Calculating The Intrinsic Value Of Jumbo S.A. (ATH:BELA)
Sep 09
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Greek (ASE) Market Analysis & Valuation
UpdatedSep 09, 2025
DataAggregated Company Financials
Companies137
- 7D-1.0%
- 3M9.0%
- 1Y34.6%
- YTD29.2%
Over the last 7 days, the market has dropped 1.0%, driven by a loss of 3.3% in the Industrials sector. In contrast to the last week, the market is actually up 35% over the past year. As for the next few years, earnings are expected to grow by 14% per annum.
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, 09 Sep 2025 | €109.1b | €86.6b | €8.7b | 15.6x | 12.5x | 1.3x |
| Thu, 07 Aug 2025 | €109.4b | €87.9b | €8.9b | 15.1x | 12.4x | 1.2x |
| Sat, 05 Jul 2025 | €102.8b | €88.0b | €8.9b | 14x | 11.6x | 1.2x |
| Mon, 02 Jun 2025 | €99.3b | €87.7b | €9.0b | 13.2x | 11.1x | 1.1x |
| Wed, 30 Apr 2025 | €92.6b | €86.8b | €9.4b | 12.3x | 9.9x | 1.1x |
| Fri, 28 Mar 2025 | €97.4b | €87.1b | €9.4b | 12.4x | 10.4x | 1.1x |
| Sun, 23 Feb 2025 | €90.8b | €86.7b | €9.6b | 12.3x | 9.5x | 1x |
| Tue, 21 Jan 2025 | €86.9b | €86.5b | €9.6b | 12.1x | 9x | 1x |
| Thu, 19 Dec 2024 | €82.9b | €87.0b | €9.6b | 11.1x | 8.6x | 1x |
| Sat, 16 Nov 2024 | €80.1b | €87.8b | €10.6b | 12x | 7.6x | 0.9x |
| Mon, 14 Oct 2024 | €80.5b | €86.4b | €10.4b | 11.5x | 7.8x | 0.9x |
| Wed, 11 Sep 2024 | €81.7b | €85.6b | €10.3b | 11.4x | 7.9x | 1x |
| Fri, 09 Aug 2024 | €79.7b | €84.1b | €10.2b | 11.3x | 7.8x | 0.9x |
| Sun, 07 Jul 2024 | €83.0b | €83.3b | €10.0b | 11.5x | 8.3x | 1x |
| Tue, 04 Jun 2024 | €83.4b | €84.8b | €10.0b | 12.3x | 8.4x | 1x |
| Thu, 02 May 2024 | €84.2b | €84.2b | €9.7b | 11.9x | 8.7x | 1x |
| Sat, 30 Mar 2024 | €82.6b | €85.5b | €9.3b | 12.5x | 8.9x | 1x |
| Mon, 26 Feb 2024 | €82.0b | €85.4b | €9.6b | 12.3x | 8.6x | 1x |
| Wed, 24 Jan 2024 | €77.0b | €87.1b | €9.2b | 12.2x | 8.4x | 0.9x |
| Fri, 22 Dec 2023 | €73.9b | €87.1b | €9.2b | 12.3x | 8.1x | 0.8x |
| Sun, 19 Nov 2023 | €71.8b | €88.3b | €9.1b | 11.6x | 7.9x | 0.8x |
| Tue, 17 Oct 2023 | €67.6b | €90.7b | €8.2b | 11.5x | 8.3x | 0.7x |
| Thu, 14 Sep 2023 | €69.3b | €91.7b | €7.9b | 13x | 8.7x | 0.8x |
| Sat, 12 Aug 2023 | €72.9b | €94.4b | €8.9b | 12.9x | 8.2x | 0.8x |
| Mon, 10 Jul 2023 | €71.8b | €94.7b | €8.8b | 12.8x | 8.2x | 0.8x |
| Wed, 07 Jun 2023 | €70.1b | €95.1b | €8.8b | 12.5x | 8x | 0.7x |
| Fri, 05 May 2023 | €62.3b | €92.3b | €8.6b | 11.7x | 7.2x | 0.7x |
| Sun, 02 Apr 2023 | €60.9b | €90.2b | €8.7b | 11.6x | 7x | 0.7x |
| Tue, 28 Feb 2023 | €64.4b | €89.5b | €10.4b | 12.2x | 6.2x | 0.7x |
| Thu, 26 Jan 2023 | €58.0b | €90.5b | €10.5b | 11.3x | 5.5x | 0.6x |
| Sat, 24 Dec 2022 | €54.5b | €90.5b | €10.5b | 10.8x | 5.2x | 0.6x |
| Mon, 21 Nov 2022 | €52.7b | €84.7b | €10.3b | 10.7x | 5.1x | 0.6x |
| Wed, 19 Oct 2022 | €50.9b | €78.5b | €9.0b | 10.4x | 5.7x | 0.6x |
| Fri, 16 Sep 2022 | €50.5b | €75.4b | €9.2b | 10.9x | 5.5x | 0.7x |
Price to Earnings Ratio
5.5x
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 12.5x which is higher than its 3-year average PE of 8.3x.
Past Earnings Growth
- The earnings for Greek listed companies have remained mostly flat over the last three years.
- Meanwhile revenues have grown 4.7% 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 | -1.04% | |
| Telecom | 1.10% | |
| Financials | 0.0046% | |
| Utilities | -0.46% | |
| Consumer Discretionary | -0.79% | |
| Materials | -1.27% | |
| Consumer Staples | -1.55% | |
| Tech | -1.74% | |
| Real Estate | -2.16% | |
| Healthcare | -2.45% | |
| Industrials | -3.30% | |
| Energy | -3.68% | |
Sector PE
- Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 22.0x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
- Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 52% over the next 5 years.
- This is better than its past earnings growth rate of 36% per year.
- In contrast, the Consumer Discretionary sector is expected to see its earnings grow by 4.6% 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 | |
|---|---|---|---|---|---|---|
| TPEIR Piraeus Financial Holdings | €6.83 | 2.6% +€212.4m | 71.6% | PB1x | Financials | |
| ALPHA Alpha Bank | €3.52 | 1.9% +€150.5m | 128.4% | PB0.9x | Financials | |
| BELA Jumbo | €31.34 | 3.0% +€120.9m | 29.5% | PE13.2x | Consumer Discretionary | |
| HTO Hellenic Telecommunications Organization | €16.18 | 0.9% +€56.0m | 7.9% | PE14.4x | Telecom | |
| PPC Public Power | €14.25 | 0.9% +€45.7m | 22.4% | PE32.8x | Utilities |
