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
Jean Sassus ...
  • Steven Gould

KBC : Solid and well-equipped for the future

>A relatively good Q2 2020 at the operating level despite the crisis - KBC reported fairly solid/reassuring Q2 2020 figures at the operating level – net profit of € 210m (+37% vs consensus). Beyond a marked rebound in trading profit at fair value (+€ 253m in Q2 vs -€ 385m in Q1), this good resilience at the operating level is driven by tangible factors (top-line resilience, decline in costs). The quarter was marked at the operating level by:higher-than-expected ...

Jean Sassus ...
  • Steven Gould

KBC : Solide et bien armé pour la suite !

>Un T2 2020 plutôt de bonne facture sur l’opérationnel malgré la crise - KBC a publié des chiffres au T2 relativement solides/rassurants sur le plan opérationnel – le RN s’inscrit à 210 M€ (+37% vs cons). Au-delà du rebond marqué des résultats de trading à la juste valeur (+253 M€ au T2 vs -385 M€ au T1), cette bonne tenue de l’opérationnel est tirée par des facteurs tangibles (résistance de la top line, baisse des coûts). Le trimestre est marqué sur l’opérationnel p...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Crédit Agricole, UniCredit, KBC and Metro

Financials Crédit Agricole reports strong numbers for 2Q20 UniCredit reports robust capital figures, earnings sluggish KBC 2Q20: strong revenues offset large impairments, strong capital Consumers Metro reports third quarter results: Not a bad idea to be a diversified wholesaler!

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.

Jean Sassus ...
  • Steven Gould

KBC : Solid and well-equipped for the future

>A relatively good Q2 2020 at the operating level despite the crisis - KBC reported fairly solid/reassuring Q2 2020 figures at the operating level – net profit of € 210m (+37% vs consensus). Beyond a marked rebound in trading profit at fair value (+€ 253m in Q2 vs -€ 385m in Q1), this good resilience at the operating level is driven by tangible factors (top-line resilience, decline in costs). The quarter was marked at the operating level by:higher-than-expected ...

Jean Sassus ...
  • Steven Gould

KBC : Solide et bien armé pour la suite !

>Un T2 2020 plutôt de bonne facture sur l’opérationnel malgré la crise - KBC a publié des chiffres au T2 relativement solides/rassurants sur le plan opérationnel – le RN s’inscrit à 210 M€ (+37% vs cons). Au-delà du rebond marqué des résultats de trading à la juste valeur (+253 M€ au T2 vs -385 M€ au T1), cette bonne tenue de l’opérationnel est tirée par des facteurs tangibles (résistance de la top line, baisse des coûts). Le trimestre est marqué sur l’opérationnel p...

ING
ING Helpdesk

Benelux Morning Notes

Adecco (Not Rated): 2Q20 results review; beat vs consensus. Euronav: 2Q20 results fine but uncertainty rising. Euronext: July shows mid-single digit YoY growth. Fagron: In-line 1H20, Covid-19 boost offsets weakening Compounding trends K. BC: Ups NII guidance (€4.4bn), maintains impairment outlook (€1.1bn). Kinepolis: Mulan Disney+ release another blow to Cinema chains . NN GROUP: Operating results, OCG and solvency beat . SBM Offshore: Good contracts supportive to 1H20. Sligro Food Group: Foodstep stats improving, but still a long way to go

ING
ING Helpdesk

Benelux Morning Notes

Aalberts: A tumultuous first half of the year. ABN AMRO: CIB review outcome and impairments in focus. KBC: 2Q20 preview; expect 2020 guidance to be upheld. Marel: Preview - a volatile second quarter. Randstad: strong beat on 2Q20, strong FCF, comforting trends in Q2 and into Q3. Unilever: 1H results set to disappoint. Van Lanschot Kempen: In profit after 1Q20 loss -capital return in hands of the regulator

Jean Sassus ...
  • Steven Gould

ODDO : Update - COVID-19: adjustments, but hierarchy confirmed

>Downward revision to our estimates / KBC remains our Top Pick - Our assessment of the health / macroeconomic / regulatory situation leads us to adjust our earnings forecasts for the period 2020-2022e. We revise downward our net profit forecasts by 3%, 8% and 20% on average for KBC, ING and ABN Amro, respectively. Most of the adjustment concerns 2020, with the cost of risk being the main factor, given the gradual improvement in visibility on the impact of the crisis.§...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Crédit Agricole, UniCredit, KBC and Metro

Financials Crédit Agricole reports strong numbers for 2Q20 UniCredit reports robust capital figures, earnings sluggish KBC 2Q20: strong revenues offset large impairments, strong capital Consumers Metro reports third quarter results: Not a bad idea to be a diversified wholesaler!

KBC Group N.V.: Key facts and statistics - March 2020

A summary company profile, detailing KBC Group N.V.’s business operations and financial highlights.

ING
Alyssa Gammoudy

Kering/Interim results: Gucci shows resilience, but credit metrics are weaker

Yesterday evening after trading, Kering (KERFP) published 1H20 results which reflect the currently challenging conditions the company faces. The group generated €5,378.3m in revenue, down 30.1% YoY LfL. Recurring operating income (ROI) came to €952m, a drop of 57.7% YoY. Operating margin stood at 20.5%, down from 39% at 2019 year end. This is quite a drop, but Gucci showed strong resilience, reporting an operating margin above 30%. Gucci is the largest House within Kering and its strong business model is apparent. Kering's reported FCF came to €565m with reported net debt at €3,815m and pointi...

KBC Group N.V.: Update to credit analysis

Our credit view of KBC Bank, reflecting the bank's solid fundamentals resulting from its strong franchise in Belgium and Central and Eastern European (CEE) countries.

ING
Julie Cichon ...
  • Marcel Klok
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX+ Financials/Who is best positioned to weather the storm?

Strategy and Supply: • Benelux financials spreads have recovered quite well from the March widening. Even so, Belgian preferred and Dutch insurance senior have more catching up to do. • Benelux financials' YTD supply is running clearly behind last year, especially driven by the slow first quarter. The TLTRO continues to act as a limit in 2H20.

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2020

The increase in Fortum’s stake in Uniper to 73.4% upends the two groups’ strategic priorities. In seeking to maintain an investment grade credit rating, Uniper might have to scale back its ambitions in terms of growth investments. In an environment where rivals are looking ahead to the future, Fortum and Uniper are uniting in adversity. We initiate coverage of Uniper with a Reduce rating and a target price of € 24.30. - Cf. company report published last evening. - ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2020

La montée de Fortum au capital d’Uniper à 73.4% rebat les cartes des priorités stratégiques des deux groupes. La volonté de maintenir la note de crédit en catégorie « investment grade » pourrait se traduire par une réduction des ambitions d’Uniper en matière d’investissements de croissance. Dans un environnement où les concurrents se projettent dans l’avenir, Fortum et Uniper sont en train de s’unir dans l’adversité. Nous initions le suivi d’Uniper avec une opinion Alléger et un OC de...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Benoit Valleaux
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2020

After our attempt to establish a sector hierarchy last week, we now adopt an approach using a comparable methodology (speed of revision, performance price / revisions relative to the market, earnings yield/risk-free rate spread) to that of Stoxx 600 stocks. We present a list of 64 stocks combining high scores and a Buy rating from ODDO BHF analysts and a list of stocks to sell, comprising 33 names with a low score and a Reduce rating. The appendix outlines the ranking of all the Stoxx...

An unfavourable environment weighs on KBC GROEP NV, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of KBC GROEP NV (BE), active in the Money Center Banks industry. As regards its fundamental valuation, the title still shows 3 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date July 3, 2020, the closing price was EUR 51.34 and its target price was estimated at EUR 36.66.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

KBC Group – AGM 7 May 2020

Covid-19 Emergency: Depending on the measures taken by the authorities in the context of the Covid-19 pandemic, KBC Group NV may decide to adjust the terms of participation for the Annual General Meeting or, if necessary, to postpone this Annual General Meeting. Such revised terms of participation and/or postponement will be announced in a timely manner on KBC's website () and, as the case may be, by other means to ensure that all shareholders are duly and timely informed. In the meantime and for reasons of public safety/health, all shareholders are strongly encouraged to make maximum use of t...

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...

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