Bulls continue to have their patience tested by ING (ING),
as shares of this Dutch bank continue to suffer from an assortment of
worries including loan growth, capital adequacy, and the stability of
the company Turkish operations. With the shares underperforming other
European banks by about 10% over the past year, though, I continue to
believe the skepticism is overdone and that these shares offer
attractive long-term opportunity on mid-single-digit earnings growth.
While capital levels are a risk, I believe the risk is manageable and
more than reflected by the 25% discount to ROTE-based fair value.
Continue here:
ING Settled Its Money Laundering Case, But Worries About Capital And Turkey Remain
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