Bank of Greece (TELL.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

-36068.9%

-€5,341.38

vs €14.85 price

Levered DCF

-€7,955.48

After debt service

Piotroski score

—

Altman Z-score

—

Rating

—

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	1.19×	3.5×	2.97×	0.73×	0.1×	0.47×	0.35×	0.37×
P/B	0.09×	0.08×	0.08×	0.1×	0.1×	0.48×	0.46×	0.4×
P/S	0.07×	0.04×	0.04×	0.41×	0.23×	0.29×	0.29×	0.21×
EV / EBITDA	587.21×	-279.61×	-97.16×	-20.06×	-2.62×	-12.46×	-8.21×	-8.82×
Gross margin	16.4%	6.9%	7.8%	214.3%	253.3%	100.0%	100.0%	100.0%
Operating margin	5.9%	0.5%	1.4%	56.6%	228.1%	58.8%	81.8%	57.8%
Net margin	5.9%	1.2%	1.4%	56.6%	228.1%	60.2%	81.8%	57.8%
Current ratio	0.04×	0.31×	0.26×	0.19×	0.17×	0.17×	0.28×	0.21×
Debt / equity	45.43×	0.49×	0.47×	0.5×	1.05×	1.05×	1.12×	1.18×
Interest coverage	0.07×	0×	0.01×	0.41×	7.3×	2.68×	54.34×	6,698.05×
Dividend yield	4.4%	4.6%	4.6%	4.0%	4.0%	4.3%	5.8%	7.2%
Payout ratio	5.2%	16.1%	13.5%	2.9%	0.4%	2.0%	2.0%	2.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	2.3%	2.8%	13.2%	95.7%	100.5%	131.0%	110.8%
Return on invested capital	0.1%	0.1%	0.2%	0.0%	6.0%	1.3%	1.9%	1.4%
Return on assets	0.1%	0.0%	0.0%	0.2%	1.4%	0.4%	0.8%	0.6%
Free cash flow yield	0.0%	0.0%	0.0%	6.7%	5.2%	6.7%	8.0%	0.0%
Earnings yield	84.3%	28.6%	33.7%	137.3%	974.2%	210.8%	285.7%	273.6%
Enterprise value	€159.9B	-€12.9B	-€10.4B	-€9.4B	-€8.6B	-€8.4B	-€7B	-€5.9B
Net debt / EBITDA	586.09×	-285.88×	-99.9×	-20.77×	-2.73×	-12.93×	-8.55×	-9.18×
Cash conversion cycle (days)	0	1,817	1,692	10,578	4,578	4,422	3,664	1,995