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

Derya Guzel

Morningstar | KBC Reports Decent 1Q; FVE Maintained

KBC reported a decent first quarter of 2019, and we maintain our fair value estimate of EUR 80 per share and narrow moat rating. Results before tax declined to EUR 503 million from EUR 683 million a year prior. The decline can mostly be explained by impairment charges of EUR 69 million in the first quarter this year versus a reversal of EUR 56 million in the same period in 2018. We don’t think this is particularly worrisome for a couple of reasons. First, impairment losses reflect past loan underwriting decisions and are rarely indicative of operating performance over the last quarter. Second,...

Derya Guzel

KBC Reports Decent 1Q; FVE Maintained

KBC reported a decent first quarter of 2019, and we maintain our fair value estimate of EUR 80 per share and narrow moat rating. Results before tax declined to EUR 503 million from EUR 683 million a year prior. The decline can mostly be explained by impairment charges of EUR 69 million in the first quarter this year versus a reversal of EUR 56 million in the same period in 2018. We don’t think this is particularly worrisome for a couple of reasons. First, impairment losses reflect past loan unde...

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

...

Jean Sassus ...
  • Steven Gould

KBC : A fairly mixed Q1 2019…

>Operating performance exceeded expectations, but not for the ‘right’ reasons - The group has reported results ahead of expectations with net profit of € 430m (+12% vs the consensus) and a PBT of € 503m (+6% vs consensus). Q1 is traditionally marked by a significant impact of bank taxes (€ 382m, +2% y-o-y). The performance must nonetheless be placed in perspective from the qualitative standpoint 1/ it benefited from a weaker-than-expected tax rate (~15% vs ~23% o...

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.

Derya Guzel

Morningstar | KBC Reports Decent 1Q; FVE Maintained

KBC reported a decent first quarter of 2019, and we maintain our fair value estimate of EUR 80 per share and narrow moat rating. Results before tax declined to EUR 503 million from EUR 683 million a year prior. The decline can mostly be explained by impairment charges of EUR 69 million in the first quarter this year versus a reversal of EUR 56 million in the same period in 2018. We don’t think this is particularly worrisome for a couple of reasons. First, impairment losses reflect past loan underwriting decisions and are rarely indicative of operating performance over the last quarter. Second,...

Derya Guzel

KBC Reports Decent 1Q; FVE Maintained

KBC reported a decent first quarter of 2019, and we maintain our fair value estimate of EUR 80 per share and narrow moat rating. Results before tax declined to EUR 503 million from EUR 683 million a year prior. The decline can mostly be explained by impairment charges of EUR 69 million in the first quarter this year versus a reversal of EUR 56 million in the same period in 2018. We don’t think this is particularly worrisome for a couple of reasons. First, impairment losses reflect past loan unde...

Jean Sassus ...
  • Steven Gould

KBC : A fairly mixed Q1 2019…

>Operating performance exceeded expectations, but not for the ‘right’ reasons - The group has reported results ahead of expectations with net profit of € 430m (+12% vs the consensus) and a PBT of € 503m (+6% vs consensus). Q1 is traditionally marked by a significant impact of bank taxes (€ 382m, +2% y-o-y). The performance must nonetheless be placed in perspective from the qualitative standpoint 1/ it benefited from a weaker-than-expected tax rate (~15% vs ~23% o...

Jean Sassus ...
  • Steven Gould

KBC : Un T1 2019 assez mitigé…

>Opérationnel > attente, mais pas pour de ‘bonnes’ raisons - Le groupe publie des chiffres supérieurs aux attentes avec un RN à 430 M€ (+12% vs cons) et un RAI à 503 M€ (+6% vs cons). Le T1 est traditionnellement marqué par un impact significatif des taxes bancaires (382 M€, +2% yoy). La performance reste cependant à relativiser du point de vue qualitatif puisque : 1/ elle a bénéficié d’un taux d’imposition plus faible qu’anticipé (~15% vs ~23% sur 2018 ~22% sur ...

ING
Research Department

Benelux Morning Notes

Euronext: On track to reach FY19 cost guidance. KBC: Underlying results in line (solid), CET1 underlying a touch light. NN Group: Decent results but less strong than headlines suggest. SBM Offshore: Moving forward, preferably fast. Sligro: Ambitious goals for the Belgian operations. TomTom: Capital repayment sheds light on attractive FCF yield. VolkerWessels: Solid first quarter

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...

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

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/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...

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.

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.

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