Discounted Cash Flow
ING Groep N.V. ADR
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Audit / VIE / HFCA: Financial-sector DCF: free cash flow for lenders/insurers includes loan principal and deposits, so FCF ≈ 5-10× net income and is not a valuation proxy; the model shows moderate/unstable predictability and the DCF can be 5-40× market cap (lender pattern).
Sourced live via DEF 14A beneficial_ownership (edgartools proxy) for US filers and 20-F risk_factors (“controls X% of voting power” + VIE/HFCA) for foreign ADRs — cached 12h. A concentrated holder can overrule the DCF’s minority-basis assumptions on dividends, issuance, and delisting.
Average annual growth rates
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
| Dividends | — | — | — |
Endpoint CAGR (better for long term trend)
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
Projected growth rate
—
Historical inputs (10 fiscal years)
| YEAR | Sales | Net Income | Free Cash Flow | Net Margin | EPS (diluted) |
|---|---|---|---|---|---|
| 2016 | $20.8b | $5.8b | $9.9b | 27.8% | $1.28 |
| 2017 | $21.6b (3.8%) | $6.3b (9.8%) | $-6.1b (-161.4%) | 29.4% (5.8%) | $1.41 (10.2%) |
| 2018 | $21.3b (-1.4%) | $5.5b (-12.9%) | $8.0b (231.6%) | 26.0% (-11.6%) | $1.22 (-13.5%) |
| 2019 | $19.9b (-6.5%) | $4.5b (-18.0%) | $15.2b (88.8%) | 22.8% (-12.3%) | $1.00 (-18.0%) |
| 2020 | $20.0b (0.6%) | $2.6b (-42.4%) | $2.6b (-82.8%) | 13.1% (-42.7%) | $0.58 (-42.0%) |
| 2021 | $23.3b (16.6%) | $6.9b (164.5%) | $-17.4b (-764.1%) | 29.6% (126.8%) | $1.53 (163.8%) |
| 2022 | $35.3b (51.4%) | $14.1b (103.8%) | $-13.2b (24.1%) | 39.9% (34.6%) | $3.35 (119.0%) |
| 2023 | $21.0b (-40.4%) | $4.8b (-65.9%) | $-13.5b (-2.1%) | 22.8% (-42.7%) | $1.16 (-65.4%) |
| 2024 | $24.5b (16.4%) | $6.2b (28.8%) | $-26.6b (-97.5%) | 25.3% (10.7%) | $1.65 (42.2%) |
| 2025 | $29.8b (21.8%) | $9.7b (56.1%) | $-7.8b (70.6%) | 32.4% (28.2%) | $2.78 (68.5%) |
Base FCF: — (latest fiscal year)
Discount rate: % —
Terminal growth: —
Projection period: — years
Alt A decline yrs:
Alt B total yrs:
SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.
Values abbreviated: b = billions, m = millions, k = thousands.
Projected cash flows
| Year | Projected cash flow | Discount Factor | Present Value |
|---|
PV of projected FCF: —
Terminal FCF: —
Terminal value: —
PV of terminal value: —
Enterprise value (DCF): —
Net debt deduction: —
Current price: —
—Alternative DCF Models
| Model | Fair Value | Upside | PV(FCFs) | PV(Terminal) | Total Years |
|---|---|---|---|---|---|
| Standard (10yr→TV) | — | — | — | — | 10 + TV |
| Alt A (Gradual Decline) | — | — | — | — | — |
| Alt B (30yr Hard Stop) | — | — | — | N/A | — |
This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.