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National Bank of Greece

Market Cap

€2.3b

Last Updated

2021/05/15 16:20 UTC

Data Sources

Company Financials +

Executive Summary

National Bank of Greece S.A., together with its subsidiaries, provides financial products and services in Greece, the United Kingdom, North Macedonia, Romania, Cyprus, Malta, Egypt, and Luxembourg. More Details


Snowflake Analysis

Proven track record with adequate balance sheet.

Share Price & News

How has National Bank of Greece's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ETE is not significantly more volatile than the rest of Greek stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: ETE's weekly volatility (5%) has been stable over the past year.


Market Performance


7 Day Return

-6.8%

ETE

-5.0%

GR Banks

1.3%

GR Market


1 Year Return

158.8%

ETE

-62.5%

GR Banks

-8.5%

GR Market

Return vs Industry: ETE exceeded the Greek Banks industry which returned -62.4% over the past year.

Return vs Market: ETE exceeded the Greek Market which returned -8.7% over the past year.


Shareholder returns

ETEIndustryMarket
7 Day-6.8%-5.0%1.3%
30 Day-7.7%-29.9%-5.7%
90 Day22.6%-55.2%-10.9%
1 Year158.8%158.8%-62.5%-62.5%-6.8%-8.5%
3 Year-10.6%-10.6%-85.9%-85.9%-47.0%-48.9%
5 Year-18.3%-18.3%17.7%-5.4%52.9%33.4%

Long-Term Price Volatility Vs. Market

How volatile is National Bank of Greece's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is National Bank of Greece undervalued compared to its fair value and its price relative to the market?

5.78x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ETE (€2.53) is trading above our estimate of fair value (€1.07)

Significantly Below Fair Value: ETE is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ETE is good value based on its PE Ratio (5.8x) compared to the European Banks industry average (13x).

PE vs Market: ETE is good value based on its PE Ratio (5.8x) compared to the Greek market (19.2x).


Price to Earnings Growth Ratio

PEG Ratio: ETE is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: ETE's PB Ratio (0.5x) is in line with the GR Banks industry average.


Future Growth

How is National Bank of Greece forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

4.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ETE's forecast earnings growth (4.7% per year) is above the savings rate (3.9%).

Earnings vs Market: ETE's earnings (4.7% per year) are forecast to grow slower than the Greek market (39.6% per year).

High Growth Earnings: ETE's earnings are forecast to grow, but not significantly.

Revenue vs Market: ETE's revenue (0.4% per year) is forecast to grow slower than the Greek market (12.3% per year).

High Growth Revenue: ETE's revenue (0.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ETE's Return on Equity is forecast to be low in 3 years time (7.8%).


Past Performance

How has National Bank of Greece performed over the past 5 years?

68.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ETE has a large one-off loss of €130.0M impacting its December 31 2020 financial results.

Growing Profit Margin: ETE's current net profit margins (28.4%) are higher than last year (17%).


Past Earnings Growth Analysis

Earnings Trend: ETE has become profitable over the past 5 years, growing earnings by 68.5% per year.

Accelerating Growth: ETE's earnings growth over the past year (75.2%) exceeds its 5-year average (68.5% per year).

Earnings vs Industry: ETE earnings growth over the past year (75.2%) exceeded the Banks industry -6.1%.


Return on Equity

High ROE: ETE's Return on Equity (7.9%) is considered low.


Financial Health

How is National Bank of Greece's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: ETE's Assets to Equity ratio (15.3x) is moderate.

Allowance for Bad Loans: ETE has a low allowance for bad loans (62%).

Low Risk Liabilities: 67% of ETE's liabilities are made up of primarily low risk sources of funding.

Loan Level: ETE has an appropriate level of Loans to Assets ratio (35%).

Low Risk Deposits: ETE's Loans to Deposits ratio (55%) is appropriate.

Level of Bad Loans: ETE has a high level of bad loans (14.7%).


Dividend

What is National Bank of Greece current dividend yield, its reliability and sustainability?

0.24%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate ETE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ETE's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ETE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ETE's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ETE's dividend in 3 years as they are not forecast to pay a notable one for the Greek market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.4yrs

Average management tenure


CEO

Paul Mylonas (62 yo)

3yrs

Tenure

€336,495

Compensation

Dr. Pavlos Konstantinos Mylonas, also known as Paul, Ph.D. serves as Chairman of the Board of Directors of Vojvodjanska Banka AD and Non-Executive Chairman of the Board of Direcotrs at NBG Cyprus Ltd. He i...


Leadership Team

Experienced Management: ETE's management team is considered experienced (2.4 years average tenure).


Board Members

Experienced Board: ETE's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

National Bank of Greece S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: National Bank of Greece S.A.
  • Ticker: ETE
  • Exchange: ATSE
  • Founded: 1841
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €2.310b
  • Shares outstanding: 914.38m
  • Website: https://www.nbg.gr

Number of Employees


Location

  • National Bank of Greece S.A.
  • 86 Eolou Street
  • Athens
  • 105 59
  • Greece

Listings


Biography

National Bank of Greece S.A., together with its subsidiaries, provides financial products and services in Greece, the United Kingdom, North Macedonia, Romania, Cyprus, Malta, Egypt, and Luxembourg. The com...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/05/15 16:20
End of Day Share Price2021/05/14 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.