The year started for the Athens Stock Exchange With strong returns in indicators and shares. Despite the initial reservations about what the next day of the US presidency reserved, markets finished in the first month of the year with profit.

The first month of the new year ended with strong returns with the basic stock market index registering 5.42% and total market capitalization increased by € 5.565 billion.

The market has completed a four -year profit with 81.67% for the General Index, with large domestic stock markets seeing up up 2025, as they estimate that the Greek market is still undervalued.

AXIA

The Greek economy is underway, the country enjoys political stability, and the brand name “Greece” opens doors and makes investors and foreign businesses to “hear” Axia notes. He stresses that the ATHEX is clearly undervalued, since it has P/E 2025 at 8.2x. And this, despite accelerating the profitability of banks and businesses (profits per share will increase 13.7% in 2024), increasing dividend yields for investors (dividends per share will increase by 11.9% in 2024) and the long -term prospects based on extension plans.

The expected upgrade of ATHEX to developed markets will act as a catalyst for further re-rating, and could offer a chance for new investors, with long-term horizon, to consider the Greek market.

ACHIA’s top picks are PPC (target price of 22.6 euros), GEK TERNA (27.4 euros) and Metlen (48.60 euros) According to Axia, the financial industry has room for further growth. With p/b at 0.68x for 2026 or p/e at 5.50x, while the average dividend yield for 2026 is around 10% (including cash distributions and shares), listed banks remain attractive Investment case, analysts say.

The recommendations are market and the prices are target for Alpha Bank at 2.5 euros and for Eurobank 3 euros.

In the rest of the sectors, Axia estimates that the momentum of profitability will continue in 2025, with a 7.3% increase (excluding refineries), while super-dumps are expected by Motor Oil and Aegean Airlines.

NBG Securities

Higher levels and increased variability provides for NBG Securities. Following a satisfactory performance in 2024 (13.7% increase in absolute terms), which was in accordance with our forecasts for last year, the stock market awaits similar behavior for 2025, but this time with greater fluctuations

However, due to the absence of a clear catalyst (similar to the return to the investment level in 2023, which was a turning point for Greek shares and bonds), we expect increased volatility and a sturdy move this year (above 1,500 points), with few options to stand out.

The top options of NBG Securities for 2025 are: Metlen, Cenergy Holdings, Sarantis, Motor Oil and Piraeus.

Eurobank Equities

Over 20% estimates Eurobank Equities the rise of the Athens Stock Exchange for 2025.

Relaxation of monetary policy is a positive factor, as it could justify higher valuations, while capital flows are supported, 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.

The brokerage continues to propose the shift further to banks, where it believes that there is a better risk -reward ratio and recommends Piraeus Bank as a top pick, giving a target of 6.31 euros. It also selects Metlen’s share (target price at 48 euros), Titan (48.5 euros), Sarantis (target price of 15.1 euros) and Cenergy (12.7 euros).

Alpha Finance

Alpha Finance market dynamics will remain upward in 2025, as it has entered a long -standing favorable cycle, reinforced by several positive factors (listed profitability, high dividends, improved liquidity, reforms, ATHEX return to developed markets).

The market remains attractive. According to stock market estimates, the market could rise 10-20% in 2025, assuming the valuations would converge on a 3-5 year horizon.

On the contrary, Alpha Finance estimates that the external environment remains the most important source of uncertainty.

Alpha Finance analysts focus on companies that combine attractive valuations, high profits and dividend yields, as well as potential catalysts for their future development. In the banking sector, Eurobank (target price of 3.00 euros) is considered one of the most attractive options, and Piraeus Bank (price of 5.30 euros) is also trading in an attractive valuation based on its profitability. Outside banks, Alpha Finance analysts stand out for Metlen (target price of 47.70 euros), as well as Jumbo’s share.

Piraeus Securities

Optimists about the course of the domestic market during this year are Piraeus Securities analysts on the basis of strong fundamental sizes, prospects for the Greek economy and the potential upgrading of the market.

Outside the financial industry, analysts set Motor Oil with a target of 29.80 euros, Titan, with a target price of 53.50 euros, PPC with a target price of € 19.10 and Metlen with A target price of 48.20 euros.

Banks will also stand out in 2025, backed by profitability and valuations, as they negotiate with a discount of more than 20% against European banks and increased payouts to shareholders.

Optima

Optima Bank, which is optimistic about the market for the following reasons: a) the faster expansion of Greek GDP compared to the EU, b) the acceleration of the implementation of projects funded by RRF c) Disciplinary Policy With a primary surplus of 2.4% in 2025 and further decline in debt/GDP d) bond support – with the lowest yields of Greek bonds, the Greek stock market now offers deeper discounts than last year e) dividend 6.4% in 2025, higher than EU markets f) Increasing the profitability of the listed in 2025, which is placed at +5%. The top picks of the stock market are: Piraeus, Alpha Bank, Metlen, PPC, Avax, Motor Oil, ELPE, OPAP, Jumbo, Aegean Airlines, ADMIE and AIA.

Beta AHEPEY

The market forces, according to Beta AHEPY, will be a) the achievement of growth rates in the Greek economy over 2%, b) the acceleration of basic infrastructure or residential developments; c) credit expansion; d) the possible upgrade to Investment level from all major credit rating agencies, as well as efforts to integrate the Athens Stock Exchange into the developed market index. Overall, the ATHEX is negotiating with a multiplier of 10.1x the profits of 2025 and 7.2 times the EV/EBITDA multiplier, which cannot be considered demanding.

He estimates that Piraeus (price of € 5.95), Alpha Bank (2.38 euros), Autohellas (17.70 euros), OPAP (18.30 euros), Greek stock markets (7.20 euros ) and PPC (17.70 euros) have significant rise prospects, the BETA notes.