Update shared on 20 Nov 2025
Fair value Increased 1.91%Analysts have raised their price target for National Bank of Greece from €13.67 to €13.93, citing upgraded revenue growth expectations and a continued positive outlook on the bank's performance.
Analyst Commentary
Analysts continue to evaluate National Bank of Greece, reflecting on both the upside potential and possible risks to its valuation and growth prospects. The latest updates prompt a nuanced look at the factors influencing their current outlook.
Bullish Takeaways
- Bullish analysts highlight the recent price target increase from a leading international firm as a signal of confidence in the bank's improved growth momentum.
- Revenue growth forecasts have been upgraded, supporting expectations for continued profitability and operational efficiency.
- Positive trends in the bank's core lending and fee-generating businesses are expected to contribute to stronger earnings going forward.
- Strong capital position and prudent risk management practices are seen as underpinning the bank's ability to navigate macroeconomic uncertainties.
Bearish Takeaways
- Bearish analysts remain cautious about sustained execution, noting that the improved outlook is contingent on the bank maintaining its revenue trajectories.
- Potential headwinds from a volatile economic environment in the region could negatively impact asset quality and loan growth.
- Competition in the domestic market continues to be intense, which may limit further margin expansion and pressure profitability.
- Long-term valuation remains sensitive to shifts in investor sentiment, especially if the positive momentum does not persist in upcoming quarters.
Valuation Changes
- Consensus Analyst Price Target has risen slightly from €13.67 to €13.93, reflecting a modest increase in the projected fair value of the bank's shares.
- Discount Rate has inched up from 10.8% to 10.9%, indicating a marginal adjustment in the perceived risk profile.
- Revenue Growth expectations have climbed from 4.39% to 4.52%, suggesting modestly stronger future growth anticipated by analysts.
- Net Profit Margin has dipped marginally from 43.95% to 43.83%, signaling a slight reduction in expected profitability.
- Future P/E ratio estimate has edged up from 12.82x to 12.88x, pointing to a minor adjustment in valuation multiples.
Disclaimer
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