What changed
$ING — BUY 📊 | 6 MONTHS THESIS
🎯 latest | Rev $5.8B | EPS $0.63 vs $0.60 🟢
💡 Consensus models rapid NII compression from ECB rate cuts, but ING's structural hedging and deposit mix should sustain NII better than peers. The recent EPS beat (€0.63 vs €0.60 estimate) signals this resilience, and forward guidance implies low-to-mid single-digit NII declines versus market pricing in a sharper drop, creating an opportunity for...
📉 Reward/risk: 2.8:1
🏢 Business Quality: 7/10 - Strong retail and wholesale banking franchise, diversified across Europe, with above-peer ROTE (target >12%) and consistent capital returns, but subject to macro sensitivity and regulatory overhang.
📊 Valuation: cheap - Trading at 8.5x trailing P/E and 0.9x P/TBV, below 10-year medians of 10x and 1.1x, respectively, and at a discount to European bank peers...
📊 Our read: BUY. Full analysis →
https://stockduty.xyz/s/ING0622