The Athens Stock Exchange may now be several points away from the multi-year highs of March (1,746 points), but the recent decline has once again “refreshed” the attractiveness of valuations.
Besides, most listed companies still see the glass as half full as regards the financial figures of 2025, while the publication of the first quarter results is expected to begin in the coming weeks.
This is reflected on the price-to-earnings ratio, which captures the relationship between the share price and the annual earnings per share. Specifically, the so-called P/E reflects the period of time during which the investor amortizes his money, exclusively through the annual profitability of the listed company. A price below 10x, i.e. below 10 years, is considered attractive and “cheap”, although prices up to 15x or 20x are usually “acceptable”, depending on the sector of activity and the time period.
In the banking sector, for example, we see that the shares of the four systemic banks, based on the profitability of the previous 12 months, are trading at levels significantly below 10x. Piraeus and Eurobank are at 5.2x and 5.5x respectively, National Bank is at 6.7x and Alpha follows at 7.3x.
Based on the estimated figures for 2025, the corresponding P/Es are set at 5.3x for Piraeus, 6.1x for Eurobank, 6.4x for Alpha and 7.2x for National Bank.
As for Bank of Cyprus, the P/E for 2024 is at 4.7x, while the corresponding one for 2025 is at 6.4x.
In non-bank blue chips, Metlen trades at a valuation of 9.0x for 2024 earnings and 7.8x for 2025 earnings.
Similarly, ELVALHALCOR sees its P/E ranging between 6.6x and 5.7x, Aegean at 7.9x and 7.3x, Motor Oil at 4.6x and 4.7x, and Helleniq Energy at 5.5x and 8.3x, respectively.
Also, the 2025 P/E for PPC (10.3x), Cenergy (10.7x), Titan (9.4x), OTE (10.4x), Lamda Development (9.6x) and Jumbo (9.7x) shares is falling to the 10x range or lower.
Of course, this applies provided that the trade war between the US and China does not develop into something worse than it is today, as in such a case the effects on the growth rate of the global economy will be significant, with an impact on the profitability of many Greek listed companies, which depend to a large extent on foreign demand.
Valuations of listed companies (P/E ’24 – P/E ’25)
• Motor Oil 4.6x – 4.7x
• Cyprus 4.7x – 6.4x
• Piraeus 5.2x – 5.3x
• Eurobank 5.5x – 6.1x
• Helleniq Energy 5.5x – 8.3x
• Elval Halcor 6.6x – 5.7x
• National Bank 6.7x – 7.2x
• Alpha 7.3x – 6.4x
• Aegean 7.9x – 7.3x
• Metlen 9.0x – 7.8x
• Titan 10.4x – 9.4x
• Jumbo 10.5x – 9.7x
• PPC 11.1x – 10.3x
• OTE 13.0x – 10.4x
• Cenergy 14.2x – 10.7x
• Lamda 23.6x – 9.6x
