Rankings Financial data & insurance broking ING
ING
98
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−7
- Quality of growth−2
- Deposit competition and interest rates−2
Strengths
- Raised guidance+2
- Dividend and buybacks+2
- Customer growth and fees+2
How the score is built
From 100 to 98, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 27.76 EUR
- Median analyst target
- 35.50 EUR
- Upside to median
- +27.9%
- Analysts
- 20
- Target range
- 26.00 – 42.40 EUR
- 52-week change
- +30%
- P/E (trailing)
- 9.1
- Forward P/E
- 9.8
- PEG
- 0.60
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 1 finding−2 of −30
- −2Quality of growthLoan growth (about 8% annualised) comes in low-margin mortgages and investment-grade corporate loans, so the lending margin is squeezed; Wholesale Banking's income per risk-weighted asset (493 bp) is still below peers according to analysts.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −7Multiples vs own historyP/B 1.76 (P/TBV 1.86) vs 0.72–1.26 in 2021–2025, and P/E about 13.5 on ING's own 12-month net result (6.7bn); the share price is +44% in a year and about 3.6 times the 2022 level (8.78 → EUR 31.73). The re-rating has happened.
- −1PeersP/B 1.76 at RoTE 17% vs ABN AMRO (1.30 at ROE 12%), Danske Bank (1.82 at 13.9%) and Nordea (1.95); the price matches the return, no discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−5 of −35
- −2Deposit competition and interest ratesNet interest income is carried by the liability margin (107 bp, supported by the replicating portfolio); analysts question its durability because deposit campaigns in Germany and Belgium are intense, and lower rates squeeze the margin.
- −1Credit qualityRisk costs of 15bp of lending in Q2 vs ING's own through-the-cycle average of about 20bp; a normalisation costs earnings.
- −1Compliance historyA EUR 775m money-laundering settlement in 2018 and a new French fine from the ACPR for 'significant' failings in anti-money-laundering controls; repeated failures despite large compliance investments.
- −1
Plus
Only documented strengths. · 3 findings+6 of +15
- +2Raised guidanceRaised after Q2: 2026 total income above 24.5bn and RoTE above 15% (+1 point); 2027 income above 26bn and RoTE above 16% (+1 point). Q2 net profit 1,947m, RoTE 17%, income +10% and costs only +2%.
- +2Dividend and buybacksDividend EUR 3.85bn + buyback EUR 2.78bn (TTM) = EUR 6.6bn, just below net income of EUR 6.7bn; new buyback of EUR 1.0bn and CET1 13.1% above the target of about 13%. Total shareholder return about 10%.
- +2Customer growth and feesOver 1m new mobile primary customers in 12 months (above the capital markets day target), fee income +14% and the EUR 5bn target is reached a year early; net deposits and core lending both grow about 8%.
Caveats
What the score does not capture, or where the data is weak.
Bank: EV, ROIC and FCF are not meaningful; valued on P/B, P/TBV and P/E, and payouts are measured against net profit. Stockanalysis' net profit (8.7bn TTM, EPS 2.99, trailing P/E 10.6) is distorted and does not match ING's own net profit of 6.7bn over 12 months (EPS about 2.35, P/E about 13.5) or its own forecast table (2025 EPS 2.12); P/B is therefore used as the main multiple. The forward P/E (11.6–12.8) is on adjusted EPS. Share count −6.3% according to stockanalysis; buybacks of 2.8bn TTM equal only about 4%, the rest is earlier programmes. Price targets were raised after Q2, but the median is only about 2% above the price. The Russia exposure (wind-down) has not been examined separately. Q3 report on 29 Oct.
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