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INGVF - ING Groep: Deeply Discounted With A Capital Return Catalyst
November, 16 2020 06:31 AM
ING Groep NV
ING has been beaten down YTD, but I think the investment case is compelling here. The rate environment is a headwind, but with the cost of risk normalizing and the cost base shrinking, the fundamental outlook isn't all bad. The lower CET1 target unlocks ~EUR 9bn of capital optionality, with a year-end ECB approval likely to catalyze a significantly higher capital return. At ~0.6x P/TB, ING offers investors many ways to win. For further details see:
ING Groep: Deeply Discounted With A Capital Return Catalyst
Stock Information
Company Name:
ING Groep NV
Stock Symbol:
INGVF
Market:
OTC
Website:
ing.com
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