` Comparison: INGA vs SAN - Alpha Spread
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INGA
vs
SAN

Over the past 12 months, INGA has underperformed SAN, delivering a return of +60% compared to the SAN's +94% growth.

Valuation Growth Profitability Solvency Stocks Performance
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INGA
SAN
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Stocks Compared:
INGA SAN
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Valuation Comparison

INGA Intrinsic Value
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SAN Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
ING Groep NV
AEX:INGA
25.345 EUR
Banco Santander SA
MAD:SAN
10.642 EUR
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
INGA, SAN

INGA
SAN
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
ING Groep NV
Revenue
Banco Santander SA
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
INGA, SAN

INGA
SAN
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
ING Groep NV
AEX:INGA
FCF is not applicable for financial companies
Banco Santander SA
MAD:SAN
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

INGA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
ING Groep NV
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Operating Margin

INGA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
ING Groep NV
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Net Margin

INGA
27.5%
SAN
21.3%
LTM 3Y Avg 5Y Avg 10Y Avg
ING Groep NV
Banco Santander SA

FCF Margin

INGA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
ING Groep NV
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

ROE

INGA
12.7%
SAN
14%
LTM 3Y Avg 5Y Avg 10Y Avg
ING Groep NV
Banco Santander SA

ROA

INGA
0.6%
SAN
0.8%
LTM 3Y Avg 5Y Avg 10Y Avg
ING Groep NV
Banco Santander SA

ROIC

INGA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
ING Groep NV
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

ROCE

INGA
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
ING Groep NV
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Solvency Comparison

ING Groep NV
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Banco Santander SA
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
INGA, SAN

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INGA
SAN
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Performance Gap
INGA, SAN

Performance Gap Between INGA and SAN
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Performance By Year
INGA, SAN

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INGA
SAN
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