reports
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Stamatios Draziotis CFA
- Thaleia Makedou
Greek Equity Strategy – 2026 outlook | Less beta, more selectivity
Fundamentals taking over – Greek equities delivered an exceptional performance in 2025, emerging as one of the strongest markets globally, with the ASE General Index up c50%. This marked the 4th consecutive year of outperformance vs the Euro Stoxx 600, a streak not witnessed in the past two decades. The magnitude of the 2025 rally inevitably sets a high base heading into 2026 (especially since the ASE is already up c6% ytd). As a result, we believe the market will transition from a beta-driven p...
- Marios Bourazanis
- Stamatios Draziotis CFA
METLEN | Forged for higher returns; Buy, top pick
New Metals pillars reshape the investment case… – Metlen’s mid-term roadmap marks a decisive evolution in its business model, with 3 new Metals subsegments—Circular Metals, Critical Metals and Defense—set to redefine its growth mix. Collectively, these new activities are targeted to add c€520m of incremental EBITDA, or >50% of the uplift toward mgt’s €1.9-2.1bn medium-term goal. These platforms carry exceptionally high return metrics (ROIC 30-70%) and complement the existing aluminium value cha...
- Marios Bourazanis
- Stamatios Draziotis CFA
METLEN | Forged for higher returns; Buy, top pick
New Metals pillars reshape the investment case… – Metlen’s mid-term roadmap marks a decisive evolution in its business model, with 3 new Metals subsegments—Circular Metals, Critical Metals and Defense—set to redefine its growth mix. Collectively, these new activities are targeted to add c€520m of incremental EBITDA, or >50% of the uplift toward mgt’s €1.9-2.1bn medium-term goal. These platforms carry exceptionally high return metrics (ROIC 30-70%) and complement the existing aluminium value cha...
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