National Bank of Greece stock: fair value
ETE.ATThe fair value of National Bank of Greece under our model is $27.28, the price is 29% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $20.98 and expensive above $38.97 (uncertainty medium, based on the price swings of the past year).
Calculated with a cost of equity of 9.1%. At 10.1% the fair value would be $23.18, at 8.1% it would be $33.12.
Where the number comes from
From the excess return model alone; the profit includes one-off items, so there is no industry value.
Excess return model for banks and insurers: book value plus the value of returns above the cost of equity of 9.1% (government bond yield 3.5% plus beta 0.8 times a risk premium of 7.1%).
Calculate with your own assumptionsThe calculation step by step
With these figures the excess return model arrives at $27.28 per share: book value plus the value of what the company earns above its cost of equity over time. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Step | Value |
|---|---|
| Book value per share | $12.17 |
| Stable earnings per share (analyst estimates) | $1.97 |
| Return on equity in the model (stable earnings divided by book value) | 16.2% |
| Cost of equity | 9.1% |
| Excess return per share: (return − cost) × book value | $0.86 |
| Terminal value of excess returns: excess return / (9.1% − 3.5%) | $15.11 |
| Value per share (book value plus terminal value) | $27.28 |
| Fair value (from the cash flow model alone) | $27.28 |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = €0.9024)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 24 Oct 2026)
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.