National Bank of Greece S.A (ETE) Fair Value & Analysis
Financial Services · GR · Market cap €13.9B
Fair value as of: Aug 13, 2026
From 4 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from €16.78 to €14.89 (−11.3%) since Jul 26, 2026. Share price +10.5% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- 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 13, 2026.
How to read this chart
60‑month range €1.81 – €16.69 · fair‑value band €11.17 – €18.61 · the €16.47 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 13, 2026.
Analysis
National Bank of Greece S.A (ETE) currently trades at €16.47, while our model-based Fair Value estimate is €14.89, implying the stock looks roughly 9.6% fairly valued today. The Quality Score stands at 65/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
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 13.2. Fundamentals as of Aug 13, 2026
Our scenario range runs from €11.17 (bear case) to €18.61 (bull case); at €16.47, 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 63% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 47% fair-value upside, at -10%, ETE screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 4 models by family
Widest divergence: Multiples (€14.10) versus Asset-Based (€6.75). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 71
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.
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.
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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 · 1086 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
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| PT Bank Central Asia Tbk BBCA | 6,350 IDR | 4,637 IDR | -27% |
| KB Financial Group 105560 | 168,100 KRW | 220,258 KRW | +31% |
| PT Bank Rakyat Indonesia (Persero) Tbk BBRI | 3,110 IDR | 3,792 IDR | +22% |
| PT Bank Mandiri (Persero) Tbk BMRI | 4,130 IDR | 6,067 IDR | +47% |
| Banco Bradesco S.A BBD | 5,120 ARS | 8,400 ARS | +64% |
| Shinhan Financial Group 055550 | 103,800 KRW | 146,032 KRW | +41% |
| Hana Financial Group 086790 | 127,900 KRW | 210,506 KRW | +65% |
| Lloyds Banking Group LYG | 4,138 ARS | 8,275 ARS | +100% |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB | 59,500 VND | 45,959 VND | -23% |
| Woori Financial Group 316140 | 33,000 KRW | 60,758 KRW | +84% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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