIA
€10.86
Athens International Airport
7D
4.5%
1Y
35.8%

AIA: Buyback Program And Marginal Assumption Shifts Will Support Steady Outlook

Analysts have nudged their price target for Athens International Airport slightly higher to €10.74 from €10.69, citing marginally stronger expected revenue growth, modestly higher long term profit margins, a slightly lower discount rate, and a broadly unchanged future valuation multiple. What's in the News Athens International Airport S.A. will begin a share repurchase program on December 1, 2025, following approval by shareholders at the April 14, 2025 Ordinary General Meeting (company announcement).
TPEIR
€7.02
Piraeus Financial Holdings
7D
-2.7%
1Y
80.5%

TPEIR: Share Repurchases Will Drive Earnings And Capital Return Upside Into 2025

Analysts have modestly lifted their price target on Piraeus Financial Holdings, citing slightly higher fair value estimates and improved long term profitability assumptions, with the new target now roughly €8.40 compared with about €8.14 previously. What's in the News Shareholders have been invited to a special meeting on December 5, 2025 in Athens to approve the merger by absorption of Piraeus Financial Holdings by Piraeus Bank Société Anonyme and related merger documentation, including auditors reports and authorizations (company filing).
HTO
€16.72
Hellenic Telecommunications Organization
7D
-2.7%
1Y
12.6%
GEKTERNA
€24.84
Gek Terna
7D
-1.2%
1Y
36.5%
SAR
€13.58
Gr. Sarantis
7D
2.4%
1Y
26.4%

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Dec 11
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QUEST
€6.90
Quest Holdings
7D
-4.4%
1Y
17.7%

QUEST: Lower Risk Profile Will Support Stronger Long Term Returns

Analysts have slightly raised their price target on Quest Holdings to reflect a modestly improved fair value estimate of 10.0, supported by marginally lower discount rate assumptions and steadier expectations for long term revenue growth, profit margins, and future valuation multiples. Valuation Changes Fair Value: Maintained at €10.0 per share, reflecting no change in the core valuation outcome.
OPTIMA
€7.60
Optima bank
7D
-3.4%
1Y
81.5%
CREDIA
€1.58
CrediaBank
7D
-2.8%
1Y
136.1%
BELA
€27.76
Jumbo
7D
1.2%
1Y
10.2%

Investors Should Be Encouraged By Jumbo's (ATH:BELA) Returns On Capital

Nov 20
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PRODEA
€5.90
Prodea Real Estate Investment Company Société Anonyme
7D
-3.3%
1Y
-9.9%