Goldman Sachs raises again the target price for the General Index of the Athens Stock Exchange. In particular, the American investment house sets the bar at 1,375 units, against 1,200 units which was its previous estimate and 1,278 units. It is worth noting that its current valuation and the upside from current levels is less than 7% over the next twelve months. The expected return of the General Index on the Athens Stock Exchange is 15% in dollar terms against 13% applicable in emerging markets.
The above places the domestic stock market in the top in terms of upside margin, and the valuation of the domestic index relative to emerging markets emphasizes this positive picture.
The valuation
The valuation ratio P/E (price to earnings) for the domestic market stands at 8.8 times and in terms of P/BV (price to book value) at 1.1 times, figures that rank the domestic market among the most attractively valued. The corresponding emerging market ratios are 12.2 times in P/E terms and 1.6 times in book value terms, with the discount approaching 30% in P/E terms and exceeding 30% in P/BV terms .
It should be noted that the attractive valuation is enhanced when earnings per share (EPS) are taken into account. The American bank estimates that they will strengthen by 8% in the next twelve months, while the analysts’ estimate for 2024 places the corresponding increase at just 2%. For the emerging markets index, the average change in earnings per share will be around 10% this year and at 8% for the Central and Eastern Europe, Middle East and Africa (CEEMEA) index. Margin of growth of domestic market is higher than CEEMEA markets for 2024.
The estimate that is among the highest among markets for the General Index of the Athens Stock Exchange is the dividend yield at 4%, as the average dividend yield for emerging markets is at 3%. The US investment house cuts its target price for the MSCI Emerging Markets index to 1,100 from 1,150 previously and a 7% upside, while it expects a 9% upside for the European Stoxx 600 to 500 and a 6% upside for the S&P 500 index at 4,700 points.
Latest News
Erdogan’s Longtime Rival, Fethullah Gülen, Has Died
Turkish President Recep Tayyip Erdogan blamed the US-based cleric Muhammed Fethullah Gülen for the 2016 attempted coup against the leader.
Surging Gold Sees High Sovereign Liquidation Rate in Greece
Bank of Greece (BoG) reports nearly 36,000 buy back transactions this year up until the end of September in the country
Heating Oil Prices in Greece Range from €1.16 to €1.39 per Liter
In Athens, the average price of heating oil, which became available to the public as of Oct. 15, stands at 1.67 euros per liter, while in Thessaloniki, it is a little higher at 1.77 euros per liter
Homeownership Increasingly Unattainable for Young Greeks
Compared to two decades ago, the difficulty of finding housing has risen dramatically, with homeownership rates in Greece plummeting since 2005
S&P Delays Greek Economy’s Credit Review, Keeps Rating at BBB-
Moody’s took a “stricter” stance compared to the other agencies when in Sept. of 2023 it refused to grant Greece the investment grade
The History of Greece’s Tallest Buildings
By the end of 2025, the rejuvenated Hilton Athens—now rebranded as "The Ilisian"—will begin a new chapter as an innovative multi-use complex, featuring the Conrad and Waldorf Astoria brands of hotels and residences.
Alonissos Top Pick for Popular French Website
The list also includes Chios, Kythira, Ithaca, Kea, and Patmos
Greece’s Tourism Success Tied to Expanding U.S. and Asian Markets
Its findings reveal that travelers to these destinations are becoming increasingly demanding, expecting high-quality travel experiences while also seeking authenticity.
Greece to Simplify Procedures for Solar Installations
Under the new procedures, businesses no longer need to seek approval from Greece's electricity regulator or obtain an environmental permit as part of the application process for installing solar panels.
HCAA Reports 6.1% Rise in Passenger Traffic January-September
Regarding domestic and international flights, the total number of passenger arrivals and departures amounted to 9,984,655 in the first nine months of 2024