The Greek economy and Athens Exchange continue to overpay in 2026, with the macroeconomic picture, improving the country's debt and increased foreign capital inflows supporting the market, its analysts support in their report Optima Bank.
Despite significant stock appreciation, analysts still maintain positive attitude with regard to the Greek market, citing the strong macroeconomic environment, overperformance of the economy towards Europe, strong corporate fundamentals and improving state risk.
As principal risks point out a possible correction on the international markets, lower than expected economic growth, a revival of geopolitical tensions and an increase in political uncertainty ahead of the next election period.
Economic support, Euronext Athens
The factors that will support the positive progress of the Greek economy and Euronext Athens are as follows:
- Growth is expected to remain strong, with the European Commission predicting a rise in GDP in 1,8% In 2026, compared with 1.1% for the European Union.
- The debt-to-GDP ratio continues to decline rapidly, with the Commission appreciating that it will be further reduced by some 8% In the year.
- The Athens Exchange It maintained its momentum by recording new multi-annual highs, thanks to the durable macroeconomic environment, the high profitability of listed persons and continued mobility in the capital market. The period was characterised by significant corporate agreements, new imports and increased activity in capital market products, strengthening the depth and attractiveness of the Greek market, which continued to overpay European stock exchanges.
- The Athens Exchange will join the developed markets (Developed Markets) of STOXX and FTSE indicators from 21 September, with passive inputs estimated to exceed EUR 1 billion.
- Upgraded by MSCI transferred for May 2027, a positive development, as the market expected outflows from passive portfolios during the transition. According to the guidance of the house, the MSCI Mid Cap index will remain six Greek shares (the four systemic banks, the PPC and OTE), while a number of other listed persons may join the small capitalisation index.
- Despite the significant rise in valuations, the Greek market still appears attractiveThe median P/E index for 2026 amounts to 12.3 times, from 10.4 times in the previous January analysis, but still negotiates at a discount of 22% against selected European markets.
- The country's risk premium continued to decrease, with the yields of Greek government bonds converging further towards the levels of the countries of the core of the eurozone, reflecting the significant improvement in Greece's credit image.
- The General Index records a rise of about 22% from the beginning of the year; and 37% on an annual basis, overcompensating both European and American markets.
Top picks
For the rest of the year, the top investment options are Piraeus Bank, METLEN, DENMARK, Motor Oil, Eurobank, new additions are Allwyn and Titan, while the monitoring list includes HELLENiQ ENERGY, IPTO Shares and the other two systemic banks (National Bank, Alpha Bank).
Target values
The reasons for overperformance
The analysis attributes the positive progress of the Greek market to the following factors:
- The Greek economy is expected to grow faster than the EU average. for sixth Year after year, while maintaining budgetary discipline.
- Further improvement in the country's credit profile and the maintenance of the risk premium close to historically low levels enhances the risk of the risk of the risk. trust investors.
- Activity on the Athens Stock Exchange is enhanced by foreign capital inputs. The total trading value was EUR 6.3 billion in June, increased by 52.8% annually. Foreign investors made 69.3% of the transactions and recorded net inputs of 158.3m euros in June and 364m euros in the first half.
- The integration of the Athens Stock Exchange into the Euronext ecosystem is expected to function as a catalyst, strengthening international visibility, liquidity and participation of foreign investors.
