DDM Analysis: ETE.AT

Valuation Snapshot

Stable Growth	$10.63 - $16.18	$13.23
Multi-Stage	$21.58 - $23.75	$22.65
Blended Fair Value	$17.94
Current Price	$10.83
Upside	65.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.09%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,100.00
(-) Cash Dividends Paid (M)	405.00
(=) Cash Retained (M)	695.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	220.00	137.50	82.50
Cash Retained (M)	695.00	695.00	695.00
(-) Cash Required (M)	-220.00	-137.50	-82.50
(=) Excess Retained (M)	475.00	557.50	612.50
(/) Shares Outstanding (M)	911.71	911.71	911.71
(=) Excess Retained per Share	0.52	0.61	0.67
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.52	0.61	0.67
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-1.87%	-0.87%	0.13%
Fair Value	$10.63	$13.23	$16.18
Upside / Downside	-1.82%	22.20%	49.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,100.00	1,090.40	1,080.87	1,071.44	1,062.08	1,052.81	1,084.39
Payout Ratio	36.82%	47.45%	58.09%	68.73%	79.36%	90.00%	92.50%
Projected Dividends (M)	405.00	517.44	627.89	736.37	842.91	947.53	1,003.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-1.87%	-0.87%	0.13%
Year 1 PV (M)	478.56	483.43	488.31
Year 2 PV (M)	537.07	548.07	559.18
Year 3 PV (M)	582.52	600.52	618.87
Year 4 PV (M)	616.70	642.22	668.53
Year 5 PV (M)	641.14	674.49	709.20
PV of Terminal Value (M)	16,822.92	17,697.77	18,608.65
Equity Value (M)	19,678.91	20,646.50	21,652.75
Shares Outstanding (M)	911.71	911.71	911.71
Fair Value	$21.58	$22.65	$23.75
Upside / Downside	99.30%	109.10%	119.30%

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National Bank of Greece S.A. (ETE.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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