Today (26/6) its stock is under intense pressure National Bank at the Athens Stock Exchangecausing it to slide in lowest level since late April (minimum two months).
More specifically, just before 2:30 p.m., the bank’s shares fell at least 2.5% and “drops” to 7.6 euros, for the first time since April 30th. In fact, during the session, the share fell to 7.5 euros.
Today’s drop is accompanied by a moderate trading volume, as 9.2 million euros in blocks have been traded so far, which represents 55% of the average daily trading volume.
Of course, they also passed three pre-agreed packageswith a total value of more than 3.4 million euros, with its price varying between 7.6 and 7.7 euros/share.
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The causes of the fall
As for the reasons for abandonment, it is clear that the broader investment climate in the banking industry has not been particularly favorable in recent times.
On the one hand, rehandling scripts to imposition of tax on excess profits (denied by the government), on the other hand the “accelerator” of the Ministry of Finance to reduction of charges and threats of state intervention contributed to the creation of an environment of intense volatility.
At the same time, the transfer of decisions on pending issues Financial Stability Fund (concerning the 18% held by the government), also had a negative effect, given that the market expected a more immediate and rapid evolution in the matter of new placement.
Somehow, the National Bank’s share doubled in almost 10% in the last 30 dayswith the distance from the multi-annual maximums of 8.6 euros (17/5) reaching -12%.
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He “supports” the rally
Despite all this, the stock’s rally remains strong, especially considering National is offering a yield +24% in 2024 and +40% in 12 months, which took the bank’s market value to the region of 7 billion euros.
In any case, average price – analysts’ targetaccording to investment data, it amounts to 9.1 euros, which translates into 20% advantage.
After all, the current market capitalization reflects a profitability multiplier P/E at 5.9x and book value index P/BV at 0.88x.
Let us not forget that on July 25th the annual ordinary General Meeting of shareholders will be held, which will approve the distribution dividend of 332 million euros – the first after 16 years. The cut will take place on July 30th.
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(The text above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any share)