WSE:ING

Stock Analysis Report

ING Bank Slaski

Executive Summary

ING Bank Slaski S.A. provides various banking products and services in Poland.

Rewards

Earnings are forecast to grow 8.91% per year

Earnings grew by 8.7% over the past year

Risk Analysis

No risks detected for ING from our risk checks.


Snowflake Analysis

Adequate balance sheet with acceptable track record.


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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.0%

ING

-1.7%

PL Banks

-0.09%

PL Market


1 Year Return

-0.7%

ING

-12.1%

PL Banks

-7.7%

PL Market

Return vs Industry: ING exceeded the Polish Banks industry which returned -12.1% over the past year.

Return vs Market: ING exceeded the Polish Market which returned -7.6% over the past year.


Shareholder returns

INGIndustryMarket
7 Day-2.0%-1.7%-0.09%
30 Day-4.4%-0.5%-1.8%
90 Day1.9%-0.9%-1.0%
1 Year1.1%-0.7%-9.2%-12.1%-4.9%-7.7%
3 Year16.0%12.1%-5.7%-12.5%-4.4%-11.2%
5 Year59.5%44.7%-7.6%-19.2%3.0%-10.0%

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?

15.45x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ING (PLN197) is trading above our estimate of fair value (PLN163.91)

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 (15.5x) compared to the Banks industry average (13.2x).

PE vs Market: ING is poor value based on its PE Ratio (15.5x) compared to the Polish market (11.9x).


Price to Earnings Growth Ratio

PEG Ratio: ING is poor value based on its PEG Ratio (1.7x)


Price to Book Ratio

PB vs Industry: ING is overvalued based on its PB Ratio (1.7x) compared to the PL Banks industry average (1x).


Next Steps

Future Growth

How is ING Bank Slaski forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

8.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ING's forecast earnings growth (8.9% per year) is above the savings rate (2%).

Earnings vs Market: ING's earnings (8.9% per year) are forecast to grow slower than the Polish market (11.5% per year).

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

Revenue vs Market: ING's revenue (11.1% per year) is forecast to grow faster than the Polish market (6.2% per year).

High Growth Revenue: ING's revenue (11.1% 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 (11.4%).


Next Steps

Past Performance

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

9.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ING has high quality earnings.

Growing Profit Margin: ING's current net profit margins (32%) are lower than last year (32.2%).


Past Earnings Growth Analysis

Earnings Trend: ING's earnings have grown by 9.6% per year over the past 5 years.

Accelerating Growth: ING's earnings growth over the past year (8.7%) is below its 5-year average (9.6% per year).

Earnings vs Industry: ING earnings growth over the past year (8.7%) exceeded the Banks industry -3.5%.


Return on Equity

High ROE: ING's Return on Equity (10.9%) is considered low.


Return on Assets


Return on Capital Employed


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

Inventory Level: ING has a low level of unsold assets or inventory.

Debt Coverage by Assets: ING's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

Asset Level: ING's level of assets compared to its equity is moderate.

Allowance for Bad Loans: ING has a low allowance for bad loans.

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

Loan Level: ING has an acceptable proportion of non-loan assets held.

Low Risk Deposits: ING's loans are broadly funded by customer deposits.

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?

1.78%

Current Dividend Yield


Dividend Yield vs Market

company1.8%marketbottom25%2.3%markettop25%6.7%industryaverage4.7%forecastin3Years2.7%

Current dividend yield vs market & industry

Notable Dividend: ING's dividend (1.78%) isn’t notable compared to the bottom 25% of dividend payers in the Polish market (2.35%).

High Dividend: ING's dividend (1.78%) is low compared to the top 25% of dividend payers in the Polish market (6.73%).


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 (27.5%), 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 well covered by earnings (40.6% payout ratio).


Next Steps

Management

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

4.0yrs

Average management tenure


CEO

Brunon Bartkiewicz (57yo)

zł3,969,300

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. Mr. Bartkiewicz served as the Chief Executive Officer ...


CEO Compensation Analysis

Compensation vs Market: Brunon's total compensation ($USD1.01M) is above average for companies of similar size in the Polish market ($USD537.92K).

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 & CEO0yrszł3.97mno data
Michal Boleslawski
Vice President of the Management Board11.6yrszł2.97mno data
Joanna Erdman
Vice President of the Management Board6.8yrszł2.70mno data
Patrick Roesink
VP of the Management Board & Chief Risk Officer4.6yrszł2.40mno data
Bozena Graczyk
Vice President of the Management Board & CFO2.7yrszł1.69mno data
Aleksander Galos
Secretary & Independent Supervisory Board Member5.8yrszł235.30kno data
Marcin Gizycki
Vice President of Management Board3.5yrsno datano data
Lorenzo Tassan-Bassut
Vice President of Management Board & COO1.1yrsno datano data
Jolanta Rodriguez
Director of Accounting Department & Chief Accountant0yrsno datano data
Iza Rokicka
Head of IR0yrsno datano data

4.0yrs

Average Tenure

57yo

Average Age

Experienced Management: ING's management team is considered experienced (4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Aleksander Galos
Secretary & Independent Supervisory Board Member5.8yrszł235.30kno data
Michal Szczurek
Supervisory Board Member1.8yrsno datano data
Aleksander Kutela
Supervisory Board Member5.8yrszł208.60kno data
Malgorzata Kolakowska
Deputy Chair of the Supervisory Board3.1yrsno datano data
Adrianus Antonius Kas
Supervisory Board Member6.8yrsno datano data
Anthony Reczek
Supervisory Board Chairman5.8yrszł330.50kno data
Norman Tambach
Supervisory Board Member2.8yrsno datano data

5.8yrs

Average Tenure

57yo

Average Age

Experienced Board: ING's board of directors are considered experienced (5.8 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: 1988
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: zł25.630b
  • Shares outstanding: 130.10m
  • Website: https://www.ing.pl

Number of Employees


Location

  • ING Bank Slaski S.A.
  • ul. Sokolska 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. 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. operates as a subsidiary of ING Bank N.V. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/15 20:44
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
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.