The Athens Exchange (ATHEX) is one of the most structurally undervalued equity markets in the Eurozone. Greek banks — fully recapitalised and growing — trade at P/B multiples of 0.4–0.8x that would be considered distressed valuations in any other Eurozone country. Beyond banking, the Greek market offers high-dividend energy companies, a dominant lottery and gaming operator, and a handful of mid-cap industrials with genuine competitive positions. For value-oriented European investors, ATHEX is a market that deserves serious attention.
Last updated: June 2026.
What the Athens Exchange covers
FTSE/ATHEX Large Cap (FTSE/ATHEX 25): The 25 largest and most liquid Greek companies. The primary benchmark for institutional investors; the index is the starting universe for most systematic Greek screens.
FTSE/ATHEX Mid Cap: The next tier of Greek companies below large cap. Mid-cap Greek companies have less analyst coverage and occasionally thin liquidity, but this is where valuation inefficiencies are most pronounced.
Main Market: All regulated Greek companies, approximately 150–180 listed names at any given time.
Alternative Market (ENAlternative): A lighter-touch segment for smaller Greek companies. Limited fundamental data availability on most screeners.
Market size: Greek total listed equity market cap is approximately €70–100 billion — a small but meaningful European market that has attracted significant international institutional interest since the 2019 S&P upgrade back to developed market status.
The structural opportunity in Greek equities
Banks at post-crisis discounts
Greek banking is the defining characteristic of ATHEX from a valuation perspective. The four systemic banks — National Bank of Greece, Alpha Bank, Piraeus Bank, and Eurobank — are among the cheapest bank stocks in Europe on P/B ratios.
The discount has a clear historical origin: the 2010–2015 debt crisis required massive recapitalisations and government bailouts. The banks emerged leaner but with significant non-performing loan (NPL) ratios that suppressed profitability for years. Since 2019, NPL ratios have declined dramatically — from 40–50% at crisis peak to low teens or single digits — while the banks have returned to consistent profitability.
In 2026, Greek banks are generating ROE of 10–14% on tangible equity, growing their loan books, and paying dividends — while trading at P/B multiples of 0.5–0.9x. This is a rare combination: quality improving, profitability established, and valuation still reflecting the post-crisis discount that diminishes with each quarter of clean results.
High dividend yields from energy and utilities
OPAP (Greece's lottery and sports betting monopoly) pays a dividend yield above 8% with payout ratios supported by strong cash generation. The company has near-monopoly positions in Greek gaming through its licensed network and is expanding into online channels across Southeast Europe.
Hellenic Petroleum (now Elvalhalcor/Motor Oil/HELLENiQ Energy) provides energy sector exposure at valuations discounted versus European oil and gas peers, partly because of past policy uncertainty in Greece now largely resolved.
Logistics and speciality industrials
Frigoglass (industrial refrigeration), Mytilineos (metallurgy and energy), and Sarantis (consumer goods in Southeast Europe) represent the non-bank, non-energy segment of ATHEX — diversified industrials with regional market positions.
Screening Greek stocks: practical approach
Exchange and data access
Greek stocks are listed on the Athens Exchange (ATHEX). Not all pan-European screeners cover ATHEX with full fundamental data — verify that your screener provides P/E, EV/EBITDA, ROE, and dividend yield for Greek companies and not just a listing without data.
ScreenerHero covers ATHEX with full fundamental data, enabling the same filter-based approach used for Western European markets.
Greek-specific screening adjustments
For Greek banks: Use P/B (price-to-book) and ROE as primary metrics, not P/E or EV/EBITDA, which are unreliable for financial sector companies. Filter: P/B < 0.8, ROE > 10%, NPL ratio declining (check footnotes in financial reports — screeners don't typically expose NPL ratios directly).
For non-financial Greek companies: Standard fundamental filters apply. P/E, EV/EBITDA, margin, and debt filters work well for Greek industrials, telecoms, and energy companies.
Liquidity consideration: The FTSE/ATHEX Large Cap and Mid Cap are well-traded for European small market standards. Below that tier, daily volumes can be thin — add a minimum average daily volume filter (or minimum market cap of €100M) to avoid execution risk.
Practical Greek equity screen (non-financial)
| Filter | Value |
|---|---|
| Exchange | Athens Exchange (ATHEX) |
| Market cap | > €150M |
| EV/EBITDA | < 8 |
| Operating margin | > 6% |
| Net Debt/EBITDA | < 3.0 |
| Sort by | EV/EBITDA ascending |
Dividend withholding tax
Greece withholds 5% on dividends to non-resident investors — one of the lowest rates in Europe. This makes Greece a particularly attractive market for income-focused investors: high nominal yields combined with minimal withholding create above-average net dividend income. No treaty reclaim process is typically required for most investors — the 5% is the final withholding rate in most circumstances.
Key risks for Greek equity investors
Liquidity risk: ATHEX is a small market. For positions above €500K, execution in smaller Greek companies requires careful sizing and patient order management.
Political and macro risk: Greece has a history of policy volatility. While the situation has stabilised considerably, Greek equities trade with a macro risk premium that may or may not be appropriate. Screener valuations should be cross-checked against the macro context.
Bank credit cycle risk: Greek banks' improved NPL ratios are a significant positive — but a new recession could re-stress credit quality faster than in larger, more diversified banking systems.
Governance: Corporate governance at some Greek companies is not at Northern European standards. Related-party transactions, family control structures, and disclosure quality vary. Apply additional due diligence to smaller or family-controlled names.
How Greece fits in a European portfolio
Greek stocks offer:
- Deep value in banking — ROE-generating businesses at sub-book valuations
- High dividend income — OPAP, utility names, and well-capitalised banks at yields of 6–10%
- Low withholding tax — 5% dividend withholding, the most investor-friendly in the Eurozone
- Recovery optionality — a market still partly priced for its post-crisis history despite significantly improved fundamentals
A reasonable allocation in a pan-European value-oriented portfolio: 3–6% Greek exposure, concentrated in 2–3 Greek banks (diversifying across National Bank, Eurobank, or Piraeus) plus OPAP for income.
Bottom line
The Athens Exchange is Europe's most structurally interesting post-crisis recovery story in 2026. Greek banks are generating double-digit ROE at P/B multiples below 1.0x. OPAP pays 8%+ dividend yields from a near-monopoly gaming position. Non-financial industrials trade at EV/EBITDA multiples that reflect a persistent discount to equivalent Western European peers.
The risk is real — Greece carries macro and liquidity tail risk that other Eurozone markets don't. But for investors willing to apply fundamental screening rigorously and diversify within the market, ATHEX offers the most compelling combination of value, income, and recovery optionality in the Eurozone.
Frequently asked questions
Are Greek stocks cheap in 2026?
Greek banks are among the cheapest financial stocks in the Eurozone by P/B ratio — trading at 0.5–0.9x book value while generating ROE of 10–14%. Non-financial Greek companies trade at EV/EBITDA multiples discounted 20–30% versus Western European peers. The discount reflects lingering post-crisis risk premium and the market's small size; as fundamentals continue improving, the discount should compress.
What is the ATHEX 25 index?
The FTSE/ATHEX Large Cap (ATHEX 25) is the Greek benchmark index covering the 25 largest and most liquid companies listed on the Athens Exchange. It is heavily weighted toward the four Greek systemic banks, OPAP, OTE (telecoms), and energy companies. The index has been one of the best-performing European equity benchmarks over the 2019–2026 period from its deeply discounted crisis lows.
How can I screen Greek stocks?
Greek stocks listed on the Athens Exchange (ATHEX) are covered by pan-European screeners with dedicated ATHEX exchange coverage. Apply market cap filters (> €100–150M for liquidity), use P/B for banks and EV/EBITDA for non-financials, and filter on dividend yield for income screens. Ensure the screener provides actual fundamental data for Greek companies rather than just listing names without metrics.
What is the dividend withholding tax on Greek stocks?
Greece withholds 5% on dividends paid to non-resident investors — one of the lowest rates in Europe. Most investors don't need to apply for a treaty reduction since 5% is already the minimum rate under most applicable tax treaties. This makes Greek dividend stocks particularly attractive from a net-of-tax income perspective.
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