National Bank of Greece S.A (ETE) Fair Value & Analysis
Financial Services · GR · Market cap €13.9B · ISIN GRS003003035
What is National Bank of Greece S.A really worth?
A solid business, but trading 18% above our fair value of €14.89.
Strengths
Risks
Fair value as of: Aug 20, 2026
From 4 valuation models · updated 16 days ago
Share price +8.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range €1.81 – €17.55 · fair‑value band €11.17 – €18.61 · the €17.55 price screens above the €14.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.
Analysis
National Bank of Greece S.A (ETE) currently trades at €17.55, while our model-based Fair Value estimate is €14.89, implying the stock looks roughly 17.9% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of €14.10 per share, and 0 of the 4 models we run sit above the €17.55 price. Bear case: the Asset-Based group reads lowest at €6.75, and 4 of the 4 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, National Bank of Greece S.A generated revenue of €2.7B at a net margin of 42.3%. Revenue grew 6.3% year over year. It earns a return on equity of 12.2%. The stock trades on a trailing P/E of 14.0. Fundamentals as of Aug 20, 2026
Our scenario range runs from €11.17 (bear case) to €18.61 (bull case); at €17.55, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 74% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −15%, ETE screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.8459 per share, which is 5.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 4 models by family
Widest divergence: Multiples (€14.10) versus Asset-Based (€6.75). Highest evidence: Residual Income (70).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 82
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
National Bank of Greece S.A., together with its subsidiaries, provides financial products and services in Greece, the United Kingdom, North Macedonia, Romania, Cyprus, Bulgaria, Malta, Egypt, and Luxembourg.
Full company description
National Bank of Greece S.A., together with its subsidiaries, provides financial products and services in Greece, the United Kingdom, North Macedonia, Romania, Cyprus, Bulgaria, Malta, Egypt, and Luxembourg. It operates through Retail Banking, Corporate & Investment Banking, Trouble Assets Unit, Global Markets and Asset Management, Insurance, International Banking Operations, and Other segments. The Retail Banking segment provides deposit, investment, bancassurance products, mortgage loans, consumer and small business lending, debit and credit cards, prepaid cards, and other traditional products and services for individual customers, professionals, and small-medium and small sized companies through its network of branches and digital businesses. The Corporate & Investment Banking segment offers financial and investment advisory services, deposit accounts, loans, foreign exchange, and trade services for corporate customers; and lending services for large and medium-sized companies, as well as shipping finance services. The Trouble Assets Unit segment manages various loans. The Global Markets and Asset Management segment is involved in treasury activities; and provision of asset management, custody, private equity, and brokerage services. The Insurance offers various insurance products. The International Banking Operations segment offers traditional commercial banking, such as commercial and retail credit, trade financing, foreign exchange, and deposits; shipping finance; investment banking; and brokerage services through its foreign branches. The Other segment engages in the real estate management and warehousing businesses. National Bank of Greece S.A. was founded in 1841 and is headquartered in Athens, Greece.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
National Bank of Greece S.A reported revenue of €2.7B in FY2025 versus €2.0B in FY2021, a compound +7.3%/yr. Reported net income was €1.2B in FY2025, compounding +7.5%/yr from FY2021.
ETE screens 18% overvalued. Compare with DBS Group →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- National Bank of Greece SA (NBGPRA.PFD) (Q2 2026) Earnings Call Highlights: Strong H1 Profit ...
- National Bank Of Greece (ATSE:ETE) Stock Fair Value Edges Higher After Mixed Analyst Views
- How The Investment Narrative Is Shifting For National Bank Of Greece (ATSE:ETE)
- National Bank of Greece joins Komgo to expand international trade finance capabilities
Peer Group
Banks - Regional · 1071 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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