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ING Bank Slaski

WSE:ING
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ING
WSE
PLN26B
Market Cap
  1. Home
  2. PL
  3. Banks
Company description

ING Bank Slaski S.A. provides various banking products and services in Poland. The last earnings update was 6 days ago. More info.


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ING Share Price and Events
7 Day Returns
1.2%
WSE:ING
0%
PL Banks
-0.8%
PL Market
1 Year Returns
-2.2%
WSE:ING
-10.3%
PL Banks
-7%
PL Market
ING Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ING Bank Slaski (ING) 1.2% 2.7% 10.6% -2.2% 66.1% 49.6%
PL Banks 0% -1% 6.4% -10.3% 17.1% -22.2%
PL Market -0.8% -0.4% 8.1% -7% 17.3% -7.9%
1 Year Return vs Industry and Market
  • ING outperformed the Banks industry which returned -10.3% over the past year.
  • ING outperformed the Market in Poland which returned -7% over the past year.
Price Volatility
ING
Industry
5yr Volatility vs Market

Value

 Is ING Bank Slaski 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 Bank Slaski 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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for ING Bank Slaski.

WSE:ING Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 6 analysts.
= Stable Book Value * Return on Equity
= PLN124.34 * 12.5%
PLN15.53
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. PLN124.34
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year PL Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WSE:ING
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year PL Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 7.2%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.42
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.424 (1 + (1- 19%) (23.06%))
0.641
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.85% + (0.8 * 7.15%)
8.57%

Discounted Cash Flow Calculation for WSE:ING using Excess Returns Model Model

The calculations below outline how an intrinsic value for ING Bank Slaski 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.

WSE:ING Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.5% – 8.57%) * PLN124.34)
PLN4.87
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= PLN4.87 / (8.57% - 2.85%)
PLN85.16
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= PLN124.34 + PLN85.16
PLN209.51
WSE:ING Discount to Share Price
Calculation Result
Value per share (PLN) From above. PLN209.51
Current discount Discount to share price of PLN199.00
= -1 x (PLN199.00 - PLN209.51) / PLN209.51
5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price ING Bank Slaski is available for.
Intrinsic value
5%
Share price is PLN199 vs Future cash flow value of PLN209.51
Current Discount Checks
For ING Bank Slaski to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • ING Bank Slaski's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • ING Bank Slaski's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Bank Slaski's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ING Bank Slaski's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WSE:ING PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in PLN PLN11.73
WSE:ING Share Price ** WSE (2019-02-19) in PLN PLN199
Poland Banks Industry PE Ratio Median Figure of 10 Publicly-Listed Banks Companies 13.57x
Poland Market PE Ratio Median Figure of 451 Publicly-Listed Companies 10.56x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ING Bank Slaski.

WSE:ING PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= WSE:ING Share Price ÷ EPS (both in PLN)

= 199 ÷ 11.73

16.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ING Bank Slaski is overvalued based on earnings compared to the PL Banks industry average.
  • ING Bank Slaski is overvalued based on earnings compared to the Poland market.
Price based on expected Growth
Does ING Bank Slaski's expected growth come at a high price?
Raw Data
WSE:ING PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
9.5%per year
Poland Banks Industry PEG Ratio Median Figure of 9 Publicly-Listed Banks Companies 1.46x
Poland Market PEG Ratio Median Figure of 100 Publicly-Listed Companies 1.12x

*Line of best fit is calculated by linear regression .

WSE:ING PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.97x ÷ 9.5%

1.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ING Bank Slaski is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on ING Bank Slaski's assets?
Raw Data
WSE:ING PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in PLN PLN102.51
WSE:ING Share Price * WSE (2019-02-19) in PLN PLN199
Poland Banks Industry PB Ratio Median Figure of 13 Publicly-Listed Banks Companies 1.22x
Poland Market PB Ratio Median Figure of 691 Publicly-Listed Companies 1.02x
WSE:ING PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= WSE:ING Share Price ÷ Book Value per Share (both in PLN)

= 199 ÷ 102.51

1.94x

* Primary Listing of ING Bank Slaski.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ING Bank Slaski is overvalued based on assets compared to the PL Banks industry average.
X
Value checks
We assess ING Bank Slaski's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. ING Bank Slaski has a total score of 0/6, 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.

Future Performance

 How is ING Bank Slaski expected to perform in the next 1 to 3 years based on estimates from 6 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!
Annual Growth Rate
9.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ING Bank Slaski expected to grow at an attractive rate?
  • ING Bank Slaski's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • ING Bank Slaski's earnings growth is positive but not above the Poland market average.
  • ING Bank Slaski's revenue growth is expected to exceed the Poland market average.
Annual Growth Rates Comparison
Raw Data
WSE:ING Future Growth Rates Data Sources
Data Point Source Value (per year)
WSE:ING Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 9.5%
WSE:ING Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 11.4%
Poland Banks Industry Earnings Growth Rate Market Cap Weighted Average 10.6%
Poland Banks Industry Revenue Growth Rate Market Cap Weighted Average 8.3%
Poland Market Earnings Growth Rate Market Cap Weighted Average 10.1%
Poland Market Revenue Growth Rate Market Cap Weighted Average 6.5%

*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
Raw Data
WSE:ING Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in PLN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WSE:ING Future Estimates Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 6,707 2,040 4
2020-12-31 6,147 1,837 6
2019-12-31 5,741 1,653 2
WSE:ING Past Financials Data
Date (Data in PLN Millions) Revenue Cash Flow Net Income *
2018-12-31 4,732 -16,404 1,526
2018-09-30 4,572 -10,736 1,441
2018-06-30 4,306 -9,886 1,437
2018-03-31 4,438 -3,913 1,425
2017-12-31 4,335 -3,106 1,403
2017-09-30 4,217 -3,802 1,291
2017-06-30 4,136 -1,896 1,248
2017-03-31 4,263 -5,764 1,294
2016-12-31 4,024 -8,300 1,253
2016-09-30 3,943 -10,388 1,204
2016-06-30 3,823 -12,010 1,188
2016-03-31 3,621 -10,111 1,125

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ING Bank Slaski's earnings are expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
  • ING Bank Slaski's revenue is expected to grow by 11.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WSE:ING Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from ING Bank Slaski Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ING Future Estimates Data
Date (Data in PLN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 16.07 16.07 16.07 1.00
2022-12-31 16.13 16.90 15.35 2.00
2021-12-31 15.43 15.90 14.60 4.00
2020-12-31 14.26 14.90 13.82 5.00
2019-12-31 12.80 12.80 12.80 1.00
WSE:ING Past Financials Data
Date (Data in PLN Millions) EPS *
2018-12-31 11.73
2018-09-30 11.07
2018-06-30 11.05
2018-03-31 10.95
2017-12-31 10.78
2017-09-30 9.92
2017-06-30 9.59
2017-03-31 9.95
2016-12-31 9.63
2016-09-30 9.25
2016-06-30 9.13
2016-03-31 8.65

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • ING Bank Slaski is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ING Bank Slaski's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Poland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Poland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ING Bank Slaski 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.

Past Performance

  How has ING Bank Slaski 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
Below we compare ING Bank Slaski's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ING Bank Slaski's year on year earnings growth rate has been positive over the past 5 years.
  • ING Bank Slaski's 1-year earnings growth is less than its 5-year average (8.8% vs 8.9%)
  • ING Bank Slaski's earnings growth has not exceeded the PL Banks industry average in the past year (8.8% vs 20.6%).
Earnings and Revenue History
ING Bank Slaski's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ING Bank Slaski Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WSE:ING Past Revenue, Cash Flow and Net Income Data
Date (Data in PLN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 4,731.80 1,525.90 2,326.80
2018-09-30 4,572.30 1,440.50 2,275.80
2018-06-30 4,306.40 1,437.40 2,234.40
2018-03-31 4,438.00 1,425.10 2,185.30
2017-12-31 4,334.70 1,403.10 2,122.60
2017-09-30 4,216.70 1,291.20 2,165.00
2017-06-30 4,135.70 1,247.50 2,150.90
2017-03-31 4,262.50 1,294.00 2,120.70
2016-12-31 4,023.90 1,253.00 2,099.20
2016-09-30 3,942.70 1,203.80 150.90
2016-06-30 3,823.00 1,187.50 145.20
2016-03-31 3,621.20 1,125.20 130.30
2015-12-31 3,546.20 1,127.00 117.10
2015-09-30 3,422.00 1,152.10 1,779.50
2015-06-30 3,349.00 1,109.40 1,719.60
2015-03-31 3,295.20 1,047.10 1,659.30
2014-12-31 3,262.00 1,040.70 1,596.90
2014-09-30 3,234.60 1,060.40 1,707.80
2014-06-30 3,140.60 1,021.80 1,643.40
2014-03-31 3,014.50 956.40 1,637.70
2013-12-31 3,023.20 961.50 1,646.80
2013-09-30 2,948.40 901.00 1,649.10
2013-06-30 2,910.60 869.80 1,717.80
2013-03-31 2,823.50 820.50 1,737.80
2012-12-31 2,801.00 832.30 1,760.40
2012-09-30 2,809.00 855.90 1,786.10
2012-06-30 2,799.10 872.80 1,753.80
2012-03-31 2,848.50 939.10 1,717.30

*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 Bank Slaski has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ING Bank Slaski used its assets more efficiently than the PL Banks industry average last year based on Return on Assets.
  • Unable to establish if ING Bank Slaski improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess ING Bank Slaski's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
ING Bank Slaski 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.

Health

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

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.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of ING Bank Slaski's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
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.
Raw Data

All data from ING Bank Slaski Company Filings, last reported 1 month ago.

WSE:ING Past Debt and Equity Data
Date (Data in PLN Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 13,336.30 5,970.70 3,858.60
2018-09-30 12,161.90 7,657.70 4,194.70
2018-06-30 11,889.50 5,757.90 5,597.40
2018-03-31 12,058.90 6,409.50 5,930.60
2017-12-31 11,794.80 5,688.90 5,273.60
2017-09-30 11,486.20 6,466.40 5,658.20
2017-06-30 11,154.10 7,786.40 7,084.90
2017-03-31 10,789.40 7,392.50 5,304.10
2016-12-31 10,477.20 7,174.40 7,272.80
2016-09-30 10,979.00 9,284.60 6,361.50
2016-06-30 10,812.60 7,561.40 8,024.80
2016-03-31 10,670.20 6,880.50 10,048.80
2015-12-31 10,680.50 6,817.30 8,289.00
2015-09-30 10,304.40 11,743.80 13,802.20
2015-06-30 9,558.70 8,175.90 10,539.40
2015-03-31 10,232.10 8,957.80 12,906.70
2014-12-31 10,456.60 7,932.10 11,863.50
2014-09-30 9,934.20 9,388.20 10,900.10
2014-06-30 9,161.10 14,841.30 16,323.30
2014-03-31 8,887.90 11,096.30 16,928.60
2013-12-31 8,628.60 6,241.90 10,993.40
2013-09-30 8,271.50 6,789.70 11,765.90
2013-06-30 8,133.50 8,060.20 10,915.70
2013-03-31 8,238.80 8,434.50 7,900.10
2012-12-31 8,136.10 8,653.30 7,675.90
2012-09-30 7,427.20 8,054.80 8,836.20
2012-06-30 6,981.10 6,723.80 5,830.90
2012-03-31 6,753.40 9,232.80 6,088.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • ING Bank Slaski has an acceptable proportion of non-loan assets held.
  • ING Bank Slaski's liabilities are made up of primarily low risk sources of funding.
  • Loans at ING Bank Slaski are broadly funded by customer deposits.
  • ING Bank Slaski's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • ING Bank Slaski has a low allowance for bad loans.
  • ING Bank Slaski has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess ING Bank Slaski's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ING Bank Slaski has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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.

Dividends

 What is ING Bank Slaski'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
Dividend payments
1.61%
Current annual income from ING Bank Slaski dividends. Estimated to be 2.93% next year.
If you bought PLN2,000 of ING Bank Slaski shares you are expected to receive PLN32 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • ING Bank Slaski's pays a lower dividend yield than the bottom 25% of dividend payers in Poland (2.54%).
  • ING Bank Slaski's dividend is below the markets top 25% of dividend payers in Poland (7.71%).
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.
Raw Data
WSE:ING Annualized Past and Future Dividends
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 6 Analyst Estimates (S&P Global) See Below
Poland Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.5%
Poland Market Average Dividend Yield Market Cap Weighted Average of 208 Stocks 3.3%
Poland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Poland Bottom 25% Dividend Yield 25th Percentile 2.5%
Poland Top 25% Dividend Yield 75th Percentile 7.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WSE:ING Future Dividends Estimate Data
Date (Data in PLN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 10.57 2.00
2022-12-31 9.16 3.00
2021-12-31 5.44 5.00
2020-12-31 4.89 7.00
2019-12-31 4.25 7.00
WSE:ING Past Annualized Dividends Data
Date (Data in PLN) Dividend per share (annual) Avg. Yield (%)
2018-04-05 3.200 1.734
2017-11-02 0.000 0.000
2017-08-02 0.000 0.000
2017-03-03 0.000 0.000
2016-05-10 4.300 2.993
2016-04-04 4.300 3.553
2015-03-03 4.000 3.201
2014-03-10 4.400 3.238
2014-02-12 4.400 3.342
2012-11-07 0.000 0.000
2012-08-08 0.000 0.000
2012-05-09 0.000 0.000
2012-03-02 0.000 0.000
2012-02-09 0.000 0.000
2011-03-04 1.500 1.884
2011-02-16 1.500 1.771
2010-02-17 0.000 0.000
2009-11-10 0.000 0.000
2009-08-12 0.000 0.000
2009-05-13 0.000 0.000
2009-02-27 0.000 0.000
2009-02-20 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of ING Bank Slaski's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.8x coverage).
X
Income/ dividend checks
We assess ING Bank Slaski's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ING Bank Slaski afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ING Bank Slaski 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.

Management

 What is the CEO of ING Bank Slaski's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Brunon Bartkiewicz
COMPENSATION PLN3,316,300
AGE 56
CEO Bio

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. Mr. Bartkiewicz served as the Chief Executive Officer of Europe at ING Groep N.V. and served as its Chief Innovation Officer from July 1, 2014 to April 2016. Mr. Bartkiewicz was responsible for driving ING's strategic innovation agenda, developing and promoting innovative ideas and solutions, applying new technologies and delivering speed-to-market of successful ideas. He served as the Chief Executive Officer - Rest of Europe at ING Bank N.V. until July 1, 2014. He served as the President of ING Direct at ING Bank, fsb since January 1, 2010. He served as a General Director at ING Direct NV unit from 2000 to 2004 and started his career with Bank Slaski since 1991. He served as the President of Management Board of Ing Bank Slaski SA since June 17, 2004 to December 2009. He served as the President of Board of Directors and President of Management Board at Ing Bank Slaski SA from June 17, 2004 to December 2009. He served as the Chief Executive Officer of ING Bank Slaski SA since June 2004. He is an experienced leader with more than 20 years of experience in banking and within ING one of the architects of the ING Direct business model. He has been a Deputy Chair of the Supervisory Board and Member of the Supervisory Board at ING Bank Slaski SA since May 26, 2011. He served as Director of ING Bank (Australia) Ltd., from October 1, 2010 to March 29, 2012. He served as Director of ING Bank Slaski SA. He served as a Member of Management Board of ING Bank Slaski SA until December 2009. Mr. Bartkiewicz is an University graduate in Economics, Main School of Planning and Statistics (currently, SGH) Warsaw, Foreign Trade Faculty and several post-graduate degrees, including a degree in general management from INSEAD, France also attended Szkola Glówna Handlowa w Warszawie.

CEO Compensation
  • Brunon's compensation has increased by more than 20% in the past year.
  • Brunon's remuneration is higher than average for companies of similar size in Poland.
Management Team Tenure

Average tenure and age of the ING Bank Slaski management team in years:

3
Average Tenure
56
Average Age
  • The tenure for the ING Bank Slaski management team is about average.
Management Team

Brunon Bartkiewicz

TITLE
President of the Management Board
COMPENSATION
PLN3M
AGE
56

Joanna Erdman

TITLE
Vice President of the Management Board
COMPENSATION
PLN3M
TENURE
5.8 yrs

Patrick Roesink

TITLE
VP of the Management Board & Chief Risk Officer
COMPENSATION
PLN2M
TENURE
3.6 yrs

Marcin Gizycki

TITLE
Vice President of Management Board
COMPENSATION
PLN1M
TENURE
2.5 yrs

Bozena Graczyk

TITLE
Vice President of the Management Board & CFO
COMPENSATION
PLN3M
TENURE
1.7 yrs

Aleksander Galos

TITLE
Secretary & Independent Supervisory Board Member
COMPENSATION
PLN200K
AGE
56

Michal Boleslawski

TITLE
Vice President of the Management Board
COMPENSATION
PLN3M
TENURE
10.6 yrs

Lorenzo Tassan-Bassut

TITLE
Vice President of Management Board & COO
AGE
51
TENURE
0.1 yrs

Jolanta Rodriguez

TITLE
Director of Accounting Department & Chief Accountant

Iza Rokicka

TITLE
Head of IR
Board of Directors Tenure

Average tenure of the ING Bank Slaski board of directors in years:

4.8
Average Tenure
  • The tenure for the ING Bank Slaski board of directors is about average.
Board of Directors

Antoni Reczek

TITLE
Supervisory Board Chairman
COMPENSATION
PLN324K
TENURE
4.8 yrs

Malgorzata Kolakowska

TITLE
Deputy Chair of the Supervisory Board
TENURE
2.1 yrs

Aleksander Galos

TITLE
Secretary & Independent Supervisory Board Member
COMPENSATION
PLN200K
AGE
56
TENURE
4.8 yrs

Aleksander Kutela

TITLE
Supervisory Board Member
COMPENSATION
PLN178K
TENURE
4.8 yrs

Michal Szczurek

TITLE
Supervisory Board Member
COMPENSATION
PLN106K
AGE
46
TENURE
0.8 yrs

Ad Antonius Kas

TITLE
Supervisory Board Member
TENURE
5.8 yrs

Norman Tambach

TITLE
Supervisory Board Member
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (PLN) Value (PLN)
X
Management checks
We assess ING Bank Slaski's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ING Bank Slaski 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.

News

Simply Wall St News

Is ING Bank Slaski S.A. (WSE:ING) A Great Dividend Stock?

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … Historically, ING Bank Slaski S.A. … Let's dig deeper into whether ING Bank Slaski should have a place in your portfolio.

Simply Wall St -

What Makes ING Bank Slaski S.A. (WSE:ING) A Hard Investment?

As a small-cap bank stock with a market capitalisation of zł25b, ING Bank Slaski S.A.’s (WSE:ING) risk and profitability are largely determined by the underlying economic growth of the PL regions in which it operates. … Strong management of leverage and liquidity could place the bank in a protected position at the face of macro headwinds. … Check out our latest analysis for ING Bank Slaski

Simply Wall St -

ING Bank Slaski S.A. (WSE:ING): Poised For Long Term Success?

(WSE:ING) released its earnings in September 2018,. … with earnings expected to grow by 11% in the upcoming year … the past 5-year average growth rate of 8.9%

Simply Wall St -

Are You Considering All The Risks For ING Bank Slaski SA’s (WSE:ING)?

As a small cap company operating in a heavily regulated financial services sector, an investment in ING Bank Slaski SA (WSE:ING) has many factors to consider. … Today we will analyse ING Bank Slaski’s level of bad debt and liabilities in order to understand the risk involved with investing in ING Bank Slaski … See our latest analysis for ING Bank Slaski

Simply Wall St -

What Does ING Bank Slaski SA's (WSE:ING) P/E Ratio Tell You?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … ING Bank Slaski has a price to earnings ratio of 16.17, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

If You Bought ING Bank Slaski SA (WSE:ING) Today, There May Be An Upside

This is because the rules banks face are different to other companies, which can impact the way we forecast their cash flows. … For instance, banks must hold a certain level of cash reserves on the books as a safety precaution.

Simply Wall St -

What Makes ING Bank Slaski SA (WSE:ING) A Hard Investment?

As a small-cap bank stock with a market capitalisation of zł22.1b, ING Bank Slaski SA’s (WSE:ING) risk and profitability are largely determined by the underlying economic growth of the PL regions in which it operates. … Unpredictable macro events such as political instability could weaken its financial position which is why it is important to understand how well the bank manages its risk levels. … Low levels of leverage coupled with sufficient liquidity may place ING Bank Slaski in a safe position in the face of adverse headwinds.

Simply Wall St -

Does ING Bank Slaski SA (WSE:ING) Have A Place In Your Portfolio?

Historically, ING Bank Slaski SA (WSE:ING) has been paying a dividend to shareholders. … Does ING Bank Slaski tick all the boxes of a great dividend stock? … View our latest analysis for ING Bank Slaski

Simply Wall St -

Spotlight On ING Bank Slaski SA's (WSE:ING) Fundamentals

In the case of ING Bank Slaski SA (WSE:ING), there's. … Below is a brief commentary on these key aspects … For those interested in digger a bit deeper into my commentary,

Simply Wall St -

What You Should Know About ING Bank Slaski SA’s (WSE:ING) Risks

One of the biggest risk ING Bank Slaski SA (WSE:ING) faces as a bank is bad loans, also known as credit risk. … Today we’re going to assess the level of bad debt and liabilities ING Bank Slaski currently has in order to properly analyse the risk involved with investing in ING Bank Slaski. … See our latest analysis for ING Bank Slaski

Simply Wall St -

Company Info

Map
Description

ING Bank Slaski S.A. 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 deposit products, including current accounts, term deposits, and savings accounts; credit products, such as overdraft on the savings and settlement accounts, loans related to cards, hire purchase loans, housing loans, and mortgage loans; structured products; ING fund units; brokerage services; and bank cards. It serves individual customers and sole traders. The Corporate Banking segment provides deposit products comprising current accounts, term deposits and negotiated deposits, and savings accounts; working and investment loans; financial markets products; trust services; capital market operations. This segment serves strategic clients, large corporate entities, and mid-sized companies. The company also offers leasing and factoring services. As of December 31, 2016, ING Bank Slaski S.A. operated 384 branches and 1145 ATMs. The company was founded in 1988 and is headquartered in Katowice, Poland. ING Bank Slaski S.A. is a subsidiary of ING Bank NV.

Details
Name: ING Bank Slaski S.A.
ING
Exchange: WSE
Founded: 1988
PLN25,889,900,000
130,100,000
Website: http://www.ingbank.pl
Address: ING Bank Slaski S.A.
ul. Sokolska 34,
Katowice,
40-086,
Poland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
WSE ING Ordinary Bearer Shares Warsaw Stock Exchange PL PLN 25. Jan 1994
Number of employees
Current staff
Staff numbers
8,034
ING Bank Slaski employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/19 20:54
End of day share price update: 2019/02/19 00:00
Last estimates confirmation: 2019/02/14
Last earnings filing: 2019/02/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.