Greek actions: the value of an emerging market with the stability of a developed market

Structural reforms. Consequently, a budgetary discipline and a favorable macroeconomic environment support the high performance of the Action Market. However,

Greek shares displayed a robust dynamic in 2025, the MSCI Greece (net) index recording a return of more than 67.6% from the start of the year until July 15. Therefore, Structural reforms, budgetary discipline and a favorable macroeconomic environment supported this performance. Meanwhile, Despite recent gains, valuations remain attractive and we identify clear catalysts on the horizon. Meanwhile, Greece, which weighs less than 0.7% in the MSCI Emerging Markets index, remains little represented and largely underdeveloped.

Key points

• Attractive valuations: With a forecast course/benefit ratio of approximately 8.6x and an accounting ratio/accounting value close to 1.2x. Greek actions are negotiated at a price much lower than that of the S&amp. P 500 (P/E beyond 21x, p/b close to 4.4x). greek actions: value emerging market This valuation greek actions: value emerging market discount persists despite the improvement of macroeconomic indicators and the growth of profits.
• Governance: Moody’s noted the note of Greece to the rank “Investment Grade” in March 2025. marking the end of a period of 15 years of rating below this threshold. This improvement reflects strengthened budgetary performance, institutional stability and commitment to reforms. In addition. Greece continues to benefit from its membership in the EU. the euro zone, the euro offering greater stability compared to the drachma before 2002.
• Growth: The European Commission provides for Greek GDP growth of 2.3% in 2025, against an estimated average of 1.3% for the euro zone. Growth engines include the increase in private investments. the deployment of European mechanism funds for recovery and resilience (RRF), as well as a solid tourism sector. In addition. a gradual recovery towards the European investment/GDP average of 23% – level greek actions: value emerging market before the financial crisis – coincides greek actions: value emerging market with a marked improvement in equity (ROE) in the banking sector. to 15%.
• Positioning: The Athens Stock Exchange experienced a revival. its market capitalization that increased by 20 billion euros over the eight months until May 2025, finally finding its level before 2008.
• Geopolitics: Greece maintains a stable political environment with a pro-business government, reducing geopolitical risk. Its strategic position and belonging to the EU ensure it expanded access to the markets, while preserving regional neutrality. In addition, the country’s main export comes from services (tourism), which greatly reduces the risk of customs duties.
• Catalysts: a possible reclassification of Greek actions with a market rank developed by FTSE Russell. MSCI could attract significant passive flows. We believe that Euronext’s discussions to acquire the Athens scholarship could strengthen market integration and investor access.

Conclusion

Greek stocks can offer greek actions: value emerging market a convincing investment opportunity. combining the prospects for the growth of greek actions: value emerging market an emerging market with the stability of. a developed market. We believe that the combination of attractive valuations. structural reforms and favorable macroeconomic trends positions Greece as a strategic addition to diversified portfolios.