Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KBC GROEP NV. We currently have 4 research reports from 1 professional analysts.
|17Mar17 07:16||GNW||KBC Group: KBC Group changes and expands Executive Committee|
|09Feb17 06:02||GNW||KBC Group: Ireland new core market of KBC Group. KBC Bank Ireland : a Digital-First Customer Centric Bank.|
|09Feb17 06:00||GNW||KBC Group: Strong fourth-quarter result of 685 million euros, leading to a full-year profit of 2.4 billion euros|
|30Dec16 17:20||GNW||KBC Group: KBC Group acquires United Bulgarian Bank and Interlease, becoming the largest bank-insurance group in Bulgaria (incl Dutch & French attachments)|
|23Dec16 17:00||GNW||KBC Group: Results of the capital increase of KBC Group NV for the employees and effects on the transparency obligations|
|16Dec16 07:00||GNW||KBC Group: Changes within the Board of Directors of KBC|
|14Dec16 07:00||GNW||KBC Group: KBC discloses new ECB capital requirements|
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Research reports on
KBC GROEP NV
KBC GROEP NV
Net interest margin and dividend remain the keys...
16 Feb 17
Following the Q4 16 earnings release, we are updating our model so as to factor in the latest trends in KBC’s operating divisions. Total income at €1.9bn was respectively 6.7% and 8% higher than consensus forecasts and our own expectations. The beat was, however, entirely driven by both trading income and other income, which we do not find sustainable going into 2017 and 2018. Total expenses were in line with consensus numbers but above our expectations due to a one-off expense of €33m for early retirement in Belgium. Loan losses at €73m were in line with expectations but higher than the €55m we had expected. All in all, operating income at €865m was 13.3% higher than our expectations. In terms of capital, the CET1 ratio at 15.8% is 50bp higher qoq and 440bp above ECB’s requirements. Even if management remains committed to paying a minimum 50% pay-out ratio, the actual dividend for 2016 is rather disappointing as, with a €2.8 total dividend, the pay-out ratio is therefore in the low range of the guidance at 50%.
Quite reassuring on the net interest margin...
12 May 16
KBC released its Q1 16 earnings this morning. Revenues are well above expectations whereas costs acted as a drag on the bottom-line. With impairments at -€28m, or €80m lower than expectations, profit before tax is 18% higher than consensus. Even if the fully-loaded common equity tier 1 ratio is 30bp lower than last quarter, it is still comfortably above the required 11.25% (in 2018).
Fears on net interest margin...
18 Feb 16
The Q4 15 results were quite disappointing on the P&L side. Revenues were in line with expectations while expenses and impairments were below expectations respectively due to bank taxes and goodwill impairments. On the solvency side, the CET1 ratio is comfortably above the 11.25% required (at 14.9%) after the reimbursement of the €2bn state aid (plus the expected €1bn penalty).
Capital generation is going on...net banking income a bit disappointing
16 Nov 15
KBC released its Q3 15 earnings. Net banking income is in line with expectations (at €1.73bn). Both cost of risk and expenses are better than expected, amounting respectively to -€49m vs -€98m and -€862m vs -€894m. All in all, PBT is 10% higher than expectations.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.