What changed
$ING — ADD 📊 | 6 MONTHS THESIS
🎯 latest | Rev $5.8B | EPS $0.63 vs $0.60 🟢
💡 Consensus expects NIM compression and flat EPS growth into 2025; our variant view sees NIM troughing above 1.50% and fee income growth sustaining, leading to 5-8% EPS upside vs. consensus.
📉 Reward/risk: 1.65:1
🏢 Business Quality: 7/10
📊 Valuation: fair - P/E 12.7x FY2025 EPS, slightly above 10-year average of 11.5x; P/TBV 2.0x vs. peer median 1.0x, but justified by 12% ROE; dividend yield 5.2%.
🔮 Catalyst: Analyst estimate revisions post-Q1 beat and capital markets day in next 2 months
💰 Entry: $32.2, stop $30.5, target $35
⚖️ Add ING — the Q1 EPS beat signals NIM trough, and consensus still underestimates earnings resilience, with a 3-month catalyst of upward revisions driving a 10% upside to $35.
📊 Our read: ADD. Full analysis →
https://stockduty.xyz/s/ING0623