The possible ECB stress test result of further recap being demanded was priced in at the 52 week low.
I will be taking an entry on any weakness if the market misinterprets these results, which is quite common in my experience with distressed EU banking stocks.
It is not bad news by any means, but NBG realistically is still around a close to fair valuation with a forward P/E of around 10. Strong banks can demand a P/E of 18-25, but I do not think the market in general considers NBG a strong institution and for very good reason.
This is not as cut and dry as my other EU holdings were (clearly undervalued in a major way) when I took positions such as Lloyd's and the Bank of Ireland. I hold Santander as well for the healthy dividends. Best wishes.
I have no idea where this will go on these results but the stress test result was favorable. As I said, I would like some more detailed figures to crunch and if you have any please post a link. I have to get some work done on my own physical house today, not the portfolio.