ING Group - Public Comps and Valuation Multiples

ING Group Overview

About ING Group

The merger of the Dutch postal bank and NN Insurance in 1991 created ING. Through a series of further acquisitions ING build up a global footprint. The 2008 financial crisis forced ING to seek government support—a precondition of which was that ING should separate its banking and insurance activities, which saw ING revert to being solely a bank. ING has market-leading banking operations in the Netherlands and Belgium, and a range of digital banks across Europe and Australia. Its global wholesale banking operation is primarily focused on lending.

Founded

1991

HQ

Employees

59.4K+

Website

ing.com

Sectors

Commercial Banking
Investment Banking

Financials

LTM Revenue $23.5B

LTM EBITDA n/a

EV

$219B

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ING Group Financials

ING Group has a last 12-month revenue of $23.5B and a last 12-month EBITDA of n/a.

In the most recent fiscal year, ING Group achieved revenue of $23.6B and an EBITDA of n/a.

ING Group expects next 12-month revenue of XXX and NTM EBITDA of XXX

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ING Group P&L

	FY 2022	FY 2023	FY 2024	LTM	NTM
Revenue	$19.4B	$23.3B	$23.6B	$23.5B	XXX
Gross Profit	n/a	n/a	n/a	XXX	XXX
Gross Margin	NaN%	NaN%	NaN%	XXX	XXX
EBITDA	n/a	n/a	n/a	n/a	XXX
EBITDA Margin	NaN%	NaN%	NaN%	0%	XXX
Net Profit	$3.8B	$7.6B	$6.7B	XXX	XXX
Net Margin	20%	33%	28%	XXX	XXX
Net Debt	$32.4B	$61.4B	$93.7B	XXX	XXX

Financial data powered by Morningstar, Inc.

ING Group Stock Performance

As of February 21, 2025, ING Group's stock price is EUR 16 (or $17).

ING Group has current market cap of EUR 50.3B (or $52.4B), and EV of EUR 211B (or $219B).

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ING Group Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$219B	$52.4B	XXX	XXX	XXX	XXX	$2.06

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ING Group Valuation Multiples

As of February 21, 2025, ING Group has market cap of $52.4B and EV of $219B.

ING Group's trades at 9.3x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate ING Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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ING Group Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$219B	XXX	XXX	XXX
EV/Revenue	9.3x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	7.9x	XXX	XXX	XXX
P/E/Growth	-7.8x	XXX	XXX	XXX
EV/FCF	-18.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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ING Group Valuation Multiples

ING Group's NTM/LTM revenue growth is 0%

ING Group's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged n/a for the same period.

Over next 12 months, ING Group's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate ING Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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ING Group Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	1%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.4M	XXX	XXX	XXX	XXX
Opex per Employee	n/a	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	n/a	XXX	XXX	XXX	XXX

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