Prolonged stagnation in Athens Stock Exchangewhile the majority of listed companies continue to tread on the “gas” of corporate profitability, as demonstrated by recent figures for the first half of the year (net profit of 5.8 billion euros).
Somehow, the investor “sees” on the domestic panel existence of diverse opportunitiessince Greek “papers” trade with significant discount.
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If, for example, we take into account the most basic evaluation indicator, i.e. FOOT (share price in relation to earnings per share), then we realize that the “big guys” in the Greek market are “playing” prices at just 10.7 times estimated 2024 profits. The corresponding proportion in MSCI Europe is set to 13.5x and MSCI World equivalent to 18.9x.
It is reasonable, then, to understand that Greek blue chips are partially “unfair” by current market prices, compared to what is happening abroad, where the reviews are clearly higher.
The “cheapest”
Taking a look at your individual stocks FTSE Large Capthe banks are considered among the most attractive, as they are traded at fair prices 5.9 times the estimated profitability for the 12 months of this year.
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The “cheapest” is your stock Piraeus Streetwhich has a forward P/E ratio of 4.7x, while its stock remains at 4.9x Alfa Bank. For your part, National and Eurobank they “play” at 6.3x and 6.8x in terms of 2024 P/E.
Several other high-cap stocks are moving at single-digit levels, such as the two refineries, which are trading at a 4.3x forward earnings multiplier (engine oil) and 5.3x (Hellenic Energy).
At the same time, your stock Metlen It is still considered an attractive option for investors, as it has a P/L in 2024 of 7.4x.
Aegean Airlines, ELVALHALKOR and Autohellas vary between 5x and 6x, while the Titan cement, Despite this year’s big recovery, it remains extremely affordable, with a P/E of no more than 9x.
Below the European average
Furthermore, based on estimates of 2024 final financial data, below the European average, stock prices in PPC, Athens International Airport, OTE, OPAP, Jumbo, EYDAP and Lamda Developmentwhich have a direct P/E ratio between 11x and 12x.
Lowest OP/L for 2024 on FTSE Large Cap Listed
• Engine Oil 4.3x
• Piraeus 4.7x
• Alpha 4.9x
• ELVALHALCOR 5.2x
• Helleniq Energy 5.3
• National 6.3x
• Autohellas 6.3
• Aegean 6.5x
• Eurobanco 6.8x
• Metlen 7.4x
• Titan 9.0x
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(The text above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any share)