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Data-driven stock valuation

Bank of Greece (TELL) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Bank of Greece stock €29.60, price €14.80, upside +100.0%, quality 55 out of 100. Rating: strongly undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services GR · ISIN GRS004013009

BO Bank of Greece logo Some data Nov 9, 2026

Bank of Greece

TELL · AT
Undervalued, but sideways

The stock costs 50% less than our calculation considers fair.

Fair value €29.60 · Strongly undervalued
Highly profitable · 36.2% net margin (TTM)
4.5% dividend yield · Low payout
Costs just 1.1 times its yearly profit.
Quality 55/100
Expensive Growth (revenue 5y +5.6 %/yr in EUR)
Mixed vs. peers (7/12)
Moderate moat 61/100 · thin data
Some data
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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

€17.25 €12.90 Fair Value €29.60 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range €12.90 – €17.25 · fair‑value band €22.20 – €37.00 · the €14.80 price screens below the €29.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Bank of Greece operates as the central bank of Greece.

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It participates in the formulation and implementation of monetary policy in the euro area as a member of the Eurosystem; provides liquidity and accepts deposits from domestic credit institutions; supervises credit and various financial institutions, insurance and reinsurance undertakings, and insurance distributors, as well as financial institutions under liquidation; and operates as a national resolution authority for the credit and financial institutions.

It also provides payment and securities settlement infrastructures; oversees payment systems and means of payment and clearing systems; coordinates with various parties in financial markets; operates electronic secondary securities market; and issues foreign exchange rates and maintains an archive of historical rates.

In addition, the company sells and purchases gold sovereigns, bars, coins, and ingots; issues banknotes and coins, and daily price bulletins for gold and gold coins; collects, compiles, and publishes data on monetary and credit, balance of payments and international investment position, national financial accounts, and loan-by-loan credit data; and monitors and assesses developments in the financial systems, adopts measures to reduce the build-up of systemic risk, and enhance the resilience of the financial systems.

Further, it prints euro banknotes, euro coins, collector and commemorative coins, securities of the Greek State, and other security documents; acts as treasurer and fiscal agent for the Greek government; executes domestic and cross-border payment orders on behalf of the Greek government; manages the collective investment portfolio of social security organizations and legal entities; and provides custody and depository services to Greek government.

The company operates through a network of 15 branches, 32 agencies, and 4 outlets. The company was founded in 1927 and is headquartered in Athens, Greece.

Stock analysis

Bank of Greece (TELL) currently trades at €14.80, while our model-based Fair Value estimate is €29.60, implying the stock looks roughly 50% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of €139.94 per share, and 4 of the 4 models we run sit above the €14.80 price.

Bear case: the Multiples group reads lowest at €100.22, and 0 of the 4 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €22.20 (bear) to €37.00 (bull), the price of €14.80 sits below 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 55/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Bank of Greece reported revenue of €908M in FY2025 versus €993M in FY2021, a compound −2.2%/yr. Reported net income was €258M in FY2025, compounding −47.0%/yr from FY2021.

Key figures

Market cap €294M Small · P/E ratio 1.1 · P/S ratio 0.41 · EPS (TTM) €12.97 · Dividend yield 4.5% · Net margin 36.2% · Return on equity 7.3% · Return on assets (EBIT) 0.7% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).

What moves the price

The share trades about 14% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at 100%, TELL screens cheaper than that median.

Fair Value models

Bear €22.20 Fair Value €29.60 Bull €37.00
Price €14.80 · Upside +100.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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 2025 figures (about 10 months old). Earnings retained since then (€10.55 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 €134.57 €139.94 €149.58 71
P/E Multiple €126.50 €168.67 €210.84 63
P/B Multiple €23.82 €31.76 €39.70 55
All 4 models by family
Multiples
P/E Multiple €126.50 €168.67 €210.84 63
P/B Multiple €23.82 €31.76 €39.70 55
Asset-Based
NCAV (Graham) €89.20 €119.53 €178.40 51
Economic Profit
Residual Income €134.57 €139.94 €149.58 71

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Quality Score breakdown

Overall quality 55/100

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

Profitability 32
How much profit the company makes from its sales and capital
Quality Growth 40
Are margins and returns getting better?
Cashflow 37
Do the profits arrive as real cash?
Financial strength 33
Debt, balance sheet and risk of trouble
Investment 99
Does it invest with discipline instead of growing at any price?
Low Volatility 100
How calm the share price moves, does not count
Price momentum 40
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 20
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

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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. 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+132.0%
Revenue growth 3 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.
+1.0%
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.
+5.6%
Start year 2020 (pandemic). Over 10 years: −4.8% a year
Revenue growth 22 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.
+2.7%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−36.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−40.5%
Dividend (yield on the price)4.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−21.1% vs −13.4%, slowing
2025 sits 161% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 9.7%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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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 · 996 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 55 · Above median
Fair Value upside +100.0% · Top 25%
Profitability
Return on equity (12 months) 7.3% · Bottom 25%
Return on assets 0.1% · Bottom 25%
Net margin (12 months) 36.2% · Above median
Operating margin (12 months) 36.2% · Below median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Bottom 25%
Dividend yield (12 months) 4.5% · Top 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 1.1× · Cheapest 25%
P/B 0.08× · Cheapest 25%
P/S (12 months) 0.41× · Cheapest 25%
Price / free cash flow (fiscal year) 13.2× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 8
FUTURE (revenue growth)0 · sector 47
PAST (return on equity)29 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)91 · sector 52

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

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 ¥5.62 ¥7.59 +35% vs TELL
China Merchants Bank Co 600036 ¥43.01 ¥52.73 +23% vs TELL
BNP Paribas SA BNP €93.98 €106.01 +13% vs TELL
State Bank of India SBIN ₹1,042 ₹736.65 −29% vs TELL
Intesa Sanpaolo S.p.A ISP €6.35 €4.49 −29% vs TELL
Mizuho Financial Group MFG $9.40 $5.89 −37% vs TELL
UniCredit S.p.A UCG €81.62 €50.44 −38% vs TELL
DBS Group D05 69.72 SGD 40.39 SGD −42% vs TELL
HDFC Bank Limited HDFCBANK ₹798.15 ₹406.39 −49% vs TELL
ICICI Bank Limited ICICIBANK ₹1,589 ₹615.63 −61% vs TELL

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Bank of Greece: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Bank of Greece Fair Value". https://www.fairvalue-calculator.com/stock/TELL

Frequently asked questions

Is Bank of Greece (TELL) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €29.60 versus a price of €14.80, about +100% upside (undervalued).
What is the fair value of TELL?
Our model-based fair value for Bank of Greece is €29.60 (as of Nov 9, 2026), built from audited fundamentals. The current price: €14.80.
What is the quality score of TELL?
Bank of Greece has a Quality Score of 55/100. 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 Bank of Greece (TELL)?
Our model-based price target is the fair value of €29.60 (as of Nov 9, 2026) from 4 valuation models. Cautious scenario €22.20, optimistic scenario €37.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank of Greece stock forecast for 2026?
Our models put fair value at €29.60, about +100% upside versus a price of €14.80 (undervalued). Cautious scenario €22.20, optimistic scenario €37.00. The calculation is refreshed regularly with new filings.
What is the revenue of Bank of Greece (TELL)?
Bank of Greece reported trailing-twelve-month revenue of about €712M (latest available figure, as of Nov 9, 2026).
Does Bank of Greece pay a dividend?
Bank of Greece currently shows a dividend yield of 4.54% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Bank of Greece (TELL) and when is the ex-dividend date?
Bank of Greece pays a dividend of €0.672 per share a year, a dividend yield of 4.5%. The last ex-dividend date was Apr 23, 2026. The payout ratio is 5.2% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Bank of Greece (TELL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank of Greece it is €29.60 per share (as of Nov 9, 2026), against a price of €14.80. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Bank of Greece stock overvalued or undervalued in 2026?
As of Nov 9, 2026, TELL trades below its calculated fair value: price €14.80, fair value €29.60, a gap of about +100% (undervalued). 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 TELL?
No. The price is what the market pays today (€14.80); the fair value is what the company's own numbers justify (€29.60). For Bank of Greece the two are €14.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank of Greece worth?
The market values Bank of Greece at about €294M (market capitalisation, as of Nov 9, 2026). Per share that is €14.80; our models calculate a fair value of €29.60 per share.
What do the bullish and bearish scenarios say about TELL?
Our models span a range for Bank of Greece: cautious scenario €22.20, base €29.60, optimistic €37.00 per share (as of Nov 9, 2026, price €14.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TELL?
Bank of Greece trades at a price-to-earnings ratio of 1.1 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €29.60 is built from several models across several years. Other multiples: P/B 0.1, P/S 0.4.
How solid is the balance sheet of Bank of Greece (TELL)?
Balance-sheet figures for Bank of Greece (as of Nov 9, 2026): return on equity 7.3%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is TELL from its 52-week high?
Bank of Greece trades at €14.80, about 14% below its 52-week high of €17.25 and 1% above the low of €14.60 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €29.60 is for.
Which stocks are comparable to Bank of Greece?
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 Bank of Greece stock attractive at the current price?
The data as of Nov 9, 2026: price €14.80, calculated fair value €29.60 (+100%), Quality Score 55/100, from 4 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 TELL calculated?
We run Bank of Greece through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €29.60 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Bank of Greece currently trades 50% below its own fair value, and the market average says nothing about that. 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 Bank of Greece (TELL)?
The closing price on Nov 9, 2026 was €14.80. Our model-based fair value is €29.60, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank of Greece right now?
The price is below even our cautious bear case (€22.20). The market is more pessimistic than our downside scenario. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Bank of Greece

How large is the market capitalisation of Bank of Greece (TELL)?
The market capitalisation of Bank of Greece is €294M. 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 Bank of Greece (TELL)?
The price-to-sales ratio of Bank of Greece is 0.41 (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 Bank of Greece (TELL)?
Earnings per share at Bank of Greece are €12.97 (price ÷ EPS = P/E 1.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bank of Greece (TELL)?
The dividend yield of Bank of Greece is 4.5% (payout 5.2%). 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 Bank of Greece (TELL)?
The net margin of Bank of Greece is 36.2% (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 Bank of Greece (TELL)?
The return on equity (ROE) of Bank of Greece is 7.3% (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 Bank of Greece (TELL)?
On an EBIT basis the return on assets of Bank of Greece is 0.7% (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 Bank of Greece (TELL)?
The operating margin of Bank of Greece is 36.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does Bank of Greece (TELL) generate?
The free cash flow of Bank of Greece is €22.3M (fiscal year 2022). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Bank of Greece (TELL) hold?
Bank of Greece holds more cash than debt, €9.7B net (fiscal year 2022). The company holds more cash than debt, a safety cushion.
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