WSE:ING

Stock Analysis Report

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ING Bank Slaski

Executive Summary

ING Bank Slaski S.A., together with its subsidiaries, provides various banking products and services in Poland.


Snowflake Analysis

Adequate balance sheet second-rate dividend payer.


Similar Companies

Share Price & News

How has ING Bank Slaski's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ING's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-0.5%

ING

4.2%

PL Banks

3.9%

PL Market


1 Year Return

-24.2%

ING

-45.5%

PL Banks

-17.9%

PL Market

Return vs Industry: ING exceeded the Polish Banks industry which returned -45.5% over the past year.

Return vs Market: ING underperformed the Polish Market which returned -17.9% over the past year.


Shareholder returns

INGIndustryMarket
7 Day-0.5%4.2%3.9%
30 Day12.0%1.1%6.1%
90 Day-20.7%-34.1%-5.5%
1 Year-24.2%-24.2%-44.4%-45.5%-15.9%-17.9%
3 Year-16.0%-18.8%-43.9%-47.7%-21.7%-27.1%
5 Year13.6%6.0%-43.9%-50.8%-17.0%-27.0%

Price Volatility Vs. Market

How volatile is ING Bank Slaski's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is ING Bank Slaski undervalued compared to its fair value and its price relative to the market?

11.8x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ING (PLN145.2) is trading above our estimate of fair value (PLN71.03)

Significantly Below Fair Value: ING is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ING is poor value based on its PE Ratio (11.8x) compared to the Banks industry average (8.4x).

PE vs Market: ING is poor value based on its PE Ratio (11.8x) compared to the Polish market (11.1x).


Price to Earnings Growth Ratio

PEG Ratio: ING is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: ING is overvalued based on its PB Ratio (1.1x) compared to the PL Banks industry average (0.6x).


Next Steps

Future Growth

How is ING Bank Slaski forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

8.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ING's forecast earnings growth (8.2% per year) is above the savings rate (2.9%).

Earnings vs Market: ING's earnings (8.2% per year) are forecast to grow slower than the Polish market (12% per year).

High Growth Earnings: ING's earnings are forecast to grow, but not significantly.

Revenue vs Market: ING's revenue (5.2% per year) is forecast to grow faster than the Polish market (2.2% per year).

High Growth Revenue: ING's revenue (5.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ING's Return on Equity is forecast to be low in 3 years time (8.7%).


Next Steps

Past Performance

How has ING Bank Slaski performed over the past 5 years?

9.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ING has a high level of non-cash earnings.

Growing Profit Margin: ING's current net profit margins (30.9%) are lower than last year (31.6%).


Past Earnings Growth Analysis

Earnings Trend: ING's earnings have grown by 9.3% per year over the past 5 years.

Accelerating Growth: ING's earnings growth over the past year (4.9%) is below its 5-year average (9.3% per year).

Earnings vs Industry: ING earnings growth over the past year (4.9%) exceeded the Banks industry -8.4%.


Return on Equity

High ROE: ING's Return on Equity (9.2%) is considered low.


Next Steps

Financial Health

How is ING Bank Slaski's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: ING's Assets to Equity ratio (9.9x) is low.

Allowance for Bad Loans: ING has a low allowance for bad loans (76%).

Low Risk Liabilities: 91% of ING's liabilities are made up of primarily low risk sources of funding.

Loan Level: ING has an appropriate level of Loans to Assets ratio (72%).

Low Risk Deposits: ING's Loans to Deposits ratio (88%) is appropriate.

Level of Bad Loans: ING has a high level of bad loans (2.9%).


Next Steps

Dividend

What is ING Bank Slaski's current dividend yield, its reliability and sustainability?

2.62%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ING's dividend (2.62%) is higher than the bottom 25% of dividend payers in the Polish market (2.26%).

High Dividend: ING's dividend (2.62%) is low compared to the top 25% of dividend payers in the Polish market (6.75%).


Stability and Growth of Payments

Stable Dividend: ING has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: ING's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.9%), ING's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ING's dividends in 3 years are forecast to be covered by earnings (56.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.4yrs

Average management tenure


CEO

Brunon Bartkiewicz (57yo)

no data

Tenure

zł3,796,700

Compensation

Mr. Brunon Cezary Bartkiewicz, Mec, has been the President of Management Board and Chief Executive Officer at ING Bank Slaski S.A. since April 1, 2016 and serves as its Member of Management Board since Apr ...


CEO Compensation Analysis

Compensation vs Market: Brunon's total compensation ($USD966.89K) is above average for companies of similar size in the Polish market ($USD598.45K).

Compensation vs Earnings: Brunon's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Brunon Bartkiewicz
President of the Management Board & CEOno datazł3.80mno data
Michal Boleslawski
Vice-President of the Management Board11.92yrszł2.60mno data
Joanna Erdman
VP of the Management Board & Chief Risk Officer7.17yrszł2.48mno data
Marcin Gizycki
Vice-President of the Management Board3.83yrszł1.98mno data
Bozena Graczyk
VP of the Management Board & CFO3yrszł1.94mno data
Lorenzo Tassan-Bassut
VP of the Management Board & COO1.42yrszł1.47mno data
Slawomir Soszynski
Vice-President of the Management Board0.67yrzł344.30kno data
Aleksander Galos
Secretary & Independent Supervisory Board Member6.17yrszł264.30kno data
Jolanta Rodriguez
Director of Accounting Department & Chief Accountantno datano datano data
Iza Rokicka
Investor Relations Bureau Directorno datano datano data

3.4yrs

Average Tenure

57yo

Average Age

Experienced Management: ING's management team is considered experienced (3.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Aleksander Galos
Secretary & Independent Supervisory Board Member6.17yrszł264.30kno data
Michal Szczurek
Supervisory Board Member2.17yrsno datano data
Aleksander Kutela
Independent Supervisory Board Member6.17yrszł227.40kno data
Malgorzata Kolakowska
Deputy Chair of the Supervisory Board3.42yrsno datano data
Remco Nieland
Member of Supervisory Board0.083yrno datano data
Anthony Reczek
Independent Supervisory Board Chairman6.17yrszł348.30kno data
Susan Poot
Member of Supervisory Board0.083yrno datano data

3.4yrs

Average Tenure

58.5yo

Average Age

Experienced Board: ING's board of directors are considered experienced (3.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

ING Bank Slaski S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: ING Bank Slaski S.A.
  • Ticker: ING
  • Exchange: WSE
  • Founded: 1989
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: zł18.891b
  • Shares outstanding: 130.10m
  • Website: https://www.ing.pl

Number of Employees


Location

  • ING Bank Slaski S.A.
  • Sokolska Str. 34
  • Katowice
  • 40-086
  • Poland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
INGWSE (Warsaw Stock Exchange)YesOrdinary Bearer SharesPLPLNJan 1994
0MNYLSE (London Stock Exchange)YesOrdinary Bearer SharesGBPLNJan 1994

Biography

ING Bank Slaski S.A., together with its subsidiaries, provides various banking products and services in Poland. The company operates in two segments, Retail Banking and Corporate Banking. The Retail Banking segment offers various credit products, such as overdraft on the savings and settlement accounts, loans related to cards, hire purchase loans, housing loans, and mortgage loans; deposit products, including current accounts, term deposits, and savings accounts; structured products; ING fund units; brokerage services; and bank cards. It serves individual customers and sole traders. The Corporate Banking segment provides deposit products, such as current accounts, term deposits and negotiated deposits, and savings accounts; loan products, including working and investment loans; and financial markets products, trust services, and capital market operations, as well as leasing and factoring services. This segment serves strategic clients, large corporate entities, and mid-sized companies. The company is also involved in operation and leasing of real estate properties; and provides other financial services. In addition, it offers accountancy and payroll services; education and promotion for the financial market; and holiday and training courses. As of February 06, 2020, the company operated 317 branches and 1,012 machines for cash self-service. The company was founded in 1989 and is headquartered in Katowice, Poland. ING Bank Slaski S.A. is a subsidiary of ING Bank NV. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/03 09:07
End of Day Share Price2020/06/02 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.