National Bank of Greece S.A (ETE) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of National Bank of Greece S.A €14.89, price €17.04, upside -12.6%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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National Bank of Greece S.A
ETE · ATOvervalued / MonitorQuality is not strong enough to offset the price risk.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €1.81 – €17.68 · fair‑value band €11.17 – €18.61 · the €17.04 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 Sep 24, 2026.
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Company profile
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.
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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.
Stock analysis
National Bank of Greece S.A (ETE) currently trades at €17.04, while our model-based Fair Value estimate is €14.89, implying the stock looks roughly 14.4% overvalued today.
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Valuation
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 €17.04 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.
Scenario range: €11.17 (bear) to €18.61 (bull), the price of €17.04 sits inside 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 65/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
Key figures
Market cap €15.4B · P/E ratio 13.6 · P/S ratio 5.88 · EPS (TTM) €1.25 · Net margin 43.1% · Return on equity 12.2% · Return on assets (EBIT) −0.9% · Operating margin 61.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −13%, ETE screens cheaper than that median.
Fair Value models
All 4 models by family
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Set up alert →Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 79
Revenue & earnings trend
Growth Forecast
ETE screens 14% overvalued. Compare with DBS Group →
Recent news
- National Bank Of Greece (ATSE:ETE) Stock Sees Modest Fair Value Lift After Analyst Target Increases
- National Bank Of Greece (ATSE:ETE) Stock Sees Modest Fair Value Lift After Analyst Revisions
- 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
Compare National Bank of Greece S.A with another stock
Price, fair value, quality and upside side by side.
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 · 1074 stocks
Valuation Multiplesvs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
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.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 77.80 SGD | 40.48 SGD | −48% |
| China Merchants Bank Co 3968 | HK$51.65 | HK$64.29 | +24% |
| Intesa Sanpaolo S.p.A ISP | €6.73 | €4.04 | −40% |
| HDFC Bank Limited HDFCBANK | ₹738.60 | ₹418.52 | −43% |
| BNP Paribas SA BNP | €101.30 | €105.99 | +5% |
| UniCredit S.p.A UCG | €83.28 | €77.62 | −7% |
| Mizuho Financial Group MFG | $10.87 | $6.75 | −38% |
| ICICI Bank Limited ICICIBANK | ₹1,340 | ₹636.31 | −53% |
| The PNC Financial Services Group PNC | $227.96 | $159.52 | −30% |
| Oversea-Chinese Banking Corporation O39 | 32.14 SGD | 19.80 SGD | −38% |
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Key figures of National Bank of Greece S.A
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