ING Bank Slaski S.A. (ING.WA) | Investment Case

1. Company Snapshot

1.a. Company Description

ING Bank Slaski S.A., together with its subsidiaries, provides various banking products and services in Poland.The company operates in two segments, Retail Banking and Corporate Banking.The Retail Banking segment offers various credit products, such as overdraft facilities, loans related to cards, installment loans, and mortgage loans; deposit products, including current accounts, term deposits, and savings accounts; structured products; ING fund units; brokerage services; and bank cards to individual customers.

The Corporate Banking segment provides deposit products, such as current accounts, term deposits and negotiated deposits, and savings accounts; loan products, including working and investment loans; and financial markets products, trust services, and capital market operations to institutional clients and individual entrepreneurs.It is also involved in operation and leasing of real estate properties; and the provision of financial intermediary and advisory services.In addition, the company offers leasing and factoring; accountancy and payroll services; education and promotion for the financial market and TURBO certificates; and holiday and training courses.

It operates 312 branches.The company was founded in 1989 and is headquartered in Katowice, Poland.ING Bank Slaski S.A. is a subsidiary of ING Bank NV.

Show Full description

1.b. Last Insights on ING

ING Bank Slaski S.A.'s recent performance was driven by robust customer growth and mortgage expansion. The bank's Q3 2025 earnings call highlighted strong growth, despite navigating interest margin pressures and capital adequacy concerns. Additionally, ING Bank Śląski acquired the remaining 55% stake in Goldman Sachs TFI, taking full control of the Polish asset management company. This move is expected to leverage growing affluence of Polish customers and demographic shifts.

1.c. Company Highlights

Last Price	336.5
Change Percentage	-0.74%
Open	340
Previous Close	339
Market Cap ( Millions)	43779
Volume	119277
Year High	352
Year Low	237
M A 50	319.37
M A 200	315.45

FCF Yield	36.48%
Dividend Yield	7.48%
ROE	26.12%
Debt / Equity	91.86%
Net Debt / EBIDTA	102.73%
Price To Book	2.49
Price Earnings Ratio	9.61
Price To FCF	2.74
Price To sales	2.85
EV / EBITDA	8.15

2. Transcript Summary

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3. NewsRoom

Poland Buy Now Pay Later Business Report 2025: A $2.8 Billion Market by 2030 Featuring Twisto, Klarna, PayPo, Santander, Allegro, mBank, BNP Paribas, ING Bank Slaski, Alior Bank, and Revolut

Dec -01

Source:

Goldman vs. Morgan Stanley: Which Stock Has Stronger Upside?

Nov -26

Source:

European Dividend Stocks Spotlighting Three Top Picks

Nov -21

Source:

ING to acquire remaining 55% stake in Goldman Sachs TFI

Nov -19

Source:

Goldman Advances Overhaul With Sale of Polish TFI Stake to ING

Nov -19

Source:

ING Bank Śląski takes full control of Goldman Sachs TFI by acquiring remaining 55% stake

Nov -18

Source:

ING Bank Slaski SA (STU:6GF) Q3 2025 Earnings Call Highlights: Strong Customer Growth and ...

Nov -06

Source:

3 European Dividend Stocks Yielding Up To 7.9%

Oct -23

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.93%)

6. Segments

Corporate Banking

Expected Growth: 2.5%

ING Bank Slaski S.A.'s 2.5% corporate banking growth is driven by increasing demand for cash management and trade finance services from large corporations, as well as growing adoption of digital banking platforms. Additionally, the bank's strategic focus on sustainability and ESG initiatives attracts environmentally conscious clients, contributing to its growth momentum.

Retail Banking

Expected Growth: 3.5%

ING Bank Slaski S.A.'s 3.5% retail banking growth is driven by increasing demand for digital banking services, strategic partnerships with e-commerce platforms, and expansion into underserved regions. Additionally, the bank's focus on customer experience, competitive pricing, and innovative product offerings have contributed to its growth momentum.

7. Detailed Products

Current Accounts

ING Bank Slaski S.A. offers various current accounts for individuals and businesses, providing easy access to daily banking operations.

Savings Accounts

The bank offers savings accounts with competitive interest rates, allowing customers to save money and earn interest.

Credit Cards

ING Bank Slaski S.A. offers a range of credit cards with various benefits, such as cashback, travel insurance, and purchase protection.

Personal Loans

The bank provides personal loans for various purposes, such as debt consolidation, home improvement, or unexpected expenses.

Mortgage Loans

ING Bank Slaski S.A. offers mortgage loans for individuals and businesses, providing financing for property purchases or refinancing.

Investment Products

The bank offers a range of investment products, including mutual funds, stocks, and bonds.

Insurance Products

ING Bank Slaski S.A. offers various insurance products, including life insurance, health insurance, and property insurance.

Corporate Banking

The bank provides corporate banking services, including cash management, trade finance, and treasury services.

Private Banking

ING Bank Slaski S.A. offers private banking services, including wealth management, investment advice, and estate planning.

8. ING Bank Slaski S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

ING Bank Slaski S.A. operates in a highly competitive market, with many substitutes available to customers. However, the bank's strong brand and customer loyalty mitigate the threat of substitutes.

Bargaining Power Of Customers

ING Bank Slaski S.A. has a large customer base, which gives customers significant bargaining power. Customers can easily switch to competitors, which puts pressure on the bank to maintain competitive pricing and services.

Bargaining Power Of Suppliers

ING Bank Slaski S.A. has a diversified supplier base, which reduces the bargaining power of individual suppliers. The bank's large scale of operations also gives it negotiating power over suppliers.

Threat Of New Entrants

The banking industry has high barriers to entry, including regulatory hurdles and significant capital requirements. This makes it difficult for new entrants to challenge ING Bank Slaski S.A.'s market position.

Intensity Of Rivalry

The banking industry is highly competitive, with many players competing for market share. ING Bank Slaski S.A. faces intense rivalry from other banks, which puts pressure on the bank to maintain its market position.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	50.55%
Debt Cost	3.95%
Equity Weight	49.45%
Equity Cost	7.68%
WACC	5.79%
Leverage	102.21%

11. Quality Control: ING Bank Slaski S.A. passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Sydbank

A-Score: 7.5/10

Value: 6.2

Growth: 7.2

Quality: 7.4

Yield: 8.1

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

Bankinter

A-Score: 7.4/10

Value: 7.1

Growth: 5.3

Quality: 6.8

Yield: 8.1

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

Credito Emiliano

A-Score: 7.4/10

Value: 7.8

Growth: 4.8

Quality: 6.5

Yield: 8.8

Momentum: 8.5

Volatility: 8.3

1-Year Total Return ->

ING Bank Slaski

A-Score: 7.1/10

Value: 6.5

Growth: 9.1

Quality: 7.4

Yield: 7.5

Momentum: 6.5

Volatility: 5.7

1-Year Total Return ->

SpareBank 1 SR-Bank

A-Score: 6.8/10

Value: 5.1

Growth: 7.4

Quality: 6.8

Yield: 4.4

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

Raiffeisen Bank International

A-Score: 6.2/10

Value: 9.4

Growth: 3.8

Quality: 5.4

Yield: 6.9

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-9.35%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.79%

ING Bank Slaski S.A. - PLBSK0000017

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ING

1.c. Company Highlights

Strong Momentum

More Volatile

Higher Yield

Revenues Beats

Average Growth

Fairly Valued

Medium Volatility

Stable Momentum

Weak Momentum

Average Yield

Lower Yield

Higher Growth

Average Quality

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.93%)

6. Segments

Corporate Banking

Expected Growth: 2.5%

Retail Banking

Expected Growth: 3.5%

7. Detailed Products

Current Accounts

Savings Accounts

Credit Cards

Personal Loans

Mortgage Loans

Investment Products

Insurance Products

Corporate Banking

Private Banking

8. ING Bank Slaski S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: ING Bank Slaski S.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

336.5$

Current Price

336.5$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA