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

Beats expectations and starts 2015 well

KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend - effectively allowing them to get 'more bang for their buck'. It is common knowledge that energy stocks have had a tough time of late due to the crude price plummeting from $110/barrel in June 2014 to below $55 today. However, what's less well known is that within this bloodshed, the oil refiners have actually held up pretty well. Very importantly for KBC as around 90% of t...

Steady as she goes

KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend - effectively allowing them to get more 'bang for their buck'. Oil and gas is a tough place to be at the moment, but there are still pockets of strength which are helping KBC to not only keep its head well above water, but also deliver 10% growth in adjusted PBTA this year. In the Middle East the company has already secured £9m+ of contracts in 2015, including major awards t...

Substantial upside in the event of m&a

​KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend - effectively allowing them to get more 'bang for their buck'. For investors in the energy sector the decline of the crude price has been a major irritation, triggering a slew of profit warnings. However, not all oil/gas companies are alike, with high-tech software consultant KBC bucking the trend. Indeed its shares have actually increased >30% YTD on the back of solid trad...

A rare oil/gas stock still increasing profits

​KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend. Over the past year the crude price has collapsed leading to a blood-bath across the entire sector. However what's particularly interesting here, is that despite the very challenging backdrop, KBC is still on track to increase its 2015 PBTA by 10% to £10.5m. A message repeated once again today after signing another multi $m contract - this time an 18 month deal with a major...

Benefiting from healthy refinery margins

​KBC's H1 sales of £36.2m (+5.4%) and adjusted PBT of £4.2m (+3%) were in line with our estimates, albeit impacted by £0.46m of forex losses. KBC's robust orderbook, strength in refineries and early restructuring measures (which have produced savings of £3.5m pa thanks to a 10% headcount reduction and office consolidation in North America), helped mitigate the worst effects of the lower crude price. From a divisional perspective, Consultancy revenues and adjusted EBIT came in at £27.3m (+5.1%) and £1.7m respectively - improving margins sequentially to 6.2% from 2.9% in H2'14, thanks to lower h...

KBC's Acquisition of Bulgarian Bank Is Credit Positive

ISSUER COMMENT BANKING JANUARY 9, 2017 What is Moody’s Credit Outlook? Published every Monday and Thursday morning, Moody's Credit Outlook informs our research clients of the credit implications of current events. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.

KBC Group NV: Annual Update

FINANCIAL INSTITUTIONS CREDIT OPINION 28 July 2017 Update Contacts Guillaume Lucien- Baugas 33-1-5330-3350 VP-Senior Analyst [email protected] Andrea Usai 44-20-7772-1058 Senior Vice President [email protected] Alain Laurin 33-1-5330-1059 Associate Managing Director [email protected] Nick Hill 33-1-5330-1029 Managing Director - Banking [email protected] KBC Group NV

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.

Beats expectations and starts 2015 well

KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend - effectively allowing them to get 'more bang for their buck'. It is common knowledge that energy stocks have had a tough time of late due to the crude price plummeting from $110/barrel in June 2014 to below $55 today. However, what's less well known is that within this bloodshed, the oil refiners have actually held up pretty well. Very importantly for KBC as around 90% of t...

Steady as she goes

KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend - effectively allowing them to get more 'bang for their buck'. Oil and gas is a tough place to be at the moment, but there are still pockets of strength which are helping KBC to not only keep its head well above water, but also deliver 10% growth in adjusted PBTA this year. In the Middle East the company has already secured £9m+ of contracts in 2015, including major awards t...

Substantial upside in the event of m&a

​KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend - effectively allowing them to get more 'bang for their buck'. For investors in the energy sector the decline of the crude price has been a major irritation, triggering a slew of profit warnings. However, not all oil/gas companies are alike, with high-tech software consultant KBC bucking the trend. Indeed its shares have actually increased >30% YTD on the back of solid trad...

A rare oil/gas stock still increasing profits

​KBC is a leading independent provider of simulation software (70% of FY14 profits) and consultancy (30%) to the oil/gas sector. Its sophisticated technology enables customers to optimise their capital and operational spend. Over the past year the crude price has collapsed leading to a blood-bath across the entire sector. However what's particularly interesting here, is that despite the very challenging backdrop, KBC is still on track to increase its 2015 PBTA by 10% to £10.5m. A message repeated once again today after signing another multi $m contract - this time an 18 month deal with a major...

Benefiting from healthy refinery margins

​KBC's H1 sales of £36.2m (+5.4%) and adjusted PBT of £4.2m (+3%) were in line with our estimates, albeit impacted by £0.46m of forex losses. KBC's robust orderbook, strength in refineries and early restructuring measures (which have produced savings of £3.5m pa thanks to a 10% headcount reduction and office consolidation in North America), helped mitigate the worst effects of the lower crude price. From a divisional perspective, Consultancy revenues and adjusted EBIT came in at £27.3m (+5.1%) and £1.7m respectively - improving margins sequentially to 6.2% from 2.9% in H2'14, thanks to lower h...

1 director bought

A director at KBC Groupe SA bought 20,000 shares at 53.440EUR 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 boa...

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...

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 ...
  • 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 ...
  • 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

...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/08/2019

...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Ibrahim Firdaus

KBC Group

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Ibrahim Firdaus

KBC Group

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Ibrahim Firdaus

KBC Group

Ibrahim Firdaus

KBC Group

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

Coffee, Croissants & Credit/Value in KBC's HoldCo senior paper

KBC Group (KBCBB) reported stronger capital metrics for 3Q18 supported by its earnings generation. The 3Q18 earnings were relatively stable. The group has another €750m HoldCo senior issuance need to meet its HoldCo MREL requirement in our view. We consider the capital development as supportive of its secondary spreads. We see value in KBC's HoldCo senior paper that offers some pickup versus Rabobank non-preferred senior paper.

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...

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, 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
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

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...

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...

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 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...

Valérie GASTALDY

Medium term view - KBC : The trend is momentarily interrupted by a flag, but the rise will resume soon.

In our previous medium term analysis (24/05/2016), we were bullish. We remain bullish with a target at 64,1 € and an invalidation level at 49,6 €. The bullish trend resumes after the consolidation. Arguments : - The rising moving average confirms our opinion. - The trend is...

Valérie GASTALDY

Analyse moyen terme - KBC : Un flag est en formation.

Lors de notre dernière analyse moyen terme (24/05/2016), nous avions opté pour un avis haussier. Nous restons haussier avec un objectif à 64,1 € et un niveau d'invalidation à 49,6 €. La tendance haussière reprend après la consolidation. Arguments : - La moyenne mobile,...

Louis-Clément AZAIS d'UHART

Short term view - KBC : The moving average is supporting prices.

In our previous short term analysis (10/10/2016), we were positive. We remain positive with a target at 58,7 € and an invalidation level at 51,5 €. The bullish trend unfolds. Arguments : - The resistance has been passed. - The moving average is supporting prices.

Louis-Clément AZAIS d'UHART

Analyse court terme - KBC : La moyenne mobile sert de support.

Lors de notre dernière analyse court terme (10/10/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 58,7 € et un niveau d'invalidation à 51,5 €. La tendance haussière se poursuit. Arguments : - La résistance est dépassée. - La moyenne...

Valérie GASTALDY

Analyse moyen terme - KBC : La moyenne mobile, haussière, confirme notre avis.

La tendance est toujours haussière, son niveau d'invalidation est sous 48,76 €. L'objectif est à 63,01 €.Arguments :- La moyenne mobile, haussière, confirme notre avis.

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