The brokerage market was closed 1.28% in the end of the week, completing five weeks of climbing, ending in a new high 14 -year -old.

OR Alpha Finance It estimates that market dynamics will remain upward in 2025, as it has entered a perennial favorable cycle, reinforced by several positive factors (profitability of listed, high dividends, improved liquidity, reforms, ATHEX’s return to developed markets). On the contrary, he estimates that the external environment remains the most important source of uncertainty.

According to stock market estimates, the market could rise 10-20% in 2025.

Over 20% calculates Eurobank Equities The room for the rise of the Athens Stock Exchange for 2025.

Relaxation of monetary policy is a positive factor, as it could justify higher valuations, but the main lever for Re-Rating would be the end of the war in Ukraine.

The capital flows are provided for supporting, in view of the possible integration into a watchlist for upgrading in developed markets in mid -2025.

Eurobank Equities expects an average 9% increase in EBITDA for non -finance companies due to the growth of the economy, and a only 7% reduction in bank interest revenue over their high. In this context, the ATHEX shows a discount of more than 20% against Europe.

Banks

The banking index this week has increased marginal, and the barrage of positive reports for Greek banks continued by foreign and domestic houses.

Greek banks’ valuations remain attractive and the revision of business plans expected with the results of the industry for the fourth quarter could be a further catalyst, UBS notes.

The development of corporate faith is an important driving force for the profits of the industry and a key element of its investment recommendation. UBS gives a target price of 2.42 euros for Alpha Bank, 3 euros for Eurobank, € 11.20 for National and € 5.70 for Piraeus.

US Jefferies gives a purchase setting for Greek banks, with target prices much higher than current valuation levels. For Piraeus the target is € 5.80, at Alpha Bank for € 2.75, the National for 11 euros and Eurobank for 3.05 euros.

NBG Securities have increased the target prices of Greek banks, believing that the industry continues to negotiate with a discount to their respective Europeans, which, in its view, is not fully justified by the dangers by country and sector. Alpha Bank’s new target price is at 2.55 euros, for Eurobank at 3.50 euros and for Piraeus at € 6.25. As for P/TBV based on 2025 estimates, Greek banks are negotiating an average of 0.83x (for Rote 13.6%), with the EU at 1.08x, which results in a Discount 23%.

The odds

The brokerage market was closed 1.28% in the end of the week, completing five weeks of climbing, ending in a new high 14 -year -old.

O General price index It closed the week at 1,544.13 points, compared to 1,524.67 units of the previous week, with a weekly rise of 1.28%, while earning 5.07%since the beginning of the year.

The FTSE/ASE 25 high capitalization index closed a week with a rise of 1.14% and has risen to 5.38% since the beginning of 2025.

The FTSE MID mid -capitalization index closed with a weekly rise of 2.81%, while by the beginning of the year it rose 6.24%.

The bank index closed a week with a marginal rise of 0.17%, while 10.29%in early 2025.

The total value of transactions at this week’s meetings stood at € 862.366 million, while the average daily transaction value stood at € 172,473 million, from last week of € 133,777 million.

Total market capitalization in the week increased by € 1,104 billion and stood at € 108,237 billion, and since the beginning of the year it increased by € 5.090 billion.