Fact based stock research
National Bank of Greece (ATSE:ETE)

GRS003003035

How to read the free ranks

For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

National Bank of Greece stock research in summary

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ANALYSIS: With an Obermatt Combined Rank of 86 (better than 86% compared with investment alternatives), National Bank of Greece (Diversified Banks, Greece) shares have much better financial characteristics than comparable stocks. Shares of National Bank of Greece are low in value (priced high) with a consolidated Value Rank of 49 (worse than 51% of alternatives). But they show above-average growth (Growth Rank of 50) and are safely financed (Safety Rank of 96, which means below-average debt burdens). ...read more

RECOMMENDATION: A Combined Rank of 86, is a strong buy recommendation based on National Bank of Greece's financial characteristics. Investors looking for growth and low financial risk may find this stock attractive. While the company National Bank of Greece exhibits low value (Obermatt Value Rank of 49), which means that the stock price is rather high, it also demonstrates above-average growth (Obermatt Growth Rank of 50). This is a typical case, as high-growth companies are often expensive. Good financing practices (Obermatt Safety Rank of 96) are a double-edged sword: if the company continues growing, low debt limits shareholder returns. But if the company increases its debt, it will also increase risk. In other words, this is an investment on the safer side, despite the above-average price (low value). Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	49
Growth Rank	50
Safety Rank	96
Combined Rank	86

Country	Greece
Industry	Diversified Banks
Index	ATHEX, Customer Focus EU, Employee Focus EU, Employee Health EU, Diversity Europe
Size class	Small

This stock has achievements: Top 10 Stock.

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: National Bank of Greece

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	55	35	73	49
GROWTH
GROWTH	7	61	31	50
SAFETY
SAFETY	58	54	88	96
SENTIMENT
SENTIMENT	63	86	72	^new
360° VIEW
360° VIEW	31	65	88	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better National Bank of Greece is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	55	35	73	49
GROWTH
GROWTH	7	61	31	50
SAFETY
SAFETY	58	54	88	96
COMBINED
COMBINED	18	54	86	86

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of National Bank of Greece the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 49 (worse than 51% compared with alternatives), National Bank of Greece shares are more expensive than the average comparable stock. The Value Rank is based on consolidating four value indicators, with half of the indicators below and half above average for National Bank of Greece. Price-to-Profit (also referred to as price-earnings, P/E) is 65 which means that the stock price compared with what market professionals expect for future profits is lower than for 65% of comparable companies, indicating a good value concerning National Bank of Greece's profit levels. The same is valid for Price-to-Book Capital (also referred to as market-to-book ratio) with a Price-to-Book Rank of 62, which means that the stock price is lower as regards to invested capital than for 62% of comparable investments. On the other hand, Price-to-Sales is less favorable than for 72% of alternatives (only 28% of peers have an even less favorable ratio). The same is valid for dividend yield, which is lower than for 55% of comparable companies, making the stock more expensive compared with the company's expected dividend payouts. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 49, is a hold recommendation based on National Bank of Greece's stock price compared with the company's operational size and dividend yields. This is a puzzling picture, because it means that profits are high while dividends are low. Since the stock price is low compared with invested capital but high concerning expected revenues, the company has more invested capital than peers for generating the same amount of revenue. Since profits are higher, it could be a "cash cow" situation (using the classic Boston Consulting Group or BCG matrix naming convention) where the company is on a downward trend, still living from the profits of past products. As the company pays low dividends, it may harbor the opinion that a turnaround is possible, and it rather invests the cash than distribute it to shareholders through dividends, thus sealing the company's fate early. Any investment optimism should only be a buy trigger once thorough research is completed. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is especially important in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	64	44	44	28
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	84	51	82	65
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	72	52	69	62
DIVIDEND YIELD
DIVIDEND YIELD	20	28	77	45
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	55	35	73	49

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of National Bank of Greece; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 50 (better than 50% compared with alternatives), National Bank of Greece shows an above-average growth dynamic in its industry. Investors also speak of positive momentum. The Growth Rank is based on consolidating four value indicators, with all but one indicator above average for National Bank of Greece. Profit Growth has a rank of 66 which means that currently professionals expect the company to grow its profits more than 66% of its competitors. The same is valid for capital growth and stock returns. Capital Growth has a rank of 69, and Stock Returns has a rank of 61 which means that the stock returns have recently been above 61% of alternative investments. Only revenue growth is low with a Sales Growth has a rank of 27 (73% of its competitors are better). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 50, is a buy recommendation for growth and momentum investors. The many positive growth indicators indicate a positive growth momentum with only low revenue growth. That can also be attributed to divestments or the sale of unprofitable businesses. If that is the reason, overall growth is well on track to making this stock attractive for growth investors. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	1	8	4	27
PROFIT GROWTH
PROFIT GROWTH	29	42	82	66
CAPITAL GROWTH
CAPITAL GROWTH	19	91	80	69
STOCK RETURNS
STOCK RETURNS	69	89	27	61
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	7	61	31	50

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of National Bank of Greece.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 96 (better than 96% compared with alternatives) for 2025, the company National Bank of Greece has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of National Bank of Greece is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, where all three are above average for National Bank of Greece. Leverage is at 74, meaning the company has a below-average debt-to-equity ratio. It has less debt than 74% of its competitors. Refinancing is at a rank of 68, meaning that the portion of the debt about to be refinanced is below average. It has less debt in the refinancing stage than 68% of its competitors. Finally, Liquidity is also good at a rank of 85, which means that the company generates more profit to service its debt than 85% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 96 (better than 96% compared with alternatives), National Bank of Greece has a financing structure that is significantly safer than that of its competitors. These three positive financing indicators signal that the company is less likely to default on its debt obligations. However, it also means that its shareholder returns will be more modest if things go well. A low safety means fewer troubles in downtimes and less upside in good times. Investors may not have a debt issue with National Bank of Greece but they should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	82	68	77	74
REFINANCING
REFINANCING	4	8	33	68
LIQUIDITY
LIQUIDITY	77	78	92	85
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	58	54	88	96

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of National Bank of Greece and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	87	73	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	78	62	^new
PRO HOLDINGS
PRO HOLDINGS	79	95	81	^new
MARKET PULSE
MARKET PULSE	6	39	36	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	63	86	72	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for National Bank of Greece.
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