ING Groep's €1.6b Special Dividend and Buyback Plan: Assessing Valuation Amidst Economic Uncertainty

ING Groep announced a €0.172 per share special dividend and a €1.1b share buyback program. The special dividend and ongoing buyback come after a 15.5% 90-day share price return and a 69.66% 1-year total shareholder return. ING is trading at €24.10, close to the average analyst price target of €23.62, but at a 52% discount to one intrinsic value estimate. The narrative fair value of €27.92 sits above the last close, indicating a clear valuation gap to explore.