National Bank of Greece S.A. (ATH:ETE) Yearly Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Shareholders might have noticed that National Bank of Greece S.A. (ATH:ETE) filed its yearly result this time last week. The early response was not positive, with shares down 3.2% to €4.55 in the past week. The results were positive, with revenue coming in at €2.1b, beating analyst expectations by 6.2%. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.

View our latest analysis for National Bank of Greece

Taking into account the latest results, the nine analysts covering National Bank of Greece provided consensus estimates of €1.94b revenue in 2023, which would reflect a noticeable 7.0% decline on its sales over the past 12 months. Statutory earnings per share are expected to plunge 28% to €0.70 in the same period. Yet prior to the latest earnings, the analysts had been anticipated revenues of €1.95b and earnings per share (EPS) of €0.59 in 2023. There was no real change to the revenue estimates, but the analysts do seem more bullish on earnings, given the nice increase in earnings per share expectations following these results.

The consensus price target was unchanged at €5.44, implying that the improved earnings outlook is not expected to have a long term impact on value creation for shareholders. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. There are some variant perceptions on National Bank of Greece, with the most bullish analyst valuing it at €6.60 and the most bearish at €4.20 per share. These price targets show that analysts do have some differing views on the business, but the estimates do not vary enough to suggest to us that some are betting on wild success or utter failure.

Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. These estimates imply that sales are expected to slow, with a forecast annualised revenue decline of 7.0% by the end of 2023. This indicates a significant reduction from annual growth of 16% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 5.8% annually for the foreseeable future. It's pretty clear that National Bank of Greece's revenues are expected to perform substantially worse than the wider industry.

The Bottom Line

The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards National Bank of Greece following these results. On the plus side, there were no major changes to revenue estimates; although forecasts imply revenues will perform worse than the wider industry. The consensus price target held steady at €5.44, with the latest estimates not enough to have an impact on their price targets.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have forecasts for National Bank of Greece going out to 2025, and you can see them free on our platform here.

Plus, you should also learn about the 2 warning signs we've spotted with National Bank of Greece .

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.