# ING Groep NV (INGA.AS)

Canonical: https://gigainvestors.com/s/INGA.AS

Analysis as of: 2026-10-16T07:33:43.007Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 29.62 per share; close as of 2026-10-15.

Estimated value: low EUR 14.88 per share, central EUR 16.37 per share, high EUR 18.18 per share. Buy at or below the central value EUR 16.37 per share. Valuation as of 2026-10-16T07:33:43.007Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.42×

Chart: Net income; fiscal year observations.

- FY2016: EUR 5.0B

- FY2017: EUR 5.5B

- FY2018: EUR 4.7B

- FY2019: EUR 4.8B

- FY2020: EUR 2.5B

- FY2021: EUR 4.8B

- FY2022: EUR 12B

- FY2023: EUR 7.3B

- FY2024: EUR 6.4B

- FY2025: EUR 6.3B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 10.3%

- FY2017: 11.2%

- FY2018: 9.6%

- FY2019: 9.2%

- FY2020: 4.7%

- FY2021: 9.1%

- FY2022: 24.8%

- FY2023: 14.6%

- FY2024: 13.1%

- FY2025: 13.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.6%

- Book return interval: 10 years

- Starting book value per share: EUR 11.86

- Ending book value per share: EUR 16.12

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 10.5%

- FY2017: 5.9%

- FY2018: 6.9%

- FY2019: 12.0%

- FY2020: 0.7%

- FY2021: 7.0%

- FY2022: 2.5%

- FY2023: 10.4%

- FY2024: 16.6%

- FY2025: 14.8%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -2.6%

- Diluted shares, 5-year annual growth: -5.2%

- Share growth excluding flagged crisis recapitalisations: -2.6%

- Five-year share growth excluding flagged crisis recapitalisations: -5.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.90×

- Book value created per share: EUR 4.26

- Earnings retained per share after dividends and buybacks: EUR 4.73

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 99

- FY2017: 100

- FY2018: 99

- FY2019: 98

- FY2020: 100

- FY2021: 97

- FY2022: 93

- FY2023: 91

- FY2024: 83

- FY2025: 77

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 4.5% a year forever · "ING bets on subscription model to lift fees amid growing digital-banking competition" (finance.yahoo.com, Jun 2026) · net income -1%

Story as of 2026-10-16T09:59:57.413Z; price observation 2026-10-15.

The price assumes profits grow 4.5% a year forever

- 2025-05-02: ING Posts Quarterly Profit Beat, Launches $2.26 Billion Buyback ([finance.yahoo.com](https://finance.yahoo.com/m/779c9f86-33e9-31d5-a6d6-73542ebe2ebe/ing-posts-quarterly-profit.html))

- 2025-07-31: ING Lifts Fee-Income Guidance After Profit Beats Expectations ([finance.yahoo.com](https://finance.yahoo.com/m/93b765b9-2238-3104-9146-ec6a2fbb9033/ing-lifts-fee-income-guidance.html))

- 2026-06-10: ING bets on subscription model to lift fees amid growing digital-banking competition ([finance.yahoo.com](https://finance.yahoo.com/economy/policy/articles/ing-bets-subscription-model-lift-114146111.html))

### Net income · FY2025

net income -1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 5.0B 

- FY2017: EUR 5.5B 

- FY2018: EUR 4.7B 

- FY2019: EUR 4.8B 

- FY2020: EUR 2.5B 

- FY2021: EUR 4.8B 

- FY2022: EUR 12B 

- FY2023: EUR 7.3B 

- FY2024: EUR 6.4B 

- FY2025: EUR 6.3B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are EUR 23 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:43.007Z); FY2025: revenue 23035000000.

### Why customers stay

It earns 10.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:43.007Z); 10-year return on tangible equity observations [[2016,0.10298288103665984],[2017,0.11165375891452275],[2018,0.09580167444134363],[2019,0.09220295836306482],[2020,0.04667104892478167],[2021,0.09051626108710484],[2022,0.24845305905011678],[2023,0.14561768114783583],[2024,0.13050224581461822],[2025,0.13131900058105753]]; median 0.1073183199755913. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 3.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:43.007Z); Dividend observations: [[2016,2521000000],[2017,2564000000],[2018,2607000000],[2019,2679000000],[2020,3000000],[2021,2382000000],[2022,3093000000],[2023,2967000000],[2024,3879000000],[2025,3884000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:43.007Z); FY2025: cash repurchases 3705000000 EUR.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INGA.AS SharesStats.PercentInsiders = 0.716 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:43.007Z); Price 29.62; FX 1; original perpetual distributable cash 1.6366301958587832; discount 0.1; growth 0.04474577326607755. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 12.00 per share

- 2016-11: EUR 12.85 per share

- 2016-12: EUR 13.37 per share

- 2017-01: EUR 13.25 per share

- 2017-02: EUR 13.02 per share

- 2017-03: EUR 14.17 per share

- 2017-04: EUR 14.95 per share

- 2017-05: EUR 14.89 per share

- 2017-06: EUR 15.10 per share

- 2017-07: EUR 15.82 per share

- 2017-08: EUR 14.90 per share

- 2017-09: EUR 15.60 per share

- 2017-10: EUR 15.86 per share

- 2017-11: EUR 15.16 per share

- 2017-12: EUR 15.33 per share

- 2018-01: EUR 15.83 per share

- 2018-02: EUR 14.48 per share

- 2018-03: EUR 13.70 per share

- 2018-04: EUR 13.98 per share

- 2018-05: EUR 12.46 per share

- 2018-06: EUR 12.33 per share

- 2018-07: EUR 13.10 per share

- 2018-08: EUR 11.69 per share

- 2018-09: EUR 11.18 per share

- 2018-10: EUR 10.48 per share

- 2018-11: EUR 10.68 per share

- 2018-12: EUR 9.41 per share

- 2019-01: EUR 10.31 per share

- 2019-02: EUR 11.63 per share

- 2019-03: EUR 10.78 per share

- 2019-04: EUR 11.36 per share

- 2019-05: EUR 9.70 per share

- 2019-06: EUR 10.20 per share

- 2019-07: EUR 10.07 per share

- 2019-08: EUR 8.70 per share

- 2019-09: EUR 9.60 per share

- 2019-10: EUR 10.13 per share

- 2019-11: EUR 10.44 per share

- 2019-12: EUR 10.69 per share

- 2020-01: EUR 9.83 per share

- 2020-02: EUR 8.61 per share

- 2020-03: EUR 4.78 per share

- 2020-04: EUR 5.01 per share

- 2020-05: EUR 5.81 per share

- 2020-06: EUR 6.20 per share

- 2020-07: EUR 5.90 per share

- 2020-08: EUR 6.80 per share

- 2020-09: EUR 6.06 per share

- 2020-10: EUR 5.86 per share

- 2020-11: EUR 8.18 per share

- 2020-12: EUR 7.64 per share

- 2021-01: EUR 7.38 per share

- 2021-02: EUR 9.04 per share

- 2021-03: EUR 10.43 per share

- 2021-04: EUR 10.63 per share

- 2021-05: EUR 11.34 per share

- 2021-06: EUR 11.14 per share

- 2021-07: EUR 10.85 per share

- 2021-08: EUR 11.70 per share

- 2021-09: EUR 12.57 per share

- 2021-10: EUR 13.12 per share

- 2021-11: EUR 12.21 per share

- 2021-12: EUR 12.24 per share

- 2022-01: EUR 13.06 per share

- 2022-02: EUR 10.50 per share

- 2022-03: EUR 9.51 per share

- 2022-04: EUR 9.10 per share

- 2022-05: EUR 10.52 per share

- 2022-06: EUR 9.43 per share

- 2022-07: EUR 9.49 per share

- 2022-08: EUR 8.77 per share

- 2022-09: EUR 8.86 per share

- 2022-10: EUR 9.95 per share

- 2022-11: EUR 11.59 per share

- 2022-12: EUR 11.39 per share

- 2023-01: EUR 13.25 per share

- 2023-02: EUR 13.27 per share

- 2023-03: EUR 10.93 per share

- 2023-04: EUR 11.20 per share

- 2023-05: EUR 11.51 per share

- 2023-06: EUR 12.34 per share

- 2023-07: EUR 13.28 per share

- 2023-08: EUR 13.10 per share

- 2023-09: EUR 12.55 per share

- 2023-10: EUR 12.03 per share

- 2023-11: EUR 12.88 per share

- 2023-12: EUR 13.53 per share

- 2024-01: EUR 13.19 per share

- 2024-02: EUR 12.69 per share

- 2024-03: EUR 15.25 per share

- 2024-04: EUR 14.86 per share

- 2024-05: EUR 16.36 per share

- 2024-06: EUR 15.96 per share

- 2024-07: EUR 16.75 per share

- 2024-08: EUR 16.39 per share

- 2024-09: EUR 16.27 per share

- 2024-10: EUR 15.67 per share

- 2024-11: EUR 14.66 per share

- 2024-12: EUR 15.13 per share

- 2025-01: EUR 16.06 per share

- 2025-02: EUR 17.14 per share

- 2025-03: EUR 17.99 per share

- 2025-04: EUR 17.01 per share

- 2025-05: EUR 18.68 per share

- 2025-06: EUR 18.63 per share

- 2025-07: EUR 20.49 per share

- 2025-08: EUR 20.36 per share

- 2025-09: EUR 22.08 per share

- 2025-10: EUR 21.72 per share

- 2025-11: EUR 22.35 per share

- 2025-12: EUR 24.01 per share

- 2026-01: EUR 24.82 per share

- 2026-02: EUR 24.63 per share

- 2026-03: EUR 22.11 per share

- 2026-04: EUR 24.76 per share

- 2026-05: EUR 26.70 per share

- 2026-06: EUR 27.67 per share

- 2026-07: EUR 30.44 per share

- 2026-08: EUR 30.49 per share

- 2026-09: EUR 31.49 per share

- 2026-10: EUR 30.10 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 4.78 per share, central EUR 5.98 per share, high EUR 7.97 per share

- FY2017: low EUR 4.81 per share, central EUR 6.02 per share, high EUR 8.02 per share

- FY2018: low EUR 7.23 per share, central EUR 8.90 per share, high EUR 11.58 per share

- FY2019: low EUR 8.93 per share, central EUR 10.74 per share, high EUR 13.47 per share

- FY2020: low EUR 8.99 per share, central EUR 10.81 per share, high EUR 13.57 per share

- FY2021: low EUR 9.54 per share, central EUR 11.23 per share, high EUR 13.65 per share

- FY2022: low EUR 9.32 per share, central EUR 10.91 per share, high EUR 13.17 per share

- FY2023: low EUR 11.66 per share, central EUR 12.82 per share, high EUR 14.25 per share

- FY2024: low EUR 12.96 per share, central EUR 14.26 per share, high EUR 15.84 per share

- FY2025: low EUR 14.07 per share, central EUR 15.48 per share, high EUR 17.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:28.471Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

ING Groep NV

INGA · AS

Euro Stoxx 50 · STOXX Europe 600 · AEX

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: EUR 29.62
Buy up to: EUR 16.37
Expected / yr: 5.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: EUR 5.2B
Worst year: EUR 2.5B
Latest · 2025: EUR 6.3B

Earned a median 10.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.7%
Worst year: 4.7%
Latest · 2025: 13.1%

Book value plus dividends grew 8.6% a year (minimum 7%).

Annual book + dividend return

10y median: 8.7%
Worst year: 0.7%
Latest · 2025: 14.8%

Book value gained 4.26 per share against 4.73 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 98
Worst year: 100
Latest · 2025: 77

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 2.05 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 11.99 · Value 5.98 · Buy at or below 5.98; 2016-11 · Price EUR 12.85 · Value 5.98 · Buy at or below 5.98; 2016-12 · Price EUR 13.37 · Value 5.98 · Buy at or below 5.98; 2017-01 · Price EUR 13.25 · Value 5.98 · Buy at or below 5.98; 2017-02 · Price EUR 13.02 · Value 6.02 · Buy at or below 6.02; 2017-03 · Price EUR 14.17 · Value 6.02 · Buy at or below 6.02; 2017-04 · Price EUR 14.95 · Value 6.02 · Buy at or below 6.02; 2017-05 · Price EUR 14.89 · Value 6.02 · Buy at or below 6.02; 2017-06 · Price EUR 15.10 · Value 6.02 · Buy at or below 6.02; 2017-07 · Price EUR 15.81 · Value 6.02 · Buy at or below 6.02; 2017-08 · Price EUR 14.90 · Value 6.02 · Buy at or below 6.02; 2017-09 · Price EUR 15.60 · Value 6.02 · Buy at or below 6.02; 2017-10 · Price EUR 15.86 · Value 6.02 · Buy at or below 6.02; 2017-11 · Price EUR 15.15 · Value 6.02 · Buy at or below 6.02; 2017-12 · Price EUR 15.32 · Value 6.02 · Buy at or below 6.02; 2018-01 · Price EUR 15.83 · Value 6.02 · Buy at or below 6.02; 2018-02 · Price EUR 14.48 · Value 8.90 · Buy at or below 8.90; 2018-03 · Price EUR 13.70 · Value 8.90 · Buy at or below 8.90; 2018-04 · Price EUR 13.98 · Value 8.90 · Buy at or below 8.90; 2018-05 · Price EUR 12.46 · Value 8.90 · Buy at or below 8.90; 2018-06 · Price EUR 12.33 · Value 8.90 · Buy at or below 8.90; 2018-07 · Price EUR 13.10 · Value 8.90 · Buy at or below 8.90; 2018-08 · Price EUR 11.69 · Value 8.90 · Buy at or below 8.90; 2018-09 · Price EUR 11.18 · Value 8.90 · Buy at or below 8.90; 2018-10 · Price EUR 10.48 · Value 8.90 · Buy at or below 8.90; 2018-11 · Price EUR 10.68 · Value 8.90 · Buy at or below 8.90; 2018-12 · Price EUR 9.41 · Value 8.90 · Buy at or below 8.90; 2019-01 · Price EUR 10.31 · Value 8.90 · Buy at or below 8.90; 2019-02 · Price EUR 11.63 · Value 10.74 · Buy at or below 10.74; 2019-03 · Price EUR 10.78 · Value 10.74 · Buy at or below 10.74; 2019-04 · Price EUR 11.36 · Value 10.74 · Buy at or below 10.74; 2019-05 · Price EUR 9.70 · Value 10.74 · Buy at or below 10.74; 2019-06 · Price EUR 10.20 · Value 10.74 · Buy at or below 10.74; 2019-07 · Price EUR 10.07 · Value 10.74 · Buy at or below 10.74; 2019-08 · Price EUR 8.70 · Value 10.74 · Buy at or below 10.74; 2019-09 · Price EUR 9.60 · Value 10.74 · Buy at or below 10.74; 2019-10 · Price EUR 10.13 · Value 10.74 · Buy at or below 10.74; 2019-11 · Price EUR 10.44 · Value 10.74 · Buy at or below 10.74; 2019-12 · Price EUR 10.69 · Value 10.74 · Buy at or below 10.74; 2020-01 · Price EUR 9.82 · Value 10.74 · Buy at or below 10.74; 2020-02 · Price EUR 8.61 · Value 10.81 · Buy at or below 10.81; 2020-03 · Price EUR 4.78 · Value 10.81 · Buy at or below 10.81; 2020-04 · Price EUR 5.01 · Value 10.81 · Buy at or below 10.81; 2020-05 · Price EUR 5.81 · Value 10.81 · Buy at or below 10.81; 2020-06 · Price EUR 6.20 · Value 10.81 · Buy at or below 10.81; 2020-07 · Price EUR 5.90 · Value 10.81 · Buy at or below 10.81; 2020-08 · Price EUR 6.80 · Value 10.81 · Buy at or below 10.81; 2020-09 · Price EUR 6.06 · Value 10.81 · Buy at or below 10.81; 2020-10 · Price EUR 5.86 · Value 10.81 · Buy at or below 10.81; 2020-11 · Price EUR 8.18 · Value 10.81 · Buy at or below 10.81; 2020-12 · Price EUR 7.64 · Value 10.81 · Buy at or below 10.81; 2021-01 · Price EUR 7.38 · Value 10.81 · Buy at or below 10.81; 2021-02 · Price EUR 9.04 · Value 11.23 · Buy at or below 11.23; 2021-03 · Price EUR 10.43 · Value 11.23 · Buy at or below 11.23; 2021-04 · Price EUR 10.63 · Value 11.23 · Buy at or below 11.23; 2021-05 · Price EUR 11.34 · Value 11.23 · Buy at or below 11.23; 2021-06 · Price EUR 11.14 · Value 11.23 · Buy at or below 11.23; 2021-07 · Price EUR 10.85 · Value 11.23 · Buy at or below 11.23; 2021-08 · Price EUR 11.70 · Value 11.23 · Buy at or below 11.23; 2021-09 · Price EUR 12.57 · Value 11.23 · Buy at or below 11.23; 2021-10 · Price EUR 13.12 · Value 11.23 · Buy at or below 11.23; 2021-11 · Price EUR 12.21 · Value 11.23 · Buy at or below 11.23; 2021-12 · Price EUR 12.24 · Value 11.23 · Buy at or below 11.23; 2022-01 · Price EUR 13.06 · Value 11.23 · Buy at or below 11.23; 2022-02 · Price EUR 10.50 · Value 10.91 · Buy at or below 10.91; 2022-03 · Price EUR 9.51 · Value 10.91 · Buy at or below 10.91; 2022-04 · Price EUR 9.10 · Value 10.91 · Buy at or below 10.91; 2022-05 · Price EUR 10.52 · Value 10.91 · Buy at or below 10.91; 2022-06 · Price EUR 9.43 · Value 10.91 · Buy at or below 10.91; 2022-07 · Price EUR 9.49 · Value 10.91 · Buy at or below 10.91; 2022-08 · Price EUR 8.77 · Value 10.91 · Buy at or below 10.91; 2022-09 · Price EUR 8.86 · Value 10.91 · Buy at or below 10.91; 2022-10 · Price EUR 9.95 · Value 10.91 · Buy at or below 10.91; 2022-11 · Price EUR 11.59 · Value 10.91 · Buy at or below 10.91; 2022-12 · Price EUR 11.39 · Value 10.91 · Buy at or below 10.91; 2023-01 · Price EUR 13.25 · Value 10.91 · Buy at or below 10.91; 2023-02 · Price EUR 13.27 · Value 12.82 · Buy at or below 12.82; 2023-03 · Price EUR 10.93 · Value 12.82 · Buy at or below 12.82; 2023-04 · Price EUR 11.20 · Value 12.82 · Buy at or below 12.82; 2023-05 · Price EUR 11.51 · Value 12.82 · Buy at or below 12.82; 2023-06 · Price EUR 12.34 · Value 12.82 · Buy at or below 12.82; 2023-07 · Price EUR 13.28 · Value 12.82 · Buy at or below 12.82; 2023-08 · Price EUR 13.10 · Value 12.82 · Buy at or below 12.82; 2023-09 · Price EUR 12.55 · Value 12.82 · Buy at or below 12.82; 2023-10 · Price EUR 12.03 · Value 12.82 · Buy at or below 12.82; 2023-11 · Price EUR 12.88 · Value 12.82 · Buy at or below 12.82; 2023-12 · Price EUR 13.53 · Value 12.82 · Buy at or below 12.82; 2024-01 · Price EUR 13.19 · Value 12.82 · Buy at or below 12.82; 2024-02 · Price EUR 12.69 · Value 14.26 · Buy at or below 14.26; 2024-03 · Price EUR 15.25 · Value 14.26 · Buy at or below 14.26; 2024-04 · Price EUR 14.86 · Value 14.26 · Buy at or below 14.26; 2024-05 · Price EUR 16.36 · Value 14.26 · Buy at or below 14.26; 2024-06 · Price EUR 15.96 · Value 14.26 · Buy at or below 14.26; 2024-07 · Price EUR 16.75 · Value 14.26 · Buy at or below 14.26; 2024-08 · Price EUR 16.39 · Value 14.26 · Buy at or below 14.26; 2024-09 · Price EUR 16.27 · Value 14.26 · Buy at or below 14.26; 2024-10 · Price EUR 15.67 · Value 14.26 · Buy at or below 14.26; 2024-11 · Price EUR 14.66 · Value 14.26 · Buy at or below 14.26; 2024-12 · Price EUR 15.13 · Value 14.26 · Buy at or below 14.26; 2025-01 · Price EUR 16.06 · Value 14.26 · Buy at or below 14.26; 2025-02 · Price EUR 17.14 · Value 15.48 · Buy at or below 15.48; 2025-03 · Price EUR 17.99 · Value 15.48 · Buy at or below 15.48; 2025-04 · Price EUR 17.01 · Value 15.48 · Buy at or below 15.48; 2025-05 · Price EUR 18.68 · Value 15.48 · Buy at or below 15.48; 2025-06 · Price EUR 18.63 · Value 15.48 · Buy at or below 15.48; 2025-07 · Price EUR 20.49 · Value 15.48 · Buy at or below 15.48; 2025-08 · Price EUR 20.36 · Value 15.48 · Buy at or below 15.48; 2025-09 · Price EUR 22.07 · Value 15.48 · Buy at or below 15.48; 2025-10 · Price EUR 21.72 · Value 15.48 · Buy at or below 15.48; 2025-11 · Price EUR 22.35 · Value 15.48 · Buy at or below 15.48; 2025-12 · Price EUR 24.01 · Value 15.48 · Buy at or below 15.48; 2026-01 · Price EUR 24.82 · Value 15.48 · Buy at or below 15.48; 2026-02 · Price EUR 24.63 · Value 16.37 · Buy at or below 16.37; 2026-03 · Price EUR 22.11 · Value 16.37 · Buy at or below 16.37; 2026-04 · Price EUR 24.75 · Value 16.37 · Buy at or below 16.37; 2026-05 · Price EUR 26.70 · Value 16.37 · Buy at or below 16.37; 2026-06 · Price EUR 27.67 · Value 16.37 · Buy at or below 16.37; 2026-07 · Price EUR 30.44 · Value 16.37 · Buy at or below 16.37; 2026-08 · Price EUR 30.48 · Value 16.37 · Buy at or below 16.37; 2026-09 · Price EUR 31.48 · Value 16.37 · Buy at or below 16.37; 2026-10 · Price EUR 30.10 · Value 16.37 · Buy at or below 16.37; 2026-10 · Price EUR 29.62 · Value 16.37 · Buy at or below 16.37

EUR per share · annual estimates

Price & return math
Value range	EUR 14.88 – EUR 18.18
Buy at or below	Central value EUR 16.37
Discount to value	1 − 29.62 / 16.37 = -81.0%
Return / year	About 5.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 17.04/share; ROE 9.6%; first payout EUR 1.64/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 6.3B

Net income

Book / shareEUR 16.12

Book / share

Dividend / shareEUR 1.30

Dividend / share

Return on tangible equity13.1%

Return on tangible equity

Diluted shares3.0B

Diluted shares

Prices 15 Oct 2026 · FY2025