ING Groep
ING Groep N.V., a financial institution, provides various banking products and services to individuals, small and medium-sized enterprises, and mid-corporates. The last earnings update was 80 days ago. More info.
Add to Portfolio Compare Print Invest
INGA Share Price and Events
INGA Value
Is ING Groep undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
ING Groep
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for ING Groep.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | Excess Returns Model | |
| Stable EPS |
Weighted future Return on Equity estimates from 19 analysts.
= Stable Book Value * Return on Equity = €13.64 * 10.1% |
€1.37 |
| Book Value of Equity per Share | Weighted future Book Value estimates from 13 analysts. | €13.64 |
| Discount Rate (Cost of Equity) | See below | 13.2% |
| Perpetual Growth Rate | 10-Year NL Government Bond Rate | 0.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year NL Govt Bond Rate | 0.7% |
| Equity Risk Premium | S&P Global | 9.3% |
| Banks Unlevered Beta | Simply Wall St/ S&P Global | 0.39 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.386 (1 + (1- 25%) (329.66%)) |
1.342 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.34 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.71% + (1.342 * 9.29%) |
13.18% |
Discounted Cash Flow Calculation for ENXTAM:INGA using Excess Returns Model Model
The calculations below outline how an intrinsic value for ING Groep is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.
In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.
The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.
Note the calculations below are per share.
See our documentation to learn about this calculation.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (10.1% – 13.18%) * €13.64) |
€-0.43 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= €-0.43 / (13.18% - 0.71%) |
€-3.42 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= €13.64 + €-3.42 |
€10.22 |
| Calculation | Result | |
|---|---|---|
| Value per share (EUR) | From above. | €10.22 |
| Current discount | Discount to share price of
€10.55
= -1 x (€10.55 - €10.22) / €10.22 |
-3.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of ING Groep is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for ING Groep's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
ING Groep's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-06-30) in EUR | €1.30 |
| ENXTAM:INGA Share Price ** | ENXTAM (2018-10-19) in EUR | €10.55 |
| Europe Banks Industry PE Ratio | Median Figure of 159 Publicly-Listed Banks Companies | 9.79x |
| Netherlands Market PE Ratio | Median Figure of 80 Publicly-Listed Companies | 17.45x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of ING Groep.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ENXTAM:INGA Share Price ÷ EPS (both in EUR) = 10.55 ÷ 1.30 |
8.13x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- ING Groep is good value based on earnings compared to the Europe Banks industry average.
- ING Groep is good value based on earnings compared to the Netherlands market.
Price based on expected Growth
Does
ING Groep's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 8.13x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts |
7.7%per year |
| Europe Banks Industry PEG Ratio | Median Figure of 106 Publicly-Listed Banks Companies | 0.9x |
| Netherlands Market PEG Ratio | Median Figure of 59 Publicly-Listed Companies | 1.49x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 8.13x ÷ 7.7% |
1.05x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- ING Groep is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
ING Groep's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-06-30) in EUR | €12.85 |
| ENXTAM:INGA Share Price * | ENXTAM (2018-10-19) in EUR | €10.55 |
| Europe Banks Industry PB Ratio | Median Figure of 171 Publicly-Listed Banks Companies | 0.72x |
| Netherlands Market PB Ratio | Median Figure of 101 Publicly-Listed Companies | 1.93x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ENXTAM:INGA Share Price ÷ Book Value per Share (both in EUR) = 10.55 ÷ 12.85 |
0.82x |
* Primary Listing of ING Groep.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- ING Groep is overvalued based on assets compared to the Europe Banks industry average.
Value checks
We assess ING Groep's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check) ING Groep has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
INGA Future Performance
How is ING Groep expected to perform in the next 1 to 3 years based on estimates from 21 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- ING Groep's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
- ING Groep's earnings growth is positive but not above the Netherlands market average.
- ING Groep's revenue growth is expected to exceed the Netherlands market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ENXTAM:INGA Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts | 7.7% |
| ENXTAM:INGA Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts | 3.5% |
| Europe Banks Industry Earnings Growth Rate | Market Cap Weighted Average | 10.4% |
| Europe Banks Industry Revenue Growth Rate | Market Cap Weighted Average | 4.2% |
| Netherlands Market Earnings Growth Rate | Market Cap Weighted Average | 7.9% |
| Netherlands Market Revenue Growth Rate | Market Cap Weighted Average | 3.4% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 21 Analyst Estimates (S&P Global) | See Below |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 20,314 | 6,094 | 1 | |
| 2020-12-31 | 19,060 | 5,556 | 18 | |
| 2019-12-31 | 18,399 | 5,242 | 21 | |
| 2018-12-31 | 17,855 | 4,704 | 21 |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-06-30 | 17,228 | -31,127 | 5,045 |
| 2018-03-31 | 17,081 | 4,987 | |
| 2017-12-31 | 16,973 | -29,796 | 4,905 |
| 2017-09-30 | 17,673 | 4,967 | |
| 2017-06-30 | 17,088 | -27,879 | 4,614 |
| 2017-03-31 | 17,364 | 4,926 | |
| 2016-12-31 | 16,513 | -14,598 | 4,210 |
| 2016-09-30 | 15,827 | 4,276 | |
| 2016-06-30 | 16,363 | 1,104 | 4,792 |
| 2016-03-31 | 15,416 | 4,047 | |
| 2015-12-31 | 15,591 | -12,572 | 4,466 |
| 2015-09-30 | 15,245 | 8,562 | 3,837 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 21 Analyst Estimates (S&P Global) | See Below |
All data from ING Groep Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 1.58 | 1.58 | 1.58 | 1.00 |
| 2020-12-31 | 1.42 | 1.67 | 1.27 | 15.00 |
| 2019-12-31 | 1.34 | 1.49 | 1.25 | 17.00 |
| 2018-12-31 | 1.21 | 1.41 | 1.09 | 17.00 |
| Date (Data in EUR Millions) | EPS * |
|---|---|
| 2018-06-30 | 1.30 |
| 2018-03-31 | 1.28 |
| 2017-12-31 | 1.26 |
| 2017-09-30 | 1.27 |
| 2017-06-30 | 1.19 |
| 2017-03-31 | 1.27 |
| 2016-12-31 | 1.09 |
| 2016-09-30 | 1.10 |
| 2016-06-30 | 1.24 |
| 2016-03-31 | 1.05 |
| 2015-12-31 | 1.16 |
| 2015-09-30 | 0.99 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess ING Groep's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
ING Groep has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
INGA Past Performance
How has ING Groep performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- ING Groep's year on year earnings growth rate has been positive over the past 5 years.
- ING Groep's 1-year earnings growth is less than its 5-year average (9.3% vs 16.5%)
- ING Groep's earnings growth has not exceeded the Europe Banks industry average in the past year (9.3% vs 13.8%).
Earnings and Revenue History
All data from ING Groep Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-06-30 | 17,228.00 | 5,045.00 | 6,098.00 | |
| 2018-03-31 | 17,081.00 | 4,987.00 | 6,033.00 | |
| 2017-12-31 | 16,973.00 | 4,905.00 | 5,964.00 | |
| 2017-09-30 | 17,673.00 | 4,967.00 | 5,753.00 | |
| 2017-06-30 | 17,088.00 | 4,614.00 | 5,825.00 | |
| 2017-03-31 | 17,364.00 | 4,926.00 | 5,757.00 | |
| 2016-12-31 | 16,513.00 | 4,210.00 | 5,753.00 | |
| 2016-09-30 | 15,827.00 | 4,276.00 | 5,721.00 | |
| 2016-06-30 | 16,363.00 | 4,792.00 | 5,637.00 | |
| 2016-03-31 | 15,416.00 | 4,047.00 | 5,682.00 | |
| 2015-12-31 | 15,591.00 | 4,466.00 | 5,671.00 | |
| 2015-09-30 | 15,245.00 | 3,837.00 | 5,627.00 | |
| 2015-06-30 | 15,256.00 | 3,895.00 | 5,622.00 | |
| 2015-03-31 | 14,392.00 | 3,825.00 | 4,930.00 | |
| 2014-12-31 | 13,611.00 | 1,673.00 | 6,432.00 | |
| 2014-09-30 | 13,809.00 | 2,342.00 | 6,087.00 | |
| 2014-06-30 | 13,335.00 | 2,073.00 | 5,988.00 | |
| 2014-03-31 | 9,667.00 | 1,868.00 | 5,575.00 | |
| 2013-12-31 | 13,001.00 | 2,524.00 | 5,530.00 | |
| 2013-09-30 | 17,139.00 | 3,083.00 | 5,328.00 | |
| 2013-06-30 | 19,586.00 | 2,997.00 | 5,637.00 | |
| 2013-03-31 | 23,056.00 | 3,544.00 | 5,580.00 | |
| 2012-12-31 | 13,885.00 | 3,003.00 | 4,703.00 | |
| 2012-09-30 | 28,819.00 | 3,494.00 | 5,778.00 | |
| 2012-06-30 | 35,940.00 | 4,267.00 | 6,061.00 | |
| 2012-03-31 | 42,049.00 | 3,049.00 | 7,124.00 | |
| 2011-12-31 | 32,477.00 | 4,966.00 | 6,624.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- ING Groep has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- ING Groep used its assets less efficiently than the Europe Banks industry average last year based on Return on Assets.
- ING Groep has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess ING Groep's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
ING Groep has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
INGA Health
This company is a bank or financial institution.Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Balance sheet
Assets
Liabilities and shares
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from ING Groep Company Filings, last reported 3 months ago.
| Date (Data in EUR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-06-30 | 50,718.00 | 135,365.00 | 108,399.00 |
| 2018-03-31 | 50,899.00 | 190,932.00 | 100,938.00 |
| 2017-12-31 | 51,121.00 | 149,822.00 | 129,361.00 |
| 2017-09-30 | 50,452.00 | 110,544.00 | 156,686.00 |
| 2017-06-30 | 50,359.00 | 118,247.00 | 156,066.00 |
| 2017-03-31 | 51,396.00 | 144,586.00 | 172,154.00 |
| 2016-12-31 | 50,399.00 | 174,588.00 | 129,521.00 |
| 2016-09-30 | 50,089.00 | 166,035.00 | 163,678.00 |
| 2016-06-30 | 49,705.00 | 174,778.00 | 175,884.00 |
| 2016-03-31 | 49,480.00 | 176,247.00 | 175,099.00 |
| 2015-12-31 | 45,610.00 | 195,069.00 | 147,954.00 |
| 2015-09-30 | 46,641.00 | 188,837.00 | 172,327.00 |
| 2015-06-30 | 47,343.00 | 191,755.00 | 165,433.00 |
| 2015-03-31 | 65,972.00 | 194,213.00 | 173,385.00 |
| 2014-12-31 | 55,601.00 | 150,550.00 | 163,365.00 |
| 2014-09-30 | 55,156.00 | 189,014.00 | 150,508.00 |
| 2014-06-30 | 49,760.00 | 199,111.00 | 149,521.00 |
| 2014-03-31 | 46,688.00 | 205,432.00 | 146,578.00 |
| 2013-12-31 | 53,189.00 | 186,677.00 | 136,109.00 |
| 2013-09-30 | 55,750.00 | 202,617.00 | 151,787.00 |
| 2013-06-30 | 56,016.00 | 210,139.00 | 153,444.00 |
| 2013-03-31 | 57,821.00 | 206,658.00 | 269,892.00 |
| 2012-12-31 | 55,196.00 | 226,401.00 | 164,633.00 |
| 2012-09-30 | 56,897.00 | 260,193.00 | 173,732.00 |
| 2012-06-30 | 49,873.00 | 267,370.00 | 156,832.00 |
| 2012-03-31 | 51,447.00 | 259,699.00 | 309,450.00 |
| 2011-12-31 | 46,604.00 | 262,801.00 | 187,798.00 |
BANK ANALYSIS
This company is a bank or financial institution, which is analysed accordingly below.
- ING Groep has an acceptable proportion of non-loan assets held.
- ING Groep's liabilities are made up of primarily low risk sources of funding.
- Loans at ING Groep are broadly funded by customer deposits.
- ING Groep's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
- ING Groep has a low allowance for bad loans.
- ING Groep has an acceptable level of bad loans (less than 2%).
Financial health checks
We assess ING Groep's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) ING Groep has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
INGA Dividends
What is ING Groep's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
€2,000 of
ING Groep
shares you are expected to receive
€127
in your first year as a dividend.
Dividend Amount
- ING Groep's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.31%).
- ING Groep's dividend is above the markets top 25% of dividend payers in Netherlands (5.81%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 21 Analyst Estimates (S&P Global) | See Below |
| Europe Banks Industry Average Dividend Yield | Market Cap Weighted Average of 123 Stocks | 5.1% |
| Netherlands Market Average Dividend Yield | Market Cap Weighted Average of 70 Stocks | 3.9% |
| Netherlands Minimum Threshold Dividend Yield | 10th Percentile | 1.4% |
| Netherlands Bottom 25% Dividend Yield | 25th Percentile | 2.3% |
| Netherlands Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in €) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 0.72 | 1.00 |
| 2020-12-31 | 0.73 | 20.00 |
| 2019-12-31 | 0.71 | 22.00 |
| 2018-12-31 | 0.68 | 22.00 |
| Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-03-08 | 0.670 | 5.342 |
| 2018-01-31 | 0.670 | 4.531 |
| 2017-08-02 | 0.660 | 4.252 |
| 2017-03-20 | 0.660 | 4.412 |
| 2017-03-16 | 0.660 | 4.596 |
| 2017-02-02 | 0.660 | 4.822 |
| 2016-08-03 | 0.650 | 5.397 |
| 2016-04-20 | 0.820 | 8.079 |
| 2015-11-05 | 0.480 | 4.209 |
| 2015-11-04 | 0.480 | 3.604 |
| 2015-08-05 | 0.480 | 3.613 |
| 2015-05-11 | 0.120 | 0.802 |
| 2010-05-12 | 0.000 | 0.000 |
| 2010-03-18 | 0.000 | 0.000 |
| 2010-02-17 | 0.000 | 0.000 |
| 2009-11-13 | 0.000 | 0.000 |
| 2009-11-11 | 0.000 | 0.000 |
| 2009-08-13 | 0.000 | 0.000 |
| 2009-05-18 | 0.000 | 0.000 |
| 2008-11-12 | 0.000 | 0.000 |
| 2008-10-22 | 1.560 | 20.578 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of
ING Groep's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.9x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
Income/ dividend checks
We assess ING Groep's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can ING Groep afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) ING Groep has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
INGA Management
CEO
| COMPENSATION | €2,630,000 |
| AGE | 52 |
| TENURE AS CEO | 5 years |
CEO Bio
Mr. Ralph A. J. G. Hamers has been the Chairman of Executive Board and Group Chief Executive Officer at ING Groep N.V. since October 1, 2013 and Member of Executive Board since May 13, 2013. He joined ING Bank NV in 1991. Mr. Hamers has been Chairman of the Managing Board - Banking at ING Groep N.V. since October 1, 2013. Mr. Hamers has been the Chairman of the Management Board and Chief Executive Officer at NN Group N.V. since October 1, 2013. Mr. Hamers serves as a Member of the Management Board of Banking and the Management Board of Insurance EurAsia. He has been a Member of Management Board at ING Bank N.V. since May 13, 2013. He served as the Chief Executive Officer of ING Belgium SA/NV (alternate name, ING Belgium and Luxembourg) at ING Groep N.V. from March 1, 2011 to May 13, 2013. Mr. Hamers served as the Head of Wholesale Banking Network at ING Wholesale Banking since January 2007 until 2010. He started his career at ING in 1991 within the Global Clients Division as the Relationship Manager for Structured Finance and as Head of Media Finance Group since 1995 and Deputy General Manager of Global Lending Risk Management since 1997. Since 1999, Mr. Hamers served as General Manager of ING in Romania and then Yugoslavia as well. He served as the Chief Executive Officer of ING Romania since 1999. He served as a General Manager of ING Bank branch network since 2001. He served as the Chief Executive Officer of ING Bank Netherlands since 2005 and as Global Head of the Commercial Banking Network since and Head of Network Management for Retail Banking Direct and International since 2010 until 2011. He serves as a Director of Institute of International Finance, Inc. He served as a Co-Chair of ING Retail Netherlands of ING Groep N.V. since July 1, 2006. Mr. Hamers returned to the Netherlands in 2002 as a member of the Board of Directors of ING Bank, Netherlands. He served as a Member of the Supervisory Board at ING Bank Slaski SA until April 10, 2013. He served as a Director of ING Belgium SA/NV. He served as Director of ING Retail Netherlands at ING Groep N.V. since July 1, 2006. Mr. Hamers holds a Master of Science Degree in Business Econometrics/Operations Research from Tilburg University (the Netherlands).
CEO Compensation
- Ralph A. J.'s compensation has been consistent with company performance over the past year.
Management Team Tenure
Average tenure and age of the ING Groep management team in years:
- The tenure for the ING Groep management team is about average.
Management Team
Ralph A. J. Hamers
Chairman of the Executive Board & CEO
€3M
52
5 yrs
Koos Timmermans
CFO & Member of Executive Board
€1M
58
1.4 yrs
Steven J. van Rijswijk
Chief Risk Officer & Member of the Executive Board
€1M
48
1.4 yrs
Roel M. Louwhoff
COO, Chief Transformation Officer & Member of Mgmt. Board Banking
53
4.4 yrs
Rob Veldhuizen
Head of Corporate Finance Benelux
Mark Milders
Head of Investor Relations
Cornelis Blokbergen
Head of Legal Department
Peter Jong
Global Head of Communications
Ricardo Zemella
Co-Head of Global Debt Syndicate
Michael Baudo
Co-Head of Global Securities Finance Business
Board of Directors Tenure
Average tenure and age of the ING Groep board of directors in years:
- The tenure for the ING Groep board of directors is about average.
Board of Directors
Hans Wijers
Chairman of Supervisory Board
€42K
67
0.5 yrs
Hermann-Josef Lamberti
Vice Chairman of the Supervisory Board
€141K
62
3.8 yrs
Nick Jue
Chairman of ING Netherlands and Chief Executive Officer of ING Germany
53
Rod Martin
Chairman of ING US and Chief Executive of ING US
66
Henk Breukink
Member of the Supervisory Board
€127K
68
11.5 yrs
Robert W. Reibestein
Member of the Supervisory Board
€136K
62
5.8 yrs
Ger Verhagen
Member of the Supervisory Board
€23K
87
Eric F. C. B. de la Giroday
Member of the Supervisory Board
€106K
66
4.4 yrs
Mariana Gheorghe
Member of the Supervisory Board
€94K
62
3.4 yrs
Jan Balkenende
Member of the Supervisory Board
€33K
62
1.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Start | End | Shares | Value (USD) |
|---|---|---|---|---|---|---|---|
| 11. May 18 | Sell | J. Timmermans | Individual | 11. May 18 | 11. May 18 | -3,275 | $-23,521.23 |
| 13. May 18 | Sell | J. Timmermans | Individual | 13. May 18 | 13. May 18 | -2,961 | $-21,490.60 |
| 11. May 18 | Sell | Ralph A. J. Hamers | Individual | 11. May 18 | 11. May 18 | -4,943 | $-78,233.68 |
| 27. Mar 18 | Sell | Steven J. van Rijswijk | Individual | 27. Mar 18 | 27. Mar 18 | -4,949 | $-83,956.25 |
Management checks
We assess ING Groep's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) ING Groep has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
INGA News
External News
Simply Wall St News
Who Are ING Groep NV's (AMS:INGA) Major Shareholders?
In this article, I will take a quick look at ING Groep NV’s (AMS:INGA) recent ownership structure – an unconventional investing subject, but an important one. … Ownership structure of a company has been found to affect share performance over time. … It also impacts the trading environment of company shares, which is more of a concern for short-term investors.
Simply Wall St - – Full articleReal Risks You Need To Know Before Investing In ING Groep NV (AMS:INGA)
Post-GFC recovery has strengthened economic growth and credit quality, benefiting large banks such as ING Groep NV (AMS:INGA), with a market capitalisation of €47.17b. … A borrower’s demand for, and ability to repay, loans is driven by economic growth which directly impacts the level of risk ING Groep takes on. … With stricter regulations as a result of the GFC, banks are more conservative in their lending practices, leading to more prudent levels of risky assets on the balance sheet.
Simply Wall St - – Full articleShould You Expect ING Groep NV (AMS:INGA) To Continue Delivering An ROE Of 9.98%?
The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to begin learning the link between company’s fundamentals and stock market performance. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden.
Simply Wall St - – Full articleWhy Did These Investors Just Divested From ING Groep NV (AMS:INGA)?
ING Groep's insiders have divested from. … A well-known argument is that insiders divesting from their own companies’ shares sends a pessimistic signal … The MIT Press (1998) published an article showing that stocks following insider selling underperformed the market by 2.7%
Simply Wall St - – Full articleWhy These Fundamentals Make ING Groep NV’s (AMS:INGA) More Attractive
Post-GFC recovery has driven major financial institutions’ return to health, increasing market confidence in these “too-big-to-fail” banks. … A set of reforms called Basel III was imposed in order to strengthen regulation, supervision and risk management in the banking sector. … Today we’re going to take a look at these metrics to gain more confidence investing in the stock.
Simply Wall St - – Full articleShould You Be Tempted To Buy ING Groep NV (AMS:INGA) At Its Current PE Ratio?
and want to begin learning the link between ING Groep NV (AMS:INGA)’s fundamentals and stock market performance. … ING Groep NV (AMS:INGA) is trading with a trailing P/E of 9.9x, which is lower than the industry average of 11.7x. … While this makes INGA appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio
Simply Wall St - – Full articleShould You Be Holding ING Groep NV (ENXTAM:INGA)?
Looking at the company as a whole, as a potential stock investment, I believe INGA has a lot to offer. … that has been able to sustain great financial health over the past … For those interested in understanding where the figures come from and want to see the analysis,
Simply Wall St - – Full articleWant To Invest In ING Groep NV (ENXTAM:INGA)? Here's How It Performed Lately
Today I will assess INGA's recent performance announced on 31 March 2018 and evaluate these figures to its long-term trend and industry movements. … Did INGA's recent earnings growth beat the long-term trend and the industry. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 8.18%, indicating the rate at which INGA is growing has slowed down
Simply Wall St - – Full articleHow Does ING Groep NV. (AMS:INGA)’s Prospect Stack Up To Its Financial Peers?
ING Groep lags the pack with its lower growth rate of 1.05% over the past year, which indicates the company will be growing at a slower pace than its banking peers. … Moreover, the trend of below-industry growth rate is expected to continue in the future with ING Groep poised to deliver a 4.12% growth compared to the industry average growth rate of 19.54%. … In terms of returns, ING Groep generated 9.98% in the past year, which is 1.29% over the banking sector.
Simply Wall St - – Full articleAt €13.23, Is It Time To Buy ING Groep NV. (AMS:INGA)?
The company's stock saw significant share price volatility over the past couple of months on the ENXTAM, rising to the highs of €14.74 and falling to the lows of €13.23. … Great news for investors – ING Groep is still trading at a fairly cheap price. … With a positive outlook on the horizon, it seems like this growth has not yet been fully factored into the share price.
Simply Wall St - – Full articleINGA Company Info
Map
Description
ING Groep N.V., a financial institution, provides various banking products and services to individuals, small and medium-sized enterprises, and mid-corporates. It operates in Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking segments. The company accepts various deposits, such as current and savings accounts; and offers business lending products, as well as consumer lending products, such as residential mortgage loans, term loans, and revolver and personal loans. It also provides mortgage, payment, savings, investment, and secured and unsecured lending products and services. In addition, the company offers specialized lending, corporate finance, and debt and equity markets solutions, as well as working capital, cash management, and trade and treasury services; and financial market, trade finance, overdraft, and foreign exchange transaction services. The company operates in the Netherlands, Belgium, North America, Latin America, Asia, Australia, and rest of Europe. ING Groep N.V. was founded in 1991 and is headquartered in Amsterdam, the Netherlands.
Details
| Name: | ING Groep N.V. |
| INGA | |
| Exchange: | ENXTAM |
| Founded: | 1991 |
| €41,062,637,339 | |
| 3,890,717,959 | |
| Website: | http://www.ing.com |
| Address: |
ING Groep N.V. Amsterdamse Poort, Bijlmerplein 888, Amsterdam, Noord-Holland, 1102 MG, Netherlands |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ENXTAM | INGA | Ordinary Shares | Euronext Amsterdam | NL | EUR | 13. Mar 1991 | |
| OTCPK | INGV.F | Ordinary Shares | Pink Sheets LLC | US | USD | 13. Mar 1991 | |
| XTRA | INN1 | Ordinary Shares | XETRA Trading Platform | DE | EUR | 13. Mar 1991 | |
| SWX | INGA | Ordinary Shares | SIX Swiss Exchange | CH | CHF | 13. Mar 1991 | |
| WBAG | INGA | Ordinary Shares | Wiener Boerse AG | AT | EUR | 13. Mar 1991 | |
| BATS-CHIXE | INGAA | Ordinary Shares | BATS 'Chi-X Europe' | GB | EUR | 13. Mar 1991 | |
| NYSE | ING | SPONSORED ADR | New York Stock Exchange | US | USD | 25. Sep 1995 | |
| DB | INNA | SPONSORED ADR | Deutsche Boerse AG | DE | EUR | 25. Sep 1995 | |
| XTRA | INNA | SPONSORED ADR | XETRA Trading Platform | DE | EUR | 25. Sep 1995 | |
| LSE | 0RIC | CERTIFICAAT VAN AANDEEL EUR0.24 | London Stock Exchange | GB | EUR | 02. Jan 1992 | |
| BIT | INGA | CERTIFICAAT VAN AANDEEL EUR0.24 | Borsa Italiana | IT | EUR | 02. Jan 1992 | |
| BMV | ING N | SPONSORED ADR | Bolsa Mexicana de Valores | MX | MXN | 25. Sep 1995 |
Number of employees
Current staff
Industry
| Diversified Banks | |
| Banks |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2018/10/21 18:39 |
| End of day share price update: | 2018/10/19 00:00 |
| Last estimates confirmation: | 2018/10/19 |
| Last earnings filing: | 2018/08/02 |
| Last earnings reported: | 2018/06/30 |
| Last annual earnings reported: | 2017/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
