National Bank of Greece S.A.

OTCPK:NBGI.F Stock Report

Market Cap: US$6.8b

National Bank of Greece Valuation

Is NBGI.F undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NBGI.F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NBGI.F ($7.5) is trading below our estimate of fair value ($15.72)

Significantly Below Fair Value: NBGI.F is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NBGI.F?

Key metric: As NBGI.F is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NBGI.F. This is calculated by dividing NBGI.F's market cap by their current earnings.
What is NBGI.F's PE Ratio?
PE Ratio5x
Earnings€1.30b
Market Cap€6.47b

Price to Earnings Ratio vs Peers

How does NBGI.F's PE Ratio compare to its peers?

The above table shows the PE ratio for NBGI.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.9x
CMA Comerica
16.9x10.9%US$9.2b
BAP Credicorp
11.1x11.9%US$15.0b
INTR Inter & Co
19.5x36.0%US$2.6b
NTB Bank of N.T. Butterfield & Son
7.9x-7.1%US$1.7b
NBGI.F National Bank of Greece
5x-6.6%US$6.5b

Price-To-Earnings vs Peers: NBGI.F is good value based on its Price-To-Earnings Ratio (5x) compared to the peer average (13.9x).

Price to Earnings Ratio vs Industry

How does NBGI.F's PE Ratio compare vs other companies in the US Banks Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRCB First Republic Bank
0.02xn/aUS$27.98m
BKGM BankGuam Holding
1xn/aUS$18.48m
SBNY Signature Bank
0.002xn/aUS$2.18m
BCBH.F Caribbean Investment Holdings
0.00001xn/aUS$132.00
No more companies available in this PE range
NBGI.F 5.0xIndustry Avg. 12.9xNo. of Companies80PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NBGI.F is good value based on its Price-To-Earnings Ratio (5x) compared to the US Banks industry average (12.8x).

Price to Earnings Ratio vs Fair Ratio

What is NBGI.F's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NBGI.F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5x
Fair PE Ratio12.1x

Price-To-Earnings vs Fair Ratio: NBGI.F is good value based on its Price-To-Earnings Ratio (5x) compared to the estimated Fair Price-To-Earnings Ratio (12.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NBGI.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$7.50
US$10.45
+39.4%
10.0%US$12.62US$8.87n/a15
Nov ’25US$8.01
US$10.80
+34.9%
10.4%US$12.98US$8.72n/a16
Oct ’25US$8.48
US$11.07
+30.6%
8.7%US$12.40US$9.41n/a15
Sep ’25US$8.69
US$10.72
+23.4%
9.1%US$12.38US$8.62n/a16
Aug ’25US$8.50
US$10.25
+20.5%
10.3%US$11.87US$8.41n/a16
Jul ’25US$8.40
US$9.76
+16.2%
9.7%US$11.13US$7.71n/a14
Jun ’25US$8.61
US$9.89
+14.9%
9.4%US$11.29US$7.82n/a15
May ’25US$7.97
US$9.66
+21.3%
9.3%US$11.09US$7.70n/a14
Apr ’25US$8.05
US$9.17
+13.9%
11.7%US$11.06US$6.72n/a14
Mar ’25US$7.82
US$8.81
+12.7%
8.9%US$9.86US$6.72n/a13
Feb ’25US$7.60
US$8.84
+16.3%
8.9%US$9.90US$6.75n/a13
Jan ’25US$6.93
US$8.57
+23.7%
9.5%US$9.78US$6.81n/a13
Dec ’24US$6.75
US$8.54
+26.6%
9.3%US$9.78US$6.81n/a13
Nov ’24US$5.53
US$8.14
+47.3%
8.6%US$9.27US$6.57US$8.0112
Oct ’24US$5.69
US$8.15
+43.3%
7.9%US$9.08US$6.62US$8.4812
Sep ’24US$6.86
US$8.10
+18.1%
7.9%US$9.22US$6.72US$8.6912
Aug ’24US$7.02
US$8.09
+15.2%
7.5%US$9.37US$6.83US$8.5012
Jul ’24US$6.57
US$7.49
+14.0%
9.1%US$8.68US$6.44US$8.4010
Jun ’24US$6.40
US$6.44
+0.6%
13.1%US$7.80US$4.49US$8.6110
May ’24US$5.28
US$6.24
+18.2%
13.1%US$7.44US$4.63US$7.9712
Apr ’24US$4.93
US$5.92
+20.1%
11.5%US$7.17US$4.56US$8.0512
Mar ’24US$5.70
US$5.51
-3.3%
11.2%US$6.66US$4.51US$7.8211
Feb ’24US$4.78
US$5.35
+11.9%
7.4%US$5.65US$4.56US$7.6011
Jan ’24US$3.95
US$4.99
+26.3%
8.8%US$5.52US$4.45US$6.9310
Dec ’23US$4.00
US$4.77
+19.2%
8.4%US$5.39US$4.35US$6.7510
Nov ’23US$3.40
US$4.50
+32.3%
7.4%US$5.14US$4.15US$5.5310

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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