Still a solid entry point into banking stocks
Although share price gains in the European banking sector have been significant in recent quarters, comfortably outperforming the general market; valuation multiples have lagged behind. The European banking sector has become cheaper relative to the market, and in absolute terms are still a low levels historically. Despite declining interest rates, the fundamental environment remains benign, providing a solid entry point for investors.In this note we specifically look at ABN Amro & ING. Revised estimates for ABN Amro lead to an increase of our TP from €17.5 to €18.5.
ABN Amro Bank NV is a bank based in the Netherlands. The Bank provides various financial products and services across a variety of channels, including its Mobile Banking app and Internet Banking. The Bank's product portfolio includes insurances, mortgages, savings, investments, loans and payments, among others. The Bank serves retail, private and corporate clients worldwide.
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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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