Thursday, June 26, 2014

Seeking Alpha: ING Groep NV Looks Significantly Undervalued Today

Dutch banking giant ING Groep NV (ING) hasn't been ignored over the past year by any means. As the company has continued to make solid progress with its restructuring efforts, the U.S.-listed ADRs have risen more than 50%, surpassing most of the Nordic banks but not quite matching the torrid run in the Spanish banks. Even with that significant run, I don't think today's price fully reflects the company's potential to return to double-digit ROEs relatively quickly nor its solid underlying RoTEs. Although ING won't likely pay a dividend for at least a year and there could be some noise with the impending IPO of NN Group and the further sell-downs of SulAmerica and Voya (VOYA) (formerly ING US), the potential here appears to be among the best in Europe right now.

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ING Groep NV Looks Significantly Undervalued Today

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