ETE (National Bank of Greece SA) vs DAX Index Comparison

ETE

DAX Index

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ETE

DAX Index

Difference

1Y 3Y 5Y 10Y 15Y 20Y

ETE

DAX Index

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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DAX Index

ETE

JPM

BAC

601398

601288

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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National Bank of Greece SA
Glance View

Market Cap

7.3B EUR

Industry

Banking

The National Bank of Greece SA stands as a testament to resilience and adaptability within the volatile landscape of international finance. Over its long history, NBG has navigated the ebbs and flows of Greece's tumultuous economic environment, cementing its role as a cornerstone of the nation's banking system. With its origins tracing back to 1841, the bank has developed a robust portfolio of financial services that cater to both personal and corporate clients. Primarily, the bank's operations focus on retail banking, which includes a variety of deposit services, consumer loans, mortgages, and credit card offerings that together form a sturdy revenue foundation. Alongside retail operations, NBG also embraces corporate banking, extending its reach with commercial loans, letters of credit, and other financial products tailored to support Greece's businesses and economic development strategies. While domestic operations provide a core stream of income, NBG has selectively expanded its presence internationally, aiming to capture growth in key markets beyond Greece. On the capital front, its robust network allows the bank to profit from interest differentials between deposits and loans. Furthermore, it earns revenue through fees and commissions linked to its diverse banking and financial advisory services. Despite the challenges posed by economic fluctuations and regulatory demands, the National Bank of Greece continues to leverage its extensive experience and broad range of services to adapt, sustain, and grow its profitability in an ever-evolving financial world.

View ETE Analysis

ETE Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

US		JPMorgan Chase & Co NYSE:JPM	Add
ZA	A	Absa Bank Ltd JSE:ABSP	Add
ZA	S	Standard Bank Group Ltd JSE:SBK	Add
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Add
US		Bank of America Corp NYSE:BAC	Add
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Add
CN		Agricultural Bank of China Ltd SSE:601288	Add
US		Wells Fargo & Co NYSE:WFC	Add
CN		Bank of China Ltd SSE:601988	Add
CN		China Construction Bank Corp SSE:601939	Add

US		JPMorgan Chase & Co NYSE:JPM	Select
ZA	A	Absa Bank Ltd JSE:ABSP	Select
ZA	S	Standard Bank Group Ltd JSE:SBK	Select
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Select
US		Bank of America Corp NYSE:BAC	Select
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Select
CN		Agricultural Bank of China Ltd SSE:601288	Select
US		Wells Fargo & Co NYSE:WFC	Select
CN		Bank of China Ltd SSE:601988	Select
CN		China Construction Bank Corp SSE:601939	Select

US		JPMorgan Chase & Co NYSE:JPM	Add
ZA	A	Absa Bank Ltd JSE:ABSP	Add
ZA	S	Standard Bank Group Ltd JSE:SBK	Add
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Add
US		Bank of America Corp NYSE:BAC	Add
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Add
CN		Agricultural Bank of China Ltd SSE:601288	Add
US		Wells Fargo & Co NYSE:WFC	Add
CN		Bank of China Ltd SSE:601988	Add
CN		China Construction Bank Corp SSE:601939	Add

CA	A	Advance Lithium Corp XTSX:AALI	Add
US	G	GE Vernova LLC NYSE:GEV	Add
NL	N	Nepi Rockcastle NV JSE:NRP	Add
US		Schlumberger NV NYSE:SLB	Add
US	B	Baker Hughes Co NASDAQ:BKR	Add
ID		Amman Mineral Internasional Tbk PT IDX:AMMN	Add
US	R	Reddit Inc NYSE:RDDT	Add
CH	G	Galderma Group AG SIX:GALD	Add
US		Halliburton Co NYSE:HAL	Add
IN		Jio Financial Services Ltd NSE:JIOFIN	Add

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ETE

vs

DAX Index

Stocks Performance
ETE vs DAX Index

Performance Gap
ETE vs DAX Index

Performance By Year
ETE vs DAX Index

Competitors Performance
National Bank of Greece SA vs Peers

National Bank of Greece SA
Glance View

Company

Help

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ETE vs DAX Index

Stocks Performance ETE vs DAX Index

Performance Gap ETE vs DAX Index

Performance By Year ETE vs DAX Index

Competitors Performance National Bank of Greece SA vs Peers

National Bank of Greece SA Glance View

Company

Help

Tools

Stocks

ETE

vs

DAX Index

Stocks Performance
ETE vs DAX Index

Performance Gap
ETE vs DAX Index

Performance By Year
ETE vs DAX Index

Competitors Performance
National Bank of Greece SA vs Peers

National Bank of Greece SA
Glance View