
Euroxx Securities has upgraded its price targets for Greek banks following their third-quarter earnings reports, which now reflect not only growth but also dividend potential for Greek banks.
In greater detail, Euroxx has increased its price target for National Bank of Greece to 11euros from the previous 10.7 euros, for Eurobank to 3 euros from 2.7 euros, for Piraeus Bank it modified its price range to 6.3 from 6 euros, and for Alpha Bank to 2.7 from 2.5 euros. The recommendation for all four stocks remains “overweight.”
Euroxx is bullish on the Greek banking sector following the release of Q3 results, maintaining a positive outlook. The brokerage expects that even if the European Central Bank accelerates interest rate cuts, this will be offset by stronger credit expansion, a favorable deposit mix, increased fee income, and lower cost of risk.
Current valuations, with a price-to-earnings (P/E) ratio of 4.9x and a price-to-tangible book value (P/TBV) ratio of 0.7x based on 2025 estimates, suggest a discount of around 30% compared to peers. Furthermore, the commitment to shareholder distributions in the coming year is seen as a positive catalyst.
Euroxx has adjusted its sector valuation model, factoring in a scenario where the ECB reduces rates to 2% by mid-2025, along with positive catalysts realized in the first nine months of 2025.
finally, looking ahead to the next three years, Euroxx predicts that Greek banks will lead in dividend payouts, with distribution yields exceeding 10%.
Source: Tovima.com


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