National Bank of Greece S.A. (ETE.AT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+42.2%

€22.44

vs €15.79 price

Levered DCF

€23.06

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.56

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.24×	6.03×	5.28×	3.07×	3.08×	62.6×	-10.79×	-12.22×
P/B	1.43×	0.83×	0.77×	0.53×	0.47×	0.41×	0.53×	0.2×
P/S	4.63×	1.96×	1.77×	1.51×	1.24×	0.74×	1.37×	0.61×
EV / EBITDA	7.85×	1.95×	-1.86×	-8.3×	-15.69×	-15.57×	-3.84×	-48.73×
Gross margin	93.2%	80.5%	84.2%	93.3%	93.1%	92.7%	87.3%	86.6%
Operating margin	59.1%	42.5%	44.8%	50.9%	36.8%	14.7%	12.7%	0.8%
Net margin	45.2%	32.4%	33.5%	49.3%	40.0%	1.2%	-12.6%	-5.1%
Current ratio	1.88×	0.18×	0.26×	0.37×	0.44×	0.28×	0.17×	0.19×
Debt / equity	0.79×	0.51×	0.4×	0.46×	0.39×	0.44×	0.51×	0.28×
Interest coverage	3.5×	2.18×	2.83×	7.6×	5.36×	2.01×	1×	0.06×
Dividend yield	4.7%	4.8%	0.0%	0.0%	3.4%	0.0%	0.0%	0.0%
Payout ratio	48.1%	28.7%	0.0%	0.0%	10.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	13.7%	14.5%	17.4%	15.1%	0.7%	-4.8%	-1.7%
Return on invested capital	1.6%	7.4%	7.1%	4.2%	2.7%	1.5%	1.3%	-0.1%
Return on assets	1.6%	1.5%	1.5%	1.4%	1.0%	0.0%	-0.4%	-0.1%
Free cash flow yield	7.3%	24.0%	-81.8%	50.5%	240.7%	528.8%	-72.1%	446.0%
Earnings yield	9.8%	16.6%	18.9%	32.7%	32.4%	1.6%	-9.2%	-8.3%
Enterprise value	€14.6B	€3.3B	-€3.1B	-€11B	-€15.1B	-€8.8B	-€1.5B	-€5.1B
Net debt / EBITDA	0.89×	-2.15×	-5.37×	-10.88×	-18.48×	-19.21×	-10.94×	-58.4×
Cash conversion cycle (days)	-30	284	309	582	709	121	150	188