Jefferies – Bullish ATHEX in 2022

Jefferies maintains its positive attitude towards the Athens Stock Exchange in view of the new year, while it also sees high growth for this year.

The forecasts of the American financial services company speak of an increase in the GDP of Greece by 6.4% this year, 5% in 2022 and 3.7% in 2023, with inflation at -0.11%, at 0.37% and at 1, 08% respectively.

However, in the chapter of their analysis that refers to Greece, Jefferies analysts recognize that most likely the growth of 2021 will surprise positively and will be around 8%. As the firm emphasizes, Greece showed one of the biggest turnarounds this year.

67% of the population of Greece is fully vaccinated and tourist arrivals in 2021 reached almost the levels of 2015, however, the stock market has moved steadily in the last six months, analysts note.

However, the really good news for Greece is found by Jefferies in the fact that youth unemployment has fallen again below 25% and is moving towards the low of 2008. Greece has implemented significant reforms in the pandemic, he adds.

Concerning the Athens Stock Exchange

Jefferies’s view of the ATHEX is that it is a market full of companies operating in areas with high barriers to entry for new players.

The basket of Greek shares created by the firm a decade ago offers excellent value and shows no connection with the course of international markets, analysts note.

This basket consists of HELEX, OTE, Jumbo and Motor Oil. At the same time, from the Greek companies that are listed abroad, Jefferies covers Capital Product, Coca Cola HBC, Danaos Corp, Gaslog Patners, Star Bulk Carrier, Stealthgas Inc and Tsakos Energy NA.