ING Groep N.V.

WBAG:INGA Stock Report

Market Cap: €45.5b

ING Groep Valuation

Is INGA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of INGA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: INGA (€14.61) is trading below our estimate of fair value (€43.07)

Significantly Below Fair Value: INGA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INGA?

Key metric: As INGA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for INGA. This is calculated by dividing INGA's market cap by their current earnings.
What is INGA's PE Ratio?
PE Ratio12.6x
Earnings€3.65b
Market Cap€45.51b

Price to Earnings Ratio vs Peers

How does INGA's PE Ratio compare to its peers?

The above table shows the PE ratio for INGA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.9x
EBS Erste Group Bank
6.7x-2.8%€20.6b
BG BAWAG Group
8.7x5.7%€5.8b
RBI Raiffeisen Bank International
2.7x-6.7%€5.8b
OBS Oberbank
13.8xn/a€5.0b
INGA ING Groep
12.6x8.8%€45.5b

Price-To-Earnings vs Peers: INGA is expensive based on its Price-To-Earnings Ratio (12.6x) compared to the peer average (7.9x).

Price to Earnings Ratio vs Industry

How does INGA's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
INGA 12.6xIndustry Avg. 7.2xNo. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: INGA is expensive based on its Price-To-Earnings Ratio (12.6x) compared to the European Banks industry average (7.2x).

Price to Earnings Ratio vs Fair Ratio

What is INGA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

INGA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.6x
Fair PE Ratio7.6x

Price-To-Earnings vs Fair Ratio: INGA is expensive based on its Price-To-Earnings Ratio (12.6x) compared to the estimated Fair Price-To-Earnings Ratio (7.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst INGA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€14.61
€18.48
+26.5%
9.1%€22.50€16.00n/a19
Nov ’25€15.79
€18.61
+17.9%
8.9%€22.50€16.00n/a19
Oct ’25€16.03
€19.06
+18.9%
8.6%€22.50€16.00n/a20
Sep ’25€16.36
€18.73
+14.4%
8.0%€21.00€16.00n/a20
Aug ’25€16.32
€18.65
+14.3%
7.8%€21.18€16.00n/a20
Jul ’25€16.37
€18.28
+11.7%
8.9%€21.18€16.00n/a20
Jun ’25€16.44
€17.38
+5.7%
8.2%€20.21€14.80n/a19
May ’25€14.90
€16.46
+10.5%
9.0%€19.24€13.00n/a20
Apr ’25€15.20
€15.93
+4.8%
9.8%€19.10€13.00n/a20
Mar ’25€12.66
€15.39
+21.5%
10.0%€19.10€12.50n/a21
Feb ’25€12.07
€16.07
+33.2%
9.9%€19.10€12.50n/a22
Jan ’25€13.53
€16.51
+22.0%
10.4%€20.10€12.50n/a22
Dec ’24€12.93
€16.46
+27.4%
10.5%€20.10€12.50n/a22
Nov ’24€12.04
€16.65
+38.3%
10.8%€20.10€12.50€15.7922
Oct ’24€12.63
€16.62
+31.7%
11.3%€20.10€12.50€16.0322
Sep ’24€13.17
€16.38
+24.4%
12.4%€20.10€12.50€16.3623
Aug ’24€13.31
€15.80
+18.7%
10.8%€18.10€12.50€16.3222
Jul ’24€12.33
€15.55
+26.1%
10.6%€18.10€12.50€16.3720
Jun ’24€11.59
€15.40
+32.9%
11.3%€18.10€12.00€16.4421
May ’24€11.40
€15.17
+33.1%
10.7%€17.50€12.00€14.9021
Apr ’24€11.04
€15.20
+37.6%
10.9%€17.60€12.00€15.2021
Mar ’24€13.37
€15.15
+13.3%
10.6%€17.60€12.00€12.6621
Feb ’24€13.30
€14.75
+10.9%
11.1%€17.00€12.00€12.0721
Jan ’24€11.51
€14.32
+24.4%
13.0%€17.00€10.00€13.5322
Dec ’23€11.47
€14.21
+23.9%
13.3%€17.00€10.00€12.9322
Nov ’23€10.09
€13.66
+35.4%
11.9%€16.30€10.00€12.0422

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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