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Alpha Services and Holdings S.A. (ALPHA) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Alpha Services and Holdings S.A. stock €3.31, price €4.68, that is 29.3% below the price, quality 43 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services GR · ISIN GRS830003000

AS Alpha Services and Holdings S.A. logo Some data Nov 5, 2026

Alpha Services and Holdings S.A.

ALPHA · AT
Expensive, weak quality

Our calculation puts a fair price 29% below what the stock costs today.

Highly profitable · 49.1% net margin (TTM)
Low debt
Quality 43/100
Mixed Growth (revenue 5y +11.4 %/yr in EUR)
2.4% dividend yield · Watch coverage
Moderate moat 64/100 · thin data
Some data
Fair value €3.31 · Overvalued (−29.3%)
Negative free cash flow
Trails peers (5/13)
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€4.91 €0.6795 Fair Value €3.31 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range €0.6795 – €4.91 · fair‑value band €2.49 – €4.15 · the €4.68 price screens above the €3.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Alpha Services and Holdings S.A., together with its subsidiaries, provides various banking and financial products and services to individuals, professionals, and companies in Greece and internationally.

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It operates through Retail Banking, Corporate Banking, Asset Management and Insurance, Investment Banking and Treasury, South Eastern Europe, and Other segments.

The company offers various deposit products, including deposits/savings accounts, working capital/current accounts, checking accounts, investment facilities/term deposits, repos, and swaps; loans comprising mortgage loans, consumer loans, working capital facilities, corporate loans, and letters of guarantee; and debit and credit cards.

It also provides leasing and factoring services; asset management services; insurance products; stock exchange, advisory, and brokerage services relating to capital markets; investment banking facilities, as well as deals in interbank market activities and securitization transactions; and mobile and Web banking services.

Further, the company provides in the real estate management and hotel services. The company was founded in 1879 and is based in Athens, Greece.

Stock analysis

Alpha Services and Holdings S.A. (ALPHA) currently trades at €4.68, while our model-based Fair Value estimate is €3.31, 29% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of €3.31 per share, and 1 of the 6 models we run sit above the €4.68 price.

Bear case: the Dividend Discount group reads lowest at €0.6500, and 5 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €2.49 (bear) to €4.15 (bull), the price of €4.68 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Alpha Services and Holdings S.A. reported revenue of €2.3B in FY2024 versus €2.6B in FY2020, a compound −2.9%/yr. Reported net income was €943M in FY2025.

Key figures

Market cap €10.8B Large · P/E ratio 12.6 · P/S ratio 5.88 · EPS (TTM) €0.3700 · Dividend yield 2.4% · Net margin 49.1% · Return on equity 10.3% · Return on assets (EBIT) −0.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).

What moves the price

The share trades about 5% below its 52-week high and 60% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −29%, ALPHA screens cheaper than that median.

Fair Value models

Bear €2.49 Fair Value €3.31 Bull €4.15
Price €4.68 · Downside -29.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2024 figures (about 12 months old). Earnings retained since then (€0.2570 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income €2.97 €3.31 €4.21 74
Gordon GGM €0.4000 €0.7000 €0.9400 66
DDM Multi-Stage €0.4000 €0.6500 €0.7500 65
All 6 models by family
Dividend Discount
Gordon GGM €0.4000 €0.7000 €0.9400 66
DDM Multi-Stage €0.4000 €0.6500 €0.7500 65
Multiples
P/E Multiple €3.99 €5.31 €6.64 63
P/B Multiple €0.9900 €1.32 €1.65 55
Asset-Based
NCAV (Graham) €1.64 €2.20 €3.29 54
Economic Profit
Residual Income €2.97 €3.31 €4.21 74

Open the full fair value analysis →

Quality Score breakdown

Overall quality 43/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 60
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 15
Debt, balance sheet and risk of trouble
Investment 76
Does it invest with discipline instead of growing at any price?
Low Volatility 56
How calm the share price moves, does not count
Price momentum 67
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 82
Distance to the 52-week high, does not count
New shares 59
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 47/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.4%
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.1%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+38.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.6%
Dividend (yield on the price)2.4%

ALPHA screens overvalued: fair value 29% below the price. Compare with China Merchants Bank Co →

Note from the team Oct 15, 2026
AI conclusion: The regional bank's main strength lies in strong profit trends after its transformation to personalized services, while negative cash flows and high leverage remain the central weakness questioning durability.
Main risk: Negative cash flows paired with high leverage threaten the bank's capacity to maintain operations and absorb potential setbacks in its regional lending activities.
Alpha Bank has just unveiled a new corporate identity after completing a six-year transformation, with a sharper focus on personalized services for clients and advisory-backed financing for businesses at home and abroad. Strong profit trends continue, yet the shift highlights the tension between building deeper relationships and the need to achieve greater scale through partnerships. Will personalization create a durable edge in regional banking, or will international alliances determine the outcome?
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Peer Groupⓘ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.Banks - Regional · 1002 stocks

Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside −29.3% · Below median
Profitability
Return on equity (12 months) 10.3% · Below median
Return on assets 1.2% · Above median
Net margin (12 months) 49.1% · Top 25%
Operating margin (12 months) 48.2% · Above median
Growth and dividend
Revenue growth (quarter YoY) 11.6% · Above median
Dividend yield (12 months) 2.4% · Below median
Balance sheet
Debt / equity 0.36× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 12.6× · Pricier than median
P/B 1.34× · Pricier than median
P/S (12 months) 5.88× · Priciest 25%
PEG 1.11× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)58 · sector 48
PAST (return on equity)41 · sector 43
HEALTH (low debt)82 · sector 85
DIVIDEND (yield)48 · sector 52

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.52 ¥7.59 +38% vs ALPHA
China Merchants Bank Co 600036 ¥42.54 ¥52.73 +24% vs ALPHA
BNP Paribas SA BNP €91.94 €106.01 +15% vs ALPHA
Intesa Sanpaolo S.p.A ISP €6.27 €4.59 −27% vs ALPHA
UniCredit S.p.A UCG €77.18 €50.44 −35% vs ALPHA
Oversea-Chinese Banking Corporation O39 27.93 SGD 18.20 SGD −35% vs ALPHA
Mizuho Financial Group MFG $9.80 $5.90 −40% vs ALPHA
DBS Group D05 71.20 SGD 40.39 SGD −43% vs ALPHA
HDFC Bank Limited HDFCBANK ₹760.00 ₹406.39 −47% vs ALPHA
ICICI Bank Limited ICICIBANK ₹1,500 ₹615.63 −59% vs ALPHA

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Alpha Services and Holdings S.A.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Alpha Services and Holdings S.A. Fair Value". https://www.fairvalue-calculator.com/stock/ALPHA

Frequently asked questions

Is Alpha Services and Holdings S.A. (ALPHA) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €3.31 versus a price of €4.68, about 29% lower (overvalued).
What is the fair value of ALPHA?
Our model-based fair value for Alpha Services and Holdings S.A. is €3.31 (as of Nov 5, 2026), built from audited fundamentals. The current price: €4.68.
What is the quality score of ALPHA?
Alpha Services and Holdings S.A. has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Alpha Services and Holdings S.A. (ALPHA)?
Our model-based price target is the fair value of €3.31 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario €2.49, optimistic scenario €4.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Alpha Services and Holdings S.A. stock forecast for 2026?
Our models put fair value at €3.31, about 29% lower versus a price of €4.68 (overvalued). Cautious scenario €2.49, optimistic scenario €4.15. The calculation is refreshed regularly with new filings.
What is the revenue of Alpha Services and Holdings S.A. (ALPHA)?
Alpha Services and Holdings S.A. reported trailing-twelve-month revenue of about €1.8B (latest available figure, as of Nov 5, 2026).
Does Alpha Services and Holdings S.A. pay a dividend?
Alpha Services and Holdings S.A. currently shows a dividend yield of 2.41% relative to its recent price (as of Nov 5, 2026).
What is the intrinsic value of Alpha Services and Holdings S.A. (ALPHA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alpha Services and Holdings S.A. it is €3.31 per share (as of Nov 5, 2026), against a price of €4.68. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Alpha Services and Holdings S.A. stock overvalued or undervalued in 2026?
As of Nov 5, 2026, ALPHA trades above its calculated fair value: price €4.68, fair value €3.31, a gap of about −29% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ALPHA?
No. The price is what the market pays today (€4.68); the fair value is what the company's own numbers justify (€3.31). For Alpha Services and Holdings S.A. the two are €1.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Alpha Services and Holdings S.A. worth?
The market values Alpha Services and Holdings S.A. at about €10.8B (market capitalisation, as of Nov 5, 2026). Per share that is €4.68; our models calculate a fair value of €3.31 per share.
What do the bullish and bearish scenarios say about ALPHA?
Our models span a range for Alpha Services and Holdings S.A.: cautious scenario €2.49, base €3.31, optimistic €4.15 per share (as of Nov 5, 2026, price €4.68). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALPHA?
Alpha Services and Holdings S.A. trades at a price-to-earnings ratio of 12.6 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €3.31 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2024), reported earnings: 10.0. Other multiples: PEG 1.1, P/B 1.3, P/S 5.9.
What is the PEG ratio of ALPHA?
The PEG ratio of Alpha Services and Holdings S.A. is 1.11 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Alpha Services and Holdings S.A. (ALPHA)?
Balance-sheet figures for Alpha Services and Holdings S.A. (as of Nov 5, 2026): return on equity 10.3%, debt of 0.36 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is ALPHA from its 52-week high?
Alpha Services and Holdings S.A. trades at €4.68, about 5% below its 52-week high of €4.91 and 60% above the low of €2.92 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €3.31 is for.
Which stocks are comparable to Alpha Services and Holdings S.A.?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Alpha Services and Holdings S.A. stock attractive at the current price?
The data as of Nov 5, 2026: price €4.68, calculated fair value €3.31 (−29%), Quality Score 43/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ALPHA calculated?
We run Alpha Services and Holdings S.A. through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €3.31, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Alpha Services and Holdings S.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Alpha Services and Holdings S.A. (ALPHA)?
The closing price on Nov 5, 2026 was €4.68. Our model-based fair value is €3.31, about 29% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alpha Services and Holdings S.A. right now?
The price sits above even our optimistic bull case (€4.15). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Alpha Services and Holdings S.A.

How large is the market capitalisation of Alpha Services and Holdings S.A. (ALPHA)?
The market capitalisation of Alpha Services and Holdings S.A. is €10.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Alpha Services and Holdings S.A. (ALPHA)?
The price-to-sales ratio of Alpha Services and Holdings S.A. is 5.88 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Alpha Services and Holdings S.A. (ALPHA)?
Earnings per share at Alpha Services and Holdings S.A. are €0.3700 (price ÷ EPS = P/E 12.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Alpha Services and Holdings S.A. (ALPHA)?
The dividend yield of Alpha Services and Holdings S.A. is 2.4% (payout 30.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Alpha Services and Holdings S.A. (ALPHA)?
The net margin of Alpha Services and Holdings S.A. is 49.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Alpha Services and Holdings S.A. (ALPHA)?
The return on equity (ROE) of Alpha Services and Holdings S.A. is 10.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Alpha Services and Holdings S.A. (ALPHA)?
On an EBIT basis the return on assets of Alpha Services and Holdings S.A. is −0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Alpha Services and Holdings S.A. (ALPHA)?
The operating margin of Alpha Services and Holdings S.A. is 48.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Alpha Services and Holdings S.A. (ALPHA)?
Revenue at Alpha Services and Holdings S.A. is growing +11.6% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Alpha Services and Holdings S.A. (ALPHA)?
Earnings per share at Alpha Services and Holdings S.A. are growing −19.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Alpha Services and Holdings S.A. (ALPHA) generate?
The free cash flow of Alpha Services and Holdings S.A. is −€627M (fiscal year 2024). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Alpha Services and Holdings S.A. (ALPHA) carry?
The net debt of Alpha Services and Holdings S.A. is €329M (fiscal year 2024). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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