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ING Groep (ENXTAM:INGA) Lifts Guidance After Strong Q2, Is The Stock Still Cheap?

Simply Wall St · 1d ago

ING Groep (ENXTAM:INGA) is back in focus after reporting strong Q2 2026 results, upgrading its guidance for 2026 and 2027, and highlighting higher return on tangible equity and capital ratios.

See our latest analysis for ING Groep.

That strong Q2 update has come alongside clear share price momentum, with ING Groep’s 90 day share price return of 22.97% feeding into a 24.32% year to date gain and a 64.27% 1 year total shareholder return. Together, these figures suggest investors are reassessing both growth potential and risk.

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After such a strong move and with ING Groep trading only slightly below the average analyst target, the big issue now is whether most of the upside has already been captured or if the current valuation still leaves meaningful room ahead.

Most Popular Narrative: 1.5% Overvalued

The most followed ING Groep narrative points to a fair value of €29.99, which sits slightly below the last close at €30.44 and frames the current debate.

Persistent economic uncertainty, strict regulations, and margin pressures are constraining ING's revenue growth and limiting its ability to improve long-term profitability and returns.

Read the complete narrative. Read the complete narrative.

Want to see what is driving that fair value call for ING Groep? The narrative focuses on measured revenue growth, pressured margins, and a specific future earnings multiple. It also considers which of these factors have the greatest impact on valuation and how buybacks affect the per share calculations.

Result: Fair Value of €29.99 (OVERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, ING Groep’s story could shift if persistent margin pressure or higher funding costs from deposit campaigns begin to undermine those current analyst assumptions.

Find out about the key risks to this ING Groep narrative.

Another View on ING Groep’s Valuation

The analyst narrative flags ING Groep as about 1.5% overvalued at €30.44 versus a €29.99 fair value. The market based indicators tell a different story. ING Groep trades on a P/E of 10x compared with a fair ratio of 11.1x, peers at 12.2x and the wider European banks at 12x.

That gap points to a stock the market prices more cautiously than both its own fair ratio and its sector. For investors, the key question is whether this discount reflects genuine long term risks or an opportunity if the current performance trends hold.

See what the numbers say about this price — find out in our valuation breakdown.

ENXTAM:INGA P/E Ratio as at Aug 2026
ENXTAM:INGA P/E Ratio as at Aug 2026

Next Steps

With ING Groep sitting between a modest premium to fair value and a discount on some market ratios, sentiment is clearly mixed. Investors should act promptly, review both sides of the story, and weigh the 3 key rewards and 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.