KBC Ancora

KBC Ancora's principal activity is the maintenance and management of its shareholding in KBC Group with a view to ensuring, in collaboration with Cera, MRBB and the Other Permanent Shareholders, the shareholder stability and continuity of KBC Group. Co.'s assets consist almost entirely of this participating interest in KBC Group. Thus its recurrent income consists principally of the dividend it receives from its participating interest in KBC Group.
  • TickerKBCA
  • ISINBE0003867844
  • ExchangeEuronext Brussels
  • SectorBanks
  • CountryBelgium

Analysts

ING
Research Department

Benelux Morning Notes

KBC Ancora: 10% reduction in dividend to accelerate debt reduction. Kinepolis: €137m acquisition in Michigan, USA. Sioen Industries: Challenging 1H19, raw materials prices to support 2H19 recovery

Cedric Duinslaeger ...
  • Guy Sips
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: KBCA BB, KIN BB, OXUR BB, SIOE BB, SOLB BB

KBC Ancora: FY18/19 – Profit at € 3.24 p.s. Kinepolis: It’s more fun with “Movies Just Right” Oxurion: All eyes on plasma kallikrein Sioen: Sailing in more troubled waters Solvay: Issues € 600m new bonds

Morning Note: KBCA BB, KIN BB, OXUR BB, SIOE BB, SOLB BB

KBC Ancora: FY18/19 – Profit at € 3.24 p.s. Kinepolis: It’s more fun with “Movies Just Right” Oxurion: All eyes on plasma kallikrein Sioen: Sailing in more troubled waters Solvay: Issues € 600m new bonds

ING
Research Department

Benelux Morning Notes

KBC Ancora: 10% reduction in dividend to accelerate debt reduction. Kinepolis: €137m acquisition in Michigan, USA. Sioen Industries: Challenging 1H19, raw materials prices to support 2H19 recovery

Cedric Duinslaeger ...
  • Guy Sips
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: KBCA BB, KIN BB, OXUR BB, SIOE BB, SOLB BB

KBC Ancora: FY18/19 – Profit at € 3.24 p.s. Kinepolis: It’s more fun with “Movies Just Right” Oxurion: All eyes on plasma kallikrein Sioen: Sailing in more troubled waters Solvay: Issues € 600m new bonds

Morning Note: KBCA BB, KIN BB, OXUR BB, SIOE BB, SOLB BB

KBC Ancora: FY18/19 – Profit at € 3.24 p.s. Kinepolis: It’s more fun with “Movies Just Right” Oxurion: All eyes on plasma kallikrein Sioen: Sailing in more troubled waters Solvay: Issues € 600m new bonds

ING
Albert Ploegh, CEFA

KBC Ancora/Exposure to a strong bank with a 10% yield/BUY

KBC Ancora's discount to NAV remains at c.26%, which in our view is not justified as KBC continues to make good progress on earnings and capital (FY19 FL CET1 ratio of 15.7%). We consider a 20% discount to KBC Ancora's NAV discount as more appropriate. We lower our target price from €57.2 to €49.6 based on KBC's new target price of €67.0 and NAV target discount of 20%. We maintain our BUY rating. KBC Ancora's dividend yield is c.10%.

ING
Suvi Platerink Kosonen

Benelux Bank Green Bonds/Looking for green value

Benelux issuers were the first banks to print euro-denominated green senior unsecured bonds in 2015. Since then the Benelux bank green bond universe has grown to €6bn, with €1,250m issued in 2019 to date. We expect both new issuers and repeat issuers to support the growth of the green bond market. We see value in ABN AMRO green 25s, while the green KBC trades at very tight levels limiting performance potential. The green LeasePlan offers value vs green comps.

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