ETE: Earnings Momentum And Governance Changes Will Shape A Balanced Outlook

Analysts have raised their price target on National Bank of Greece from EUR 13.93 to approximately EUR 14.24, citing slightly lower discount rates, marginally improved profit margins, and a modestly higher future P/E multiple as key drivers of the upward revision.

Analyst Commentary

Recent research updates highlight a constructive view on National Bank of Greece, with the latest revision lifting the price target to EUR 15 and maintaining a positive stance on the shares.

Bullish Takeaways

• Bullish analysts view the higher price target as justified by stronger than expected earnings momentum, which supports a higher valuation multiple.
• Improving asset quality and lower credit risk costs are seen as key drivers that could enhance return on equity and sustain profit growth.
• Progress on strategic execution, including ongoing balance sheet optimization and cost discipline, is expected to support margin resilience and capital generation.
• Analysts with an optimistic outlook believe that the bank remains attractively valued relative to its growth prospects and regional peers, even after the target increase.

Bearish Takeaways

• Bearish analysts remain cautious that the upgraded valuation may already discount a large portion of the medium term earnings improvement, limiting upside from current levels.
• There are concerns that execution risks around strategy implementation and further efficiency gains could delay the realization of forecast profit margins.
• Some analysts highlight macroeconomic and regulatory uncertainties that could pressure loan growth and non interest income, challenging the sustainability of elevated targets.
• Cautious views also point to potential volatility in funding costs, which could compress spreads and weigh on the bank's ability to consistently meet upgraded expectations.

What's in the News

• Board meeting scheduled for November 3, 2025 at 09:30 Eastern Europe Standard Time, focusing on key announcements from the Chair of the Board of Directors (company event filing)
• Agenda includes a proposal for the election of new independent non executive Board members, signaling potential changes in corporate governance and oversight structure (company event filing)

Valuation Changes

• Fair Value has risen slightly from approximately €13.93 to about €14.24 per share, reflecting a modest upward revision in the intrinsic valuation.
• Discount Rate has edged down marginally from roughly 10.92 percent to about 10.91 percent, supporting a slightly higher present value of future cash flows.
• Revenue Growth assumptions have eased fractionally from around 4.52 percent to about 4.51 percent, indicating a very small downward adjustment in top line expectations.
• Net Profit Margin has increased very slightly from roughly 43.83 percent to about 43.84 percent, implying a minor improvement in projected profitability.
• Future P/E has risen moderately from about 12.88x to approximately 13.17x, signaling a modestly higher valuation multiple applied to expected earnings.