ETE GA
National Bank of Greece S.A.
Finance/Real Estate
02/16/2018
Presented
| Date | 02/12/2018 |
| Price | €3.00 |
| Market Cap | $3.08B |
| Ent Value | $13.87B |
| P/E Ratio | N/A |
| Book Value | €7.40 |
| Div Yield | 0% |
| Shares O/S | 914.52M |
| Ave Daily Vol | 2,575,268 |
| Short Int | N/A |
Current
| Price | €7.37 |
| Market Cap | $7.51B |
| National Bank of Greece SA engages in the provision of commercial banking services. It operates through the following segments: Retail Banking, Corporate and Investment Banking; Global Markets and Asset Management; Insurance; International Banking Operations; Turkish Banking Operation and Others. The Retail Banking segment includes all individual customers, professionals, small and medium-sized companies. The Corporate and Investment Banking segment activities include lending to all large and medium-sized companies, shipping finance and investment banking activities. The Global Markets and Asset Management segment involves all treasury activities, private banking, asset management, custody services, private equity and brokerage. The Insurance segment offers insurance products through its subsidiary company, Ethniki Hellenic General Insurance SA. The International Banking Operations segment include traditional commercial banking services, such as commercial and retail credit, trade financing, foreign exchange and taking of deposits. The Turkish Banking Operations segment include traditional commercial banking services, such as commercial and retail credit, trade financing, foreign exchange and taking of deposits. The Other segment includes proprietary real estate management, hotel, and warehousing business as well as unallocated and expense of the group and intersegment eliminations. The company was founded by George Stavros in 1841 and is headquartered in Athens, Greece. |
Please note, this stock split on 8/29/2018 at a ratio of 1/10. The presented data has been updated to account for the change, however, the text of the note may refer to data based on the original presented price of $0.30.
Publicly traded companies mentioned herein: National Bank of Greece SA (ETE GA)
Highlights
The presenter believes National Bank of Greece (ETE GA) is the highest quality Greek bank and is long at this time. The peer group trades at distressed levels (e.g., 0.3 - 0.4 times book) for good reasons; however, the economic backdrop has improved dramatically recently, and should provide sustainable tailwinds for the country. Unlike the previous bailouts, the banks are better capitalized this time around, and if the Greek 10-year yield (presently ~4.3%) is any indication, the credit market is not overly concerned. As the situation goes “from bad to OK”, ETE GA could see substantial gains.
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