Continued high, positive yields, positive profitability image and trading increased composed a positive scene in the market shares of Athens Shipowner (Ha) who has completed 10 months of rise, an unparalleled record for the first time in stock markets.
During the last ten months, the ATHEX’s main index records a total of 46.22%, the bank index records 87.71%, while total capitalization from late October has increased by EUR 36.325 billion.
The market closed in the eight months of January-August with 37.56%profits, with the Greek Stock Exchange in second place in the worldwide rankings after the Vietnam Stock Exchange (+38.72%).
After 10 consecutive months of rise, the market in the first days of September is corrected, on the occasion of the turmoil in international markets, which is expected. The correction is considered perfectly normal and concerns the last upward wave that began in April below 1,500 points.
Technically, the upward trend at long -term periods is maintained, as the 100 units totaling a total of 15 years (2,126.18 points) does not change the “big picture”. However, “red” trends appear in the short term.
The short -term course of the stock market will depend on the course of European markets, as we approach September 8 when the French government has to secure a vote of confidence.
Its possible inability to consent to parliament raises serious concerns about continuity.
Political uncertainty in France has already begun to be reflected in the markets, with pressures intensifying in French state bonds and in the country’s bank shares. This instability is not limited to the French border.
The investment environment is burdened by an increasing number of external uncertainties that create a strong climate of cautiousness. The Greek market while still maintaining positive foundations, increasing intensity in the external environment seems to have led to a comprehensive revision of risks.
Market valuation
Despite a high 15 -year rise, US investment bank JP Morgan notes that the Greek stock market has significantly lower valuations than the rest of Europe.
The Greek shares forward P/E is 9.3x, 27% below the long -term average and 30% lower than the eurozone average.
Investors also benefit from high dividend yield, which reaches 3.4%, significantly above the eurozone average (2.6%).
The expected increase in profits per share remains average, with 5% for 2025, 6% for 2026 and 10% for 2027, while GDP growth is estimated at 2% in 2025 and 1.8% in 2026, near the average of the eurozone.
Despite the high profits of bank shares, according to Euroxx, up-to-date models, Greek banks are trading on average with a P/E 7.1x index for 2027, ie 15-20% discount compared to regional like (p/e 8.8x for 2027). In this context, Euroxx believes that Greek banks deserve a premium due to higher loan growth (close to 10% per year) and a better distribution of dividends.
Market upward traffic in the tenth anniversary of November 2024-August 2025 found supports:
- In the fact that the Greek stock market, despite the rise, remains attractive if one gives the market capitalization relationship in relation 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 € 133 billion, corresponds to a little higher than 50% of GDP. Alpha Finance points out that the Greek market is still negotiating with a discount of about 20% compared to 20 years and 30-40% against Stoxx 600 and MSCi Em, which shows that there is still significant margin.
- In the strong development story of the Greek economy. The Greek economy has at least for the coming years a “free corridor” of growth in fiscal stability. The Greek economy will also be in 2025, one of the first in growth in the EU. The direction of capital from the US and not only observed to Europe is favored by ATHEX as it is highly growing than the eurozone average.
- In fiscal stability. The course of the budgetary figures is on an overdose orbit of supporting the scenario of a positive revision of the prospects of the Greek economy.
- The dynamics created by the recovery of the investment level and especially in the bond market. Greek bonds are highly resistant when a worldwide “sell -off” in the bond markets is manifested.
- The high profitability of listed companies supports shares’ valuations.
- The prospect of upgrading the Greek stock market in developed markets. ATHEX Administration He estimates that the Hellenic Stock Exchange can be upgraded to a developed market from at least one international investment house in 2025, calculating that the relevant chances of success exceed 50%. The S&P International Evaluation House recently installed the upgrading of the Athens Stock Exchange to the “Developed” for September 2026.
- And of course the prospect of redemption of HELEX by Euronext. The acquisition of ATHEX by EuronaXt allows participants in the Greek financial markets to join a network of over 1,800 listed companies with total market capitalization exceeding 6 trillion. euro.