ING Groep N.V.

ING Groep is a global financial institution based in the Netherlands. Co. is engaged in offering a wide range of retail and wholesale banking services to customers in over 40 countries across Europe, the Americas, Asia and Australia. In addition to the basic banking services of lending, payments and cash management and treasury, Co. provides tailored banking solutions in areas including corporate finance, commercial finance (factoring), equity markets and debt capital markets to help clients achieve their business goals. Co.'s operations are organized along five segments: Retail Netherlands; RetailBelgium: Retail Germany: Retail Other; and Wholesale Banking.
  • TickerINGA
  • ISINNL0011821202
  • ExchangeEuronext Amsterdam
  • SectorBanks
  • CountryNetherlands
Jean Sassus ...
  • Steven Gould

ING : Beefing up of the capital but persistent weakness at the operating level

>Q2 2020 confirms, in our view, the weaknesses at the operating level - ING's Q2 2020 operating performance was mixed, with revenue of € 299m, well below expectations (-51% vs consensus € 613m, -79% y-o-y), even though this is partly due to the recognition of ~€ 0.3bn of goodwill impairment charge (announced last week). Beyond this negative one-off, the underlying performance remains rather disappointing with an ROCE of € 542m, down 36% compared to expectations and do...

Jean Sassus ...
  • Steven Gould

ING : Renforcement du capital mais fragilité opérationnelle persistante

>Le T2 2020 confirme, selon nous, les fragilités sur l’opérationnel - ING délivre au T2 2020 une copie mitigée sur l’opérationnel, – le RN s’établit ainsi à 299 M€, bien en deçà des attentes (-51% vs consensus 613 M€, -79% yoy), même si cela est en partie lié à la comptabilisation de ~0.3 Md€ de dépréciation de GW (annoncée la semaine dernière). Au-delà de ce one-off négatif, la performance underlying reste assez décevante avec un RCAI à 542 M€ soit -36% par rapport a...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Matthieu DRIOL

Short term view - ING GROEP NV : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €10.962. The next target is at €9.447, then €8.327. Passing €11.600 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - ING GROEP NV : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 10,962 € prochainement. Le prochain objectif est à 9,447 €, puis 8,327 €. Le franchissement de 11,600 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - ING GROEP NV : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €9.447, then €8.327. Passing €11.600 would question the continuation of the fall.

Jean Sassus ...
  • Steven Gould

ING : Beefing up of the capital but persistent weakness at the operating level

>Q2 2020 confirms, in our view, the weaknesses at the operating level - ING's Q2 2020 operating performance was mixed, with revenue of € 299m, well below expectations (-51% vs consensus € 613m, -79% y-o-y), even though this is partly due to the recognition of ~€ 0.3bn of goodwill impairment charge (announced last week). Beyond this negative one-off, the underlying performance remains rather disappointing with an ROCE of € 542m, down 36% compared to expectations and do...

Jean Sassus ...
  • Steven Gould

ING : Renforcement du capital mais fragilité opérationnelle persistante

>Le T2 2020 confirme, selon nous, les fragilités sur l’opérationnel - ING délivre au T2 2020 une copie mitigée sur l’opérationnel, – le RN s’établit ainsi à 299 M€, bien en deçà des attentes (-51% vs consensus 613 M€, -79% yoy), même si cela est en partie lié à la comptabilisation de ~0.3 Md€ de dépréciation de GW (annoncée la semaine dernière). Au-delà de ce one-off négatif, la performance underlying reste assez décevante avec un RCAI à 542 M€ soit -36% par rapport a...

Jean-Christophe Dourret

ING : ING GROUP - 13 July 2020

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Jean-Christophe Dourret

Intesa Sanpaolo : Technical Overview - 13 July 2020.docx

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Jean-Christophe Dourret

ING : ING GROUP - 13 juil 2020

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Philippe Lamaud

ING : ING’s credit profile set to weather the storm owing to strong fundamentals; Recommendations raised to Buy on all debt instruments

ING’s asset quality and profitability will inevitably experience negative pressures in the coming months, but we believe its overall credit profile should remain resilient to the economic fallout of the Covid 19 crisis. ING’s strong fundamentals will endure expected severe headwinds and its credit profile should not durably nor irreversibly be impaired, so we maintain a Stable credit opinion. Our (arguably bullish) view also intends to suggest that ING is one of the strongest and...

Philippe Lamaud

ING : ING’s credit profile set to weather the storm owing to strong fundamentals; Recommendations raised to Buy on all debt instruments

ING’s asset quality and profitability will inevitably experience negative pressures in the coming months, but we believe its overall credit profile should remain resilient to the economic fallout of the Covid 19 crisis. ING’s strong fundamentals will endure expected severe headwinds and its credit profile should not durably nor irreversibly be impaired, so we maintain a Stable credit opinion. Our (arguably bullish) view also intends to suggest that ING is one of the strongest and...

Philippe Lamaud

ING : Credit Update; Buy ING Group Tier 2

ING continued in 2017 the successful execution of its “Accelerating Think Forward” strategy presented in 2016 and covering the years to 2020. Favourable conditions in the eurozone (where ING generates around 75% of overall group revenues) have further underpinned the group’s financial performance and the economic outlook (particularly in the Netherlands) is sound. ING’s earnings in the first three quarters of 2017 exceeded analysts’ consensus estimates, while key credit metrics improved. - For regulatory reasons and following the designation of ING Group (the holding company) as the group’s r...

Philippe Lamaud

ING : Credit Update; Buy ING Group Tier 2

ING continued in 2017 the successful execution of its “Accelerating Think Forward” strategy presented in 2016 and covering the years to 2020. Favourable conditions in the eurozone (where ING generates around 75% of overall group revenues) have further underpinned the group’s financial performance and the economic outlook (particularly in the Netherlands) is sound. ING’s earnings in the first three quarters of 2017 exceeded analysts’ consensus estimates, while key credit metrics improved. - For regulatory reasons and following the designation of ING Group (the holding company) as the group’s r...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2020

The increase in Fortum’s stake in Uniper to 73.4% upends the two groups’ strategic priorities. In seeking to maintain an investment grade credit rating, Uniper might have to scale back its ambitions in terms of growth investments. In an environment where rivals are looking ahead to the future, Fortum and Uniper are uniting in adversity. We initiate coverage of Uniper with a Reduce rating and a target price of € 24.30. - Cf. company report published last evening. - ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2020

La montée de Fortum au capital d’Uniper à 73.4% rebat les cartes des priorités stratégiques des deux groupes. La volonté de maintenir la note de crédit en catégorie « investment grade » pourrait se traduire par une réduction des ambitions d’Uniper en matière d’investissements de croissance. Dans un environnement où les concurrents se projettent dans l’avenir, Fortum et Uniper sont en train de s’unir dans l’adversité. Nous initions le suivi d’Uniper avec une opinion Alléger et un OC de...

Benoit Valleaux ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/11/2020

Like a phoenix rising from its ashes, the US shale industry weathered the 2014 crisis and even continued to gain market share. Five years on, the sector has to contend with a veritable slump in WTI prices and this time around, there will be “a problem in Houston”. This time shale output is likely to fall and drilling equipment manufacturers will not escape completely unscathed, notably because of the risk of asset impairments. Once again, resilience will be measured by the ability to ...

An increasingly favourable environment allows ING GROEP to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of ING GROEP (NL), a company active in the Money Center Banks industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date June 5, 2020, the closing price was EUR 7.13 and its expected value was estimated at EUR 5.40.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

ING Groep – AGM 28 April 2020

In general, ING Group ("ING") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 4a discharge of the executive board is sought. ECGS notes that ING paid an administrative fine and disgorgement of profit of EUR 33.5 million in connection with shortcomings in AML processes at ING Italy. Based on the above fine, ECGS is unwilling to grant discharge to the members of the executive- and/or supervisory board. Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 4b discharge of the supervisory board is sought. E...

Expert Corporate Governance Service (ECGS)

ING Groep - 23 April 2019

In general, ING Group ("ING") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 4a, discharge of the executive board is sought. In view of the substantial fine and the ongoing investigation into shortcomings in the execution of customer due diligence requirements in Italy (see below), ECGS is unwilling to grant discharge to the members of the executive board. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 4b, discharge of the supervisory board is sought. With reference to comments made under ITEM 4a abov...

Ing Groep – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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