ING Groep N.V.
Thesis
ING is currently trading at a 10 to 20 percent discount to its net asset value, which is attractive compared to the average premium of companies in the FTSE world index. The bank has a history of reasonable return on equity and is well-capitalized, making it a compelling investment as it shows signs of recovery after a long period of underperformance.
Did it work?
The pitch is a long thesis resting on ING trading at a discount to net asset value, solid capitalization, and signs of recovery, but no price performance or time elapsed is provided. Without any return data or confirmation that the discount narrowed or the recovery materialized, there is no evidence the thesis played out or failed. The verdict remains open pending price or fundamental confirmation.