Professional
Added to YB: 2024-06-27
Pitch date: 2024-06-24
ING [bullish]
ING Groep N.V.
+102.05%
current return
Author Info
No bio for this author
Company Info
ING Groep N.V. provides various banking products and services in the Netherlands, Belgium, Germany, rest of Europe, and internationally.
Market Cap
EUR 72.6B
Pitch Price
EUR 15.17
Price Target
21.50 (-30%)
Dividend
N/A
EV/EBITDA
N/A
P/E
N/A
EV/Sales
N/A
Sector
Banks
Category
value
ING Groep N.V.: We Increase our FVE by 18% on Greater Confidence That Net Interest Margins Will Remain Stable
ING: Upgraded FVE to €20 on stable NIM outlook. 4% loan growth, 5-10% fee growth targets. Strong Dutch market share (40% current accounts) drives cost advantage. Narrow moat from deposits & switching costs. €18B shareholder returns over 3yrs. Risks: interest rates, Dutch property, oil exposure. Standard capital allocation rating.
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