Company Valuation: ING Groep N.V.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 46,613 40,803 45,538 46,932 69,684 74,422 - -
Change - -12.46% 11.6% 3.06% 48.48% 6.8% - -
Enterprise Value (EV) 46,613 40,803 45,538 46,932 69,684 74,422 74,422 74,422
Change - -12.46% 11.6% 3.06% 48.48% 6.8% 0% 0%
P/E ratio 9.95x 11.5x 6.6x 7.64x 11.3x 10.9x 9.4x 8.39x
PBR 0.86x 0.83x 0.88x 0.93x 1.4x 1.46x 1.37x 1.28x
PEG - -0.6x 0x -2.24x 1.6x 0.9x 0.6x 0.7x
Capitalization / Revenue 2.52x 2.2x 2.02x 2.08x 3.03x 3.07x 2.86x 2.71x
EV / Revenue 0x 0x 0x 0x 0x 3.07x 2.86x 2.71x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 6.56x 5.92x 5.43x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.89 0.559 1.106 1.06 1.086 1.252 1.419 1.615
Rate of return 7.27% 4.91% 8.18% 7.01% 4.52% 4.82% 5.46% 6.22%
EPS 2 1.23 0.99 2.05 1.98 2.12 2.374 2.763 3.096
Distribution rate 72.4% 56.5% 54% 53.5% 51.2% 52.8% 51.4% 52.2%
Net sales 1 18,490 18,561 22,575 22,615 23,035 24,228 26,001 27,454
EBITDA - - - - - - - -
EBIT 1 7,299 7,363 11,011 10,494 10,451 11,350 12,581 13,699
Net income 1 4,776 3,674 7,287 6,392 6,327 6,729 7,549 8,253
Net Debt - - - - - - - -
Reference price 2 12.24 11.39 13.53 15.13 24.01 25.97 25.97 25.97
Nbr of stocks (in thousands) 38,07,624 35,83,005 33,66,688 31,01,921 29,02,286 28,65,691 - -
Announcement Date 03/02/22 02/02/23 01/02/24 06/02/25 29/01/26 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.94x - - 4.82% 8.59TCr
14x - - 2.02% 84TCr
12.04x - - 2.19% 38TCr
5.72x - - 5.41% 37TCr
11.24x - - 4.61% 31TCr
5.73x - - 5.33% 30TCr
17.04x - - 2.5% 27TCr
6.05x - - 5.15% 27TCr
11.73x - - 2.29% 25TCr
16.45x - - 2.35% 23TCr
Average 11.09x 3.67% 33.01TCr
Weighted average by Cap. 11.35x 3.37%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation ING Groep N.V.