The stable outperformance of the Athens Stock Exchange compared to Europe and other emerging markets is confirmed by the country’s participation in MSCI.
More specifically, nine “made in GR” listed companies participate in the index that together represent approximately 85% of the capitalization of the ATHEX.
The average performance of the Greek index this year stands at +18.3%, while the MSCI Europe index sees the change set at only +5.3% and the MSCI Emerging Markets index has a negative value of -1.3%. Even more impressive is the superiority compared to the joint MSCI index for Developed and Emerging Markets, whose average performance for 2025 is less than -5.4%.
The figures confirm the positive performance of the Athens stock exchange, which is gradually turning into an “island” of stability in an international environment of intense volatility and prolonged instability, which is stigmatized by the evolving trade war, but also the Federal Reserve’s second thoughts about the course of “relaxation” of monetary policy.
The attractive valuations of the “9”
Indeed, this year’s outperformance of the MSCI Standard Greece is taking place while the valuations of the nine stocks representing Greece remain significantly more attractive than their counterparts abroad. It is indicative that the common P/E (Price to Earnings) for the “9” of the Greek index is only 8.0x based on 2024 profitability and only 7.6x based on projected 2025 profitability. The corresponding prices for the MSCI Europe are set at 15.5x and 13.7x, while for the MSCI Emerging Markets they amount to 15.1x and 11.9x.
The comparison is equally satisfactory at the accounting value level, with the P/BV (Price to Book Value) ratio of MSCI Standard Greece being determined at 1.1x, at the same time as the corresponding MSCI Europe index rises to 2.1x and the Emerging Markets index to 1.8x.
Regarding the dividend yield, the price for the Greek index is estimated at 3.4%, for MSCI Europe at 3.1% and for MSCI Emerging Markets at 2.6%.
It is worth noting that the shares of National Bank, Eurobank, Piraeus, Alpha, Metlen, OPAP, JUMBO, PPC and OTE are included in the MSCI Standard Greece. The next scheduled update of the above composition is for May 13, with the market not ruling out the possible entry of Titan Cement into the group of “9”.
P/E P/BV Return
• MSCI Greece +18.3% 8.0x 1.1x
• MSCI Europe +5.3% 15.5x 2.1x
• MSCI Emerging Markets -1.3% 15.1x 1.8x
