The shares of Cenergy, Metlen, Motor Oil, Sarantis and Tr. Piraeus, NBG Securities, stand out for 2025.

According to analysts, 2025 will be a "value-seeking" year for investors, as another good stock market year is expected. The volatility in the Athens Exchange indices will boost value stocks, i.e., those with strong fundamentals and growth prospects and good balance sheets. 

INCREASED VOLATILITY

"We foresee a similar behaviour in 2025, but this time with higher volatility. The factors that drove Greek equities higher in 2023-2024, such as supportive macroeconomic conditions, political stability, return of investor confidence, increased liquidity, attractive valuations and resilient corporate earnings, remain and continue to support higher levels," the analysts said. 

"However, due to the absence of a clear catalyst (similar to the return to investment grade in 2023, which was a turning point for Greek stocks and bonds), we expect increased volatility and a robust move this year (above the 1,500 level), with few standout options," NBG Securities adds. 

BANKS

The brokerage analysts note that "Banks fit this story well, offering an impressive projected dividend (DY) of 8.4% for 2025 (higher than the Stoxx 600 Banks index). Moreover, we expect many non-financial companies (even those with modest earnings) to continue to reward shareholders, also supported by lower financial costs. Overall, the non-financial companies on our list offer a projected DY of around 5% for 2025, with transportation, gaming and refining stocks offering returns of over 6.5%."