National Bank of Greece S.A (NBGIF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of National Bank of Greece S.A $13.23, price $20.95, upside -36.9%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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National Bank of Greece S.A
NBGIF · USWeakest SetupStrongly overvalued and low quality.
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 Oct 3, 2026.
How to read this chart
60‑month range $1.93 – $20.95 · fair‑value band $11.01 – $17.75 · the $20.95 price screens above the $13.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 4 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 3, 2026.
Company profile
National Bank of Greece S.A., together with its subsidiaries, provides banking, financial products, and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom, and internationally.
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National Bank of Greece S.A., together with its subsidiaries, provides banking, financial products, and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom, and internationally. It operates through Retail Banking, Corporate & Investment Banking, Trouble Assets Units, Global Markets and Asset Management, 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. Its 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 non-performing and denounced loans. Its Global Markets and Asset Management segment is involved in treasury activities; and asset management, custody, private equity, and brokerage services. 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. Its Other segment engages in the real estate management and warehousing businesses. It also provides factoring, capital markets, mutual fund management, and insurance brokerage services. National Bank of Greece S.A. was founded in 1841 and is headquartered in Athens, Greece.
Stock analysis
National Bank of Greece S.A (NBGIF) currently trades at $20.95, while our model-based Fair Value estimate is $13.23, 36.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $15.87 per share, and 0 of the 6 models we run sit above the $20.95 price.
Bear case: the Asset-Based group reads lowest at $7.60, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $11.01 (bear) to $17.75 (bull), the price of $20.95 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 50/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
National Bank of Greece S.A reported revenue of €3.2B in FY2025 versus €2.2B in FY2021, a compound +10.4%/yr. Reported net income was €1.2B in FY2025, compounding +7.5%/yr from FY2021.
Key figures
Market cap $20.8B · P/E ratio 14.4 · P/S ratio 5.19 · EPS (TTM) $1.45 · Dividend yield 3.8% · Net margin 35.9% · Return on equity 12.2% · Return on assets (EBIT) 1.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −37%, NBGIF screens richer than that median.
Fair Value models
All 6 models by family
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Set up alert →Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 82
Revenue & earnings trend
Growth Forecast
NBGIF screens overvalued: fair value 37% below the price. Compare with DBS Group →
Earlier 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 · 1052 stocks
Valuation Multiplesvs Banks - Regional median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
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 | 78.00 SGD | 40.39 SGD | −48% |
| China Merchants Bank Co 600036 | ¥40.69 | ¥52.73 | +30% |
| UniCredit S.p.A UCG | €79.53 | €77.12 | −3% |
| Mizuho Financial Group MFG | $11.05 | $6.82 | −38% |
| Intesa Sanpaolo S.p.A ISP | €6.38 | €4.06 | −36% |
| BNP Paribas SA BNP | €91.54 | €105.99 | +16% |
| HDFC Bank Limited HDFCBANK | ₹721.20 | ₹406.44 | −44% |
| Oversea-Chinese Banking Corporation O39 | 32.01 SGD | 19.78 SGD | −38% |
| Al Rajhi Banking and Investment Corporation 1120 | 63.15 SAR | 36.95 SAR | −41% |
| CaixaBank, S.A CABK | €12.03 | €8.46 | −30% |
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Key figures of National Bank of Greece S.A
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