Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KBC GROEP NV. We currently have 3 research reports from 1 professional analysts.
|02Dec16 05:00||GNW||KBC Group: Publication of a transparency notification|
|17Nov16 07:00||GNW||KBC Group: information regarding the traditional annual capital increase reserved for staff|
|17Nov16 06:00||GNW||KBC Group: Strong third-quarter profit of 629 million euros.|
|07Sep16 07:00||GNW||KBC Group: the 1H2016 half-year report of KBC IFIMA is available on kbc.com|
|31Aug16 07:00||GNW||KBC Group: the 1H2016 half-year report of KBC Bank is available on www.kbc.com|
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KBC GROEP NV
KBC GROEP NV
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.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.