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.
|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|
|02Dec16 21:15||GNW||KBC Group: KBC report on the EBA Transparency Exercise 2016|
Frequency of research reports
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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small caps best insulated from macro headwinds
15 Feb 17
The Diverse Income Trust (DIVI) invests in UK stocks from across the market cap spectrum that have strong prospects for sustainable dividend growth. This all-cap income generating strategy was developed by Gervais Williams and Martin Turner of Miton Asset Management. The c 145 stock portfolio provides a broad spread of investments and has a strong bias towards dividend-growing smaller companies. In terms of NAV total return, the trust has generated +125% over five years, ranking it second in its 23-strong peer group (the Association of Investment Companies’ UK Equity Income sector). Since launch, DIVI’s annual dividend has grown from 2.0p in FY12 to 2.8p in FY16 and it has built a substantial revenue reserve.
Small Cap Breakfast
15 Feb 17
Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
A growth and value opportunity
14 Feb 17
Shares in TMT are some 20% off their year highs and trading at an 11% discount to the last reported NAV of $1.91/share as at 30 June 2016. News flow since then suggests continued positive performance of the portfolio, with the most significant reported value event being the recent revaluation of Pipedrive accretive to NAV per share by circa 14.7c. TMT invests in high growth private companies and as such valuation events are relatively infrequent for its investee companies. Anecdotal evidence from some of TMT’s portfolio suggests that there remains significant value to be unlocked from certain investments, that will not yet meet the criteria for being recognised in the portfolio valuation as at December 2016. We highlight the key news events both reported by TMT, and those relating to its portfolio companies that we have identified since the last audited NAV was published.