KBC Bankverzekeringsholding N.V.

KBC Group is a bank-insurance group engaged in providing products and services mainly to retail, private banking, SME and mid-cap clients. Co. focuses on its primary markets of Belgium, the Czech Republic, Slovakia, Hungary and Bulgaria. Co. is also present in Ireland and, to a limited extent, in several other countries to support corporate clients from its primary markets. Co.'s main brands are KBC and CBC in Belgium, CSOB in Czech Republic and Slovakia, K&H in Hungary, CIBANK and DZI Insurance in Bulgaria, and KBC Bank Ireland in Ireland. As of Dec 31 2014, Co. had 1,601 bank branches. In addition, Co. had total assets of Euro245.17 billion.
  • TickerKBC
  • ISINBE0003565737
  • ExchangeEuronext Brussels
  • SectorBanks
  • CountryBelgium

Analysts

ING
Marcel Klok ...
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX + Financials/Possible CSPP inclusion and limited TLTRO impact favour preferred senior

Strategy and Supply: Go long preferred senior versus covered bonds and bail-in senior. USD senior favoured over EUR senior. More bail-in senior supply expected at current low yield and tighter spread levels

Christophe Chaput ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/03/2019

The de-rating visible since end-September 2018 largely integrates the areas of uncertainty hanging over the stock. It is now time to focus on Thales’ strengths and the levers that the integration of Gemalto will offer. Buy, target price of € 130 vs € 126. - ...

Christophe Chaput ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/07/2019

Le de-rating visible depuis fin septembre 2018 intègre désormais largement les incertitudes qui entourent le titre. Il est temps de se tourner vers les atouts de Thales et les leviers que va offrir l’intégration de Gemalto. Achat – OC de 130 € vs. 126 €. - - ...

Jean Sassus ...
  • Steven Gould

ODDO : Nouvelle étude d’impact “Bâle 4” de l’EBA : pas de changement majeur

>Etude d’impact « Bâle 4 » mise à jour - L’EBA publie une nouvelle étude sur l’impact de « Bâle 4 » (version finale de Bâle 3). Comme pour la précédente, (mars 2019), les hypothèses sont conservatrices :Application des règles 2027 aux bilans arrêtés à fin juin 2018 en excluant toute adaptation sur la période.Exclusion des aménagements propres à la transposition en droit européen.Risques de marché calculés avec la version de décembre 2016 au lieu de la d...

Jean Sassus ...
  • Steven Gould

ODDO : New “Basel IV” impact study from the EBA: no major changes

>Basel IV impact study updated - The EBA has published a new study on the impact of “Basel IV” (final version of Basel III). As with the preceding study (March 2019), the assumptions are conservative:Application of 2027 rules to the balance sheets at end-June 2018 and excluding any adaptation over the period.Exclusion of adjustments specific to the transposition into European law.Market risks calculated with the December 2016 version instead of the late...

KBC Group N.V: Update following affirmation at Baa1, outlook changed to positive

Our credit view of KBC Group N.V. reflects solid fundamentals resulting from strong banking franchises in Belgium and CEE countries, as well as insurance and asset management activities.

KBC Group N.V.: Semiannual update

Our credit view of KBC Group N.V. reflects solid fundamentals resulting from strong banking franchises in Belgium and CEE countries, as well as insurance and asset management activities.

KBC Group N.V.: Semiannual update

Our credit view of KBC Group N.V. reflects solid fundamentals resulting from strong banking franchises in Belgium and CEE countries, as well as insurance and asset management activities.

Moody's assigns Ba1(hyb) rating to KBC Group N.V.'s low-trigger AT1 securities

Moody's Investors Service today assigned a Ba1(hyb) rating to the low-trigger EUR1 billion additional tier 1 (AT1) securities issued by KBC Group N.V., holding company for KBC Bank N.V., on 24 April 2018. The perpetual non-cumulative AT1 securities rank junior to Tier 2 capital, pari pass...

KBC Group N.V.: Semiannual update

Our credit view of KBC Group N.V. reflects solid fundamentals resulting from strong banking franchises in Belgium and CEE countries, as well as insurance and asset management activities.

Christophe Chaput ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/03/2019

The de-rating visible since end-September 2018 largely integrates the areas of uncertainty hanging over the stock. It is now time to focus on Thales’ strengths and the levers that the integration of Gemalto will offer. Buy, target price of € 130 vs € 126. - ...

Christophe Chaput ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/07/2019

Le de-rating visible depuis fin septembre 2018 intègre désormais largement les incertitudes qui entourent le titre. Il est temps de se tourner vers les atouts de Thales et les leviers que va offrir l’intégration de Gemalto. Achat – OC de 130 € vs. 126 €. - - ...

Jean Sassus ...
  • Steven Gould

ODDO : Nouvelle étude d’impact “Bâle 4” de l’EBA : pas de changement majeur

>Etude d’impact « Bâle 4 » mise à jour - L’EBA publie une nouvelle étude sur l’impact de « Bâle 4 » (version finale de Bâle 3). Comme pour la précédente, (mars 2019), les hypothèses sont conservatrices :Application des règles 2027 aux bilans arrêtés à fin juin 2018 en excluant toute adaptation sur la période.Exclusion des aménagements propres à la transposition en droit européen.Risques de marché calculés avec la version de décembre 2016 au lieu de la d...

Jean Sassus ...
  • Steven Gould

ODDO : New “Basel IV” impact study from the EBA: no major changes

>Basel IV impact study updated - The EBA has published a new study on the impact of “Basel IV” (final version of Basel III). As with the preceding study (March 2019), the assumptions are conservative:Application of 2027 rules to the balance sheets at end-June 2018 and excluding any adaptation over the period.Exclusion of adjustments specific to the transposition into European law.Market risks calculated with the December 2016 version instead of the late...

Jean Sassus ...
  • Steven Gould

ODDO : More than ever it is capital that dictates the sector

In this study, we present the state of play of the European banking sector with regards to the core issue of solvency (regulatory impact, etc.). Our analysis reveals to what extent this: 1/ is a significantly differentiating factor and 2/ should determine strategic direction within the sector. Lastly, it establishes a hierarchy that contains no major surprises and which underpins our preference for CASA (Buy, target price € 15.5). - >Generating surplus capital and solvency...

1 director sold

A director at KBC Groupe SA sold 46,452 shares at 73.020EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2019

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/05/2019

...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2019

Un examen objectif des moteurs de progression des indices (anticipations de croissance macroéconomique, dynamique des BPA, évolution des conditions monétaires et coût du capital) nous amène à penser que la dynamique observée depuis le début de l’année ne peut se maintenir à court terme. Bref, le marché (Stoxx 600) est en avance sur ses temps de passage et devrait entrer dans une bande de fluctuation que nous estimons comprise entre 355 et 384 points. En conséquence, l’attitude la plus...

Ibrahim Firdaus

KBC Group

Ibrahim Firdaus

KBC Group

KBC GROEP NV sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of KBC GROEP NV (BE), active in the Money Center Banks industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date May 7, 2019, the closing price was EUR 60.88 and its target price was estimated at EUR 56.86.

Ibrahim Firdaus

KBC Group

Ibrahim Firdaus

KBC Group

ING
Marcel Klok ...
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX + Financials/Possible CSPP inclusion and limited TLTRO impact favour preferred senior

Strategy and Supply: Go long preferred senior versus covered bonds and bail-in senior. USD senior favoured over EUR senior. More bail-in senior supply expected at current low yield and tighter spread levels

ING
Suvi Platerink Kosonen

KBC Group/Green KBC looks tight, value in T2/PREFERRED

KBC Group earnings suffered from revenue headwinds and higher credit costs leading to a sluggish set of numbers for 1Q19. Despite the softening, KBC's profitability remains at solid levels, and its capital ratios are strong. KBC could issue a further

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Nestlé, KBC, Commerzbank and National Grid

Nestlé (NESNVX) has entered exclusive talks with a consortium led by EQT and the Abu Dhabi Investment Authority to sell Nestlé Skin Health for CHF10.2bn. The potential deal is subject to regulatory approval and employee consultations and is expected to close in 2H19. At that time Nestlé will provide an update on the use of proceeds and its future capital structure. Should the proceeds be put towards debt reduction, net adjusted leverage would fall to 1.8x from 2.3x at end-2018 by our calculations. Nestlé has become more shareholder-friendly, however, and is in the midst of a share buyback prog...

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Nestlé, Credit Agricole, Rabobank, KBC, Credit Suisse, DSM, Statkraft and Enagas

Nestlé (NESNVX) reported organic sales growth of 3%, in line with management guidance. This compares to 2.4% in FY17. Nestlé saw stronger momentum in its two largest markets, the US and China, and also reported higher organic growth in infant nutrition and confectionery. For the year ahead Nestlé expects a further improvement in organic sales growth and underlying TOP margin in line with the 2020 targets. We view today's results as solid and in line with expectations, balanced out by increased shareholder returns. As such we believe the effect on spreads to be neutral. (For full story, downloa...

Expert Corporate Governance Service (ECGS)

KBC Group - AGM and EGM 02 May 2019

ORDINARY GENERAL MEETING: In general, KBC is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 6, the board of directors seeks approval of the Company's remuneration report. ECGS has various concerns over the Company's remuneration policy and therefore recommends to vote OPPOSE. Under ITEMS 11a-10e, the (re-)election of the board of directors is proposed. In light of insufficient independent representation on the board, ECGS recommends to vote OPPOSE to the (re-)election of: Alain Bostoen (ITEM 11b), Franky Depi...

KBC Group – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

KBC - proxy report- 04/10/2018

In general, KBC is in compliance with the Belgian regulations relating to the organisation and procedures of an Extraordinary General Meeting. Under ITEM 2.1, the board of directors seeks authorisation to increase the Company's share capital (without pre-emptive rights) up to a maximum nominal value of EUR 291 million. Under the authorisation, the board of directors is entitled to waive shareholders' pre-emptive rights and the authority will remain in effect for 5 years following the date of decision (i.e. until 2023). In aggregate, the authorisation requested is limited to 19.99% of the Comp...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 04/05/2017

In general, KBC is in compliance with the Belgian regulations relating to the organization and procedures of the Annual General Meeting.Under ITEM 6, the Board of Directors seeks approval for the Company's remuneration report. Given the lack of transparency, we recommend opposition.Under ITEMS 9a-9e, it is proposed to (re-)elect several members to the Board of Directors. In light of our concerns over insufficient independent representation on the Board, we recommend opposing the (re-)election of Ms. Katelijn Callewaert (ITEM 9a),Mr. Matthieu Vanhove (ITEM 9b), Mr. Walter Nonneman (ITEM 9c) and...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Jérôme VINERIER

Short term view - KBC : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €60.26. The background trend would be questioned should prices rise above €66.90.

Jérôme VINERIER

Analyse court terme - KBC : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 60,26 €. La tendance de fond serait remise en cause en cas de franchissement de 66,90 €.

Jérôme VINERIER

Short term view - KBC : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €60.26, then €55.46. Passing €66.90 would question the continuation of the fall.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch