Portugal does not look like all the teams that won back to back tournaments like France 98-2000 or Spain with the 3 tournament wins or even the late 90s Brazilian teams, it felt like those teams had way too many options to build a squad that can tweak its strategies. France 98 was good defensively and in 2000 became more attacking, the Spanish team in 2008 more open before they just started playing Barca style possession. If Pepe mantains his level they might be dangerous but if their defence does not play as well as it did during the Euros I don't think they can win it.