Are Investors Undervaluing Hellenic Telecommunications Organization S.A. (ATH:HTO) By 39%?
Oct 26
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Greek (ASE) Market Analysis & Valuation
UpdatedOct 27, 2025
DataAggregated Company Financials
Companies136
- 7D1.1%
- 3M4.2%
- 1Y27.3%
- YTD29.9%
Over the last 7 days, the market has risen 1.1%, driven by gains in every sector, especially the Industrials sector. In the last year, the market has climbed 27%. Looking forward, earnings are forecast to grow by 14% annually.
Market Valuation and Performance
Has the Greek Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 28 Oct 2025 | €110.0b | €88.5b | €8.7b | 15.3x | 12.6x | 1.2x |
| Thu, 25 Sep 2025 | €111.3b | €88.4b | €8.9b | 14.9x | 12.6x | 1.3x |
| Sat, 23 Aug 2025 | €113.0b | €87.2b | €8.8b | 16.2x | 12.9x | 1.3x |
| Mon, 21 Jul 2025 | €106.5b | €87.9b | €8.9b | 14.5x | 12x | 1.2x |
| Wed, 18 Jun 2025 | €98.3b | €88.0b | €8.9b | 13.7x | 11.1x | 1.1x |
| Fri, 16 May 2025 | €96.9b | €87.1b | €9.0b | 12.5x | 10.7x | 1.1x |
| Sun, 13 Apr 2025 | €86.1b | €86.8b | €9.3b | 11.4x | 9.3x | 1x |
| Tue, 11 Mar 2025 | €90.6b | €86.5b | €9.5b | 12x | 9.5x | 1x |
| Thu, 06 Feb 2025 | €86.3b | €86.5b | €9.6b | 11.9x | 9x | 1x |
| Sat, 04 Jan 2025 | €84.5b | €86.5b | €9.6b | 12x | 8.8x | 1x |
| Mon, 02 Dec 2024 | €79.1b | €87.1b | €9.7b | 11x | 8.2x | 0.9x |
| Wed, 30 Oct 2024 | €79.6b | €86.5b | €10.4b | 11.4x | 7.6x | 0.9x |
| Fri, 27 Sep 2024 | €84.5b | €85.9b | €10.3b | 11.8x | 8.2x | 1x |
| Sun, 25 Aug 2024 | €81.8b | €84.1b | €10.2b | 11.6x | 8x | 1x |
| Tue, 23 Jul 2024 | €85.1b | €83.4b | €10.0b | 11.5x | 8.5x | 1x |
| Thu, 20 Jun 2024 | €82.4b | €84.3b | €10.0b | 11.8x | 8.2x | 1x |
| Sat, 18 May 2024 | €86.0b | €85.1b | €10.0b | 12.3x | 8.6x | 1x |
| Mon, 15 Apr 2024 | €81.9b | €84.4b | €9.5b | 11.9x | 8.6x | 1x |
| Wed, 13 Mar 2024 | €81.5b | €85.1b | €9.7b | 12.4x | 8.4x | 1x |
| Fri, 09 Feb 2024 | €82.4b | €85.2b | €9.4b | 12.2x | 8.8x | 1x |
| Sun, 07 Jan 2024 | €74.9b | €87.1b | €9.2b | 12.2x | 8.2x | 0.9x |
| Tue, 05 Dec 2023 | €72.8b | €87.1b | €9.1b | 12.2x | 8x | 0.8x |
| Thu, 02 Nov 2023 | €68.7b | €90.7b | €8.2b | 12.2x | 8.4x | 0.8x |
| Sat, 30 Sep 2023 | €68.5b | €91.3b | €8.0b | 13.2x | 8.6x | 0.8x |
| Mon, 28 Aug 2023 | €73.5b | €94.4b | €8.8b | 13.4x | 8.3x | 0.8x |
| Wed, 26 Jul 2023 | €75.7b | €94.9b | €8.8b | 13.6x | 8.6x | 0.8x |
| Fri, 23 Jun 2023 | €70.9b | €94.7b | €8.8b | 12.7x | 8.1x | 0.7x |
| Sun, 21 May 2023 | €64.0b | €92.6b | €8.4b | 11.4x | 7.7x | 0.7x |
| Tue, 18 Apr 2023 | €63.2b | €90.7b | €8.8b | 11.8x | 7.2x | 0.7x |
| Thu, 16 Mar 2023 | €59.4b | €87.6b | €7.7b | 11.5x | 7.7x | 0.7x |
| Sat, 11 Feb 2023 | €62.6b | €93.0b | €10.8b | 11.4x | 5.8x | 0.7x |
| Mon, 09 Jan 2023 | €56.2b | €90.5b | €10.5b | 11.2x | 5.3x | 0.6x |
| Wed, 07 Dec 2022 | €53.2b | €90.5b | €10.5b | 10.6x | 5x | 0.6x |
| Fri, 04 Nov 2022 | €52.1b | €78.5b | €9.0b | 10.6x | 5.8x | 0.7x |
Price to Earnings Ratio
5.8x
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 12.6x which is higher than its 3-year average PE of 8.6x.
Past Earnings Growth
- The earnings for Greek listed companies have remained mostly flat over the last three years.
- Meanwhile revenues have grown 4.1% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.
Sector Trends
Which sectors have driven the changes within the Greek Market?
| GR Market | 0.64% | |
| Utilities | 3.57% | |
| Materials | 2.75% | |
| Energy | 2.73% | |
| Tech | 2.52% | |
| Healthcare | 1.79% | |
| Consumer Discretionary | 1.30% | |
| Industrials | 1.17% | |
| Telecom | 0.98% | |
| Real Estate | -0.03% | |
| Consumer Staples | -0.15% | |
| Financials | -0.70% | |
Sector PE
- Investors favour the Utilities sector the most for future growth even though it's trading below its 3-year average PE ratio of 32.9x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 42.9% which is higher than its past year's earnings decline of 1.5% per year.
Forecasted Growth
- Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 43% over the next 5 years.
- This is better than its past earnings decline of 1.5% per year.
- In contrast, the Consumer Discretionary sector is expected to see its earnings grow by 5.4% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| ALPHA Alpha Bank | €3.49 | 3.2% +€249.1m | 149.1% | PB0.9x | Financials | |
| PPC Public Power | €14.87 | 2.7% +€133.4m | 26.7% | PE34x | Utilities | |
| OPAP Organization of Football Prognostics | €18.40 | 1.9% +€121.9m | 17.4% | PE13.2x | Consumer Discretionary | |
| TITC Titan | €39.55 | 3.9% +€111.4m | 23.0% | PE14.1x | Materials | |
| MOH Motor Oil (Hellas) Corinth Refineries | €25.50 | 4.2% +€110.5m | 27.8% | PE31.9x | Energy |
