nestel schreef op 22 april 2014 19:55:
seekingalpha.com/article/2149583-anti...Anticipate And Prosper - ING Groep Will Be A Dividend Champ Again
Apr. 19, 2014 3:51 AM ET
Summary
•ING hasn't paid a dividend since 2008 after it has been bailed out.
•However, the final tranche of state aid is expected to be repaid shortly, which opens the door for a dividend reinstatement.
•Based on preliminary company guidance, I expect the dividend yield to be 5-6.5% down the road as the net profit will increase due to lower risk costs.
In this article, I'll have a closer look at ING Groep (ING) and explain why I'll take a position in its common shares as the dividend is expected to be reinstated shortly. I will explain what needs to happen before the dividend can be resumed and will make an attempt to determine the magnitude of the dividend.
The 2008 Bail-Out
ING Groep is a large financial institution (focused on banking and insurance) headquartered in the Netherlands and was hit very hard in the 2008 Global Financial Crisis. Long story short, the Dutch government had to step in and bail ING out with a 10B EUR ($13.8B) capital injection. Fortunately the climate got better fast and the group was already able to repay half of the state aid back just 13 months later in 2009. Since that date, ING continued to repay the state aid and restructured its assets as was requested by the European Commission in order to get the state aid approved.
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