Strikingly upward series records the Stock exchange Athens, marking a continuously high 15 -year -old and having 9 consecutive months of rise, thus bringing a positive profitability image and increased transactions.
All this positive image has offered an unparalleled record for the first time in stock markets, presenting the Bull Market features. The Hellenic Stock Exchange, based on last Thursday (17.7.2025), is at the top of the world market for 2025 with 34.86%, while Seoul (+33.04%) and Warsaw (+32.56%) are completed.
The Athens Stock Exchange is overflowing with large European markets (DAX 30 +22.41%, FTSE 100 +9.78%, CAC 40 +5.98%), but also of the indicators of Wall Street (Nasdaq +8,15%, S&P 500 +7,07%, Dow Jones +4,56%).
The Greek stock market, despite the rise, remains attractive if one gives the market capitalization relationship to the gross domestic product (GDP) of Greece. Based on GDP estimate at € 240 billion in 2025, capitalization of the stock market, which amounts to € 130 billion, corresponds to a little higher than 50% of GDP.
In a recent analysis or JP Morgan He points out that the ratio of medium yields and low risk justifies the recommendation of Overweight for the Greek Stock Exchange. Positive data also highlights the refunds from banks (with 10% dividend yields and equity reproductions) and 2% growth. In addition, banks have a 20% discount based on P/E, against European banks.
JP Morgan includes Greece on the list of countries that have great investment opportunities. For Greece it says that it is less exposed to tariff hazards, as tourism is the main export product. For the Athens Stock Exchange it is one of the most attractive in the world, as capitalization accounts for 50% of GDP, when elsewhere in 70%, 80% and 100%.
The Greek market can attract more investment interest, the house stresses. The wide discount justifies over -performance.
As the US shareholder market notes, it is traded with P/E over 21 times. On the contrary, Greece holds a positive position within Europe’s regional framework, with valuation indicators 8.7 times and Discount 31% compared to its long -term average and 31% compared to European markets.
OR Goldman Sachs It gives a target price for DGA at 2,100 points and upgrades Greece to a key destination for international investors in emerging markets, highlighting strong returns and attractive valuations, especially in the banking sector.
Greece’s Forward P/E is below the average emerging. The exhibition places particular emphasis on the Eastern European banking industry, noting that banks in Greece still have significant room for rise, despite the high returns they have already recorded.
The Greek market estimates Goldman to be one of the most attractive in the region, having placed the dividend at 5%, while for all emerging markets it is at 3%and for markets in Europe, 2%.
OR Optima Research It maintains its positive attitude for the rest of 2025 and estimates that the Greek market remains attractive, especially in the current macroeconomic environment.
Corporate developments, such as Unicredit movements with Alpha Bank, Metlen with LSE, the Euronext deal with the ATHEX, play a catalytic role. GDP growth of 2.2% in the first quarter, compared to just 0.6% for the EU average, is a support factor. He notes that the P/E index has risen to 10, but remaining 35% lower than basic European markets. Foreigners’ net inputs reached 454.6 million in the first half.
Banks
Despite the over -performance of banks since the beginning of the year, international and domestic investment firms are renewing the vote of confidence in Greek banks.
Goldman Sachs is constantly seeing the upward trend in the industry, relying on powerful capital adequacy indicators and a reduction in non -performing openings. Greek banks are one of the cheapest and most attractive in Europe, according to UBS.
Bank of America also finds high scope for the shares of the four systemic Greek banks, as their valuations remain lower than the European average. The valuation of Greek banks is lower than 7 times their profitability and the ratio of valuation to their accounting value (P/TBV) is lower than the unit, while in European banks it is higher.
The story of raising loans and high dividend yields leads to a strong rise in bank shares, according to Axia Research and estimates that despite the global uncertainties that banks are well -equipped to maintain their positive performance.
Eurobank Equities notes that, despite the rally, their valuations remain non -demanding. While recognizing the increased geopolitical risks, he sees room for a further upward trend in profit upgrades and benefits from the possible upgrading of the Athens Stock Exchange in developed markets.
The analysis focuses on three main catalysts: the positive first quarter results, the strategic movements at the acquisition level and the favorable prospects for shareholders.
Alpha Finance estimates that organic profitability remains at particularly satisfactory levels, as strong credit expansion and positive supplies in revenue operate on the negative impact on the net interest income of the lower interest rate environment.
According to Alpha Finance estimates, banks have additional capital margins of about Euro4 billion for future moves, and bank administrations are now more willing to consider acquisition movements aimed at boosting profitability.