<div id="readability-page-1"><div><ul> <li>If you are wondering whether National Bank Holdings is currently priced fairly or if there might be value on the table, you are in the right place.</li> <li>The stock last closed at US$41.83, with returns of 1.2% over 7 days, 4.4% over 30 days, 10.4% year to date, 11.0% over 3 years and 32.0% over 5 years, while the 1 year return sits at a 2.0% decline.</li> <li>Recent attention on the bank has focused on its share price performance over different time frames and how that lines up with the broader banking sector and interest rate backdrop. This has prompted investors to reassess whether the current price properly reflects the company’s fundamentals and risk profile.</li> <li>Simply Wall St currently gives National Bank Holdings a valuation score of 2 out of 6, which suggests only some of the usual checks point to potential undervaluation. We will look at what that means using several valuation approaches before finishing with a more complete way to think about value.</li> </ul> <p>National Bank Holdings scores just 2/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.</p> <h3>Approach 1: National Bank Holdings Excess Returns Analysis</h3> <p>The Excess Returns model looks at how much profit a bank can generate above the return that equity investors require, then capitalizes those excess profits into an estimated value per share.</p> <p>For National Bank Holdings, the model uses a Book Value of US$36.67 per share and a Stable EPS of US$3.88 per share, based on the median return on equity over the past 5 years. The implied Average Return on Equity is 9.58%, compared with a Cost of Equity of US$2.83 per share. That gap produces an Excess Return of US$1.06 per share, which is what the model treats as value created beyond investors' required return.</p> <p>The analysis also uses a Stable Book Value of US$40.53 per share, sourced from weighted future book value estimates from three analysts. Combining these inputs, the Excess Returns model arrives at an estimated intrinsic value of about US$70.11 per share.</p> <p>Against the recent share price of US$41.83, this points to a 40.3% intrinsic discount, which indicates the stock screens as materially undervalued on this approach.</p> <p><strong>Result: UNDERVALUED</strong></p> <p>Our Excess Returns analysis suggests National Bank Holdings is undervalued by 40.3%. Track this in your watchlist or portfolio, or discover 51 more high quality undervalued stocks.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8e2e7225-a0e6-47c3-8635-c7104af5c872/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8e2e7225-a0e6-47c3-8635-c7104af5c872/chart/dcf"/><figcaption>NBHC Discounted Cash Flow as at Feb 2026</figcaption></figure> <p>Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for National Bank Holdings.</p> <h3>Approach 2: National Bank Holdings Price vs Earnings</h3> <p>For a profitable bank, the P/E ratio is a straightforward way to link what you pay per share to the earnings the business is currently generating. It gives you a quick sense of how many dollars investors are willing to pay today for each dollar of earnings.</p> <p>What counts as a “normal” P/E depends on how the market views a company’s growth outlook and risk. Higher expected growth or lower perceived risk can justify a higher multiple, while slower growth or higher risk usually points to a lower one.</p> <p>National Bank Holdings currently trades on a P/E of 17.20x, compared with a Banks industry average of 11.95x and a peer group average of 13.12x. Simply Wall St’s Fair Ratio for the stock is 14.91x. The Fair Ratio is a proprietary P/E estimate that reflects factors such as earnings growth, industry, profit margin, market cap and risk. Because it is tailored to the company’s specific profile, it can be more informative than a simple comparison with sector averages or a handful of peers.</p> <p>With a Fair Ratio of 14.91x versus the current 17.20x, the shares screen as somewhat expensive on this P/E based view.</p> <p><strong>Result: OVERVALUED</strong></p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8e2e7225-a0e6-47c3-8635-c7104af5c872/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8e2e7225-a0e6-47c3-8635-c7104af5c872/chart/pe-multiple-vs-industry"/><figcaption>NYSE:NBHC P/E Ratio as at Feb 2026</figcaption></figure> <p>P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 23 top founder-led companies.</p> <h3>Upgrade Your Decision Making: Choose your National Bank Holdings Narrative</h3> <p>Earlier we mentioned that there is an even better way to understand valuation. On Simply Wall St's Community page you can use Narratives, where you tell the story behind your view on National Bank Holdings, link that story to your own revenue, earnings and margin estimates, see the Fair Value that drops out of those assumptions, compare it to the current share price to help you decide whether to buy or sell, and then watch that Fair Value update automatically as new information like earnings or buyback and dividend announcements comes in. One investor might build a Narrative around the higher analyst Fair Value of US$46.25 with stronger revenue growth and sustained margins, while another uses a lower Fair Value based on concerns about credit costs or concentration risk. Yet both are using the same simple tool to turn their views into numbers.</p> <p>Do you think there's more to the story for National Bank Holdings? Head over to our Community to see what others are saying!</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8e2e7225-a0e6-47c3-8635-c7104af5c872/chart/quote-price?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8e2e7225-a0e6-47c3-8635-c7104af5c872/chart/quote-price"/><figcaption>NYSE:NBHC 1-Year Stock Price Chart</figcaption></figure> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3>Valuation is complex, but we're here to simplify it.</h3><p>Discover if National Bank Holdings might be undervalued or overvalued with our detailed analysis, featuring <strong>fair value estimates, potential risks, dividends, insider trades, and its financial condition.</strong></p><p>Access Free Analysis</p></div></div></div>

NBHC

<p>National Bank Holdings (NBHC) is currently facing mixed valuation signals. The stock closed at US$41.83, showing varied returns over different periods. An Excess Returns analysis suggests the stock is undervalued by 40.3%, with an intrinsic value estimated at US$70.11 per share. However, a Price-to-Earnings (P/E) analysis indicates it may be overvalued at a P/E of 17.20x compared to the industry average of 11.95x. Investors are encouraged to reassess the stock's price in relation to its fundamentals and risk profile.</p>

Is It Time To Reassess National Bank Holdings (NBHC) After Mixed Valuation Signals?