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

KBC Groupe SA: 1 director sold

A director at KBC Groupe SA sold 35,000 shares at 52.170EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

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...

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 – COMMENTAIRES DETAILLES 15/05/2020

Après notre tentative de hiérarchisation sectorielle la semaine passée, nous nous attaquons maintenant, en utilisant une méthodologie comparable (vitesse de révision, performance prix / révisions relative au marché, spread Earnings Yield taux sans risque) à celle des valeurs du Stoxx 600. Nous présentons une liste de 64 valeurs combinant scores élevés et recommandation à l’Achat des analystes d’ODDO BHF ainsi qu’une liste de ventes, comprenant 33 titres à score faible et recommandatio...

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.

KBC Groupe SA: 1 director sold

A director at KBC Groupe SA sold 35,000 shares at 52.170EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

Jean Sassus ...
  • Steven Gould

KBC : Un T1 2020 solide et des guidances réalistes

>Le groupe rassure sur l’opérationnel en début d’année … - KBC a publié des chiffres au T1 relativement solides/rassurants en underlying (ie hors impact MtM sur instruments financiers à juste valeur de ~0.4 Md€ déjà annoncé auparavant) – le RN s’inscrit en perte de ‘seulement’ 5 Md€ (vs cons – 24 Md€). Le trimestre est marqué sur l’opérationnel par :Des revenus supérieurs aux attentes (+4% à ~1.48 Md€) drivés à la fois par le maintien d’une bonne dynamique c...

Jean Sassus ...
  • Steven Gould

KBC : A solid Q1 2020 and realistic guidance

>Group reassures at the operating level at the start of the year… - KBC reported relatively solid/reassuring figures at the underlying level in Q1 (i.e. excl. the previously announced MtM impact of ~€ 0.4bn on financial instruments at fair value) - the net loss was just € 5bn (vs the consensus forecast of - € 24bn). The quarter was marked at the operating level by:higher than expected revenues (+4% to ~€ 1.48bn) driven by both the maintenance of brisk commer...

ING
ING Helpdesk

Benelux Morning Notes

Basic-Fit: No opening dates yet; Mid June / early July (under conditions) our best guess. Boskalis: Satisfactory trading update. D'Ieteren: North America peer Boyd reports better Q1, Q2 sales down 40% so far. Euronext: 11% beat on EBITDA in a high volatility quarter. EVS: April order intake down 10%, €6-10m EBITDA synergies from Axon acquisition. KBC: NII & impairment outlook outweigh positive message on costs. KPN: T-Mobile NL 1Q20. SBM Offshore: Yes, we can keep our EBITDA guidance. Sif Group: FY EBITDA guidance roughly 42% below consensus. Tessenderlo: Confirms guidance of...

ING
ING Helpdesk

REVISED VERSION - Benelux Morning Notes - to include comment on AMG

ABN AMRO: Upfront hit or still more pain ahead? AEGON: 1Q20 trading update. Ageas: Equity impairments and storm impact to weigh on 1Q20. ALD: Navigating the Covid-19 crisis. AMG: Respectable 1Q20, given adverse market conditions. Aperam: 1Q20 in line, outlook highlights resilient fundamentals. D'Ieteren: Political coalition reported to be pushing for 100% green company cars. Heijmans: 1Q20 preview - not much Covid-19 yet KBC: Awaiting credit cost and NII guidance for FY20 Ontex: Rollercoaster Solvay: 13% beat in 1Q20, FY cons. of -15% EBITDA could prove too negative

ING
ING Helpdesk

Benelux Morning Notes

ASM International: Preview 1Q20. Barco: Preview 1Q20 trading update. Beter Bed: Covid-19 started at the very end of 1Q20. Econocom: Cancels 2019 dividend Fugro: the tail-end of seismic can still hurt seriously KBC: Covid-19 impact update ahead of 1Q20 Marel: Preview: All eyes on Covid-19 impact NIBC: Covid-19 impact update at AGM Royal Philips: Preview 1Q20

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/05/2020 - KBC

TP ICAP (Europe) S.A. | Recherche Crédit | Jeudi 14 mai 2020 KBC (Achat) : Maintient une forte solvabilité, mais affiche une perte nette de €5m au T1-20 Raiffeisen Bank International - RBI (Achat) - T1-20 : RN de €177m (-21,7%) Compagnies aériennes (Sous-pondérer) : Pas de retour à la normale du trafic avant 2023 selon l'IATA Zurich Insurance (Achat) - T1-20 : Primes brutes de $9,7 mds (+5%, +7% en comparable) Bouygues (Conserver) - T1-20 : Résultat opérationnel de -€240m Vallourec (Conserver) - T1-20 : CA de €853m (-17%) Deutsche ...

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

Coffee, Croissants & Credit/Fed QE, KBC Group, RBI, AB InBev, Deutsche Telekom & EDF

Strategy: Spreads tighten on Fed programmes going live, despite lack of heavy investment need

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

Coffee, Croissants & Credit/KBC, NIBC, LVMH, Orange, Telia & BCD

Financials: KBC to book a negative fair value change of €0.4bn and Belgian corporate impairments in 1Q20. NIBC indicates to not meet its medium term targets this year

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

Coffee, Croissants & Credit/CSPP, AT1/T2 coupon risk, KBC, Belfius, AB InBev, Proximus & Oil

Strategy: CSPP holdings rise by €1.3bn, accounting for only 5% of APP

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

Coffee, Croissants & Credit/AT&T, Rabobank, KBC, Metro, Pernod Ricard, Orange, RELX & BP

AT&T bringing a Reverse Yankee hybrid preferred to market

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...

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 – COMMENTAIRES DETAILLES 15/05/2020

Après notre tentative de hiérarchisation sectorielle la semaine passée, nous nous attaquons maintenant, en utilisant une méthodologie comparable (vitesse de révision, performance prix / révisions relative au marché, spread Earnings Yield taux sans risque) à celle des valeurs du Stoxx 600. Nous présentons une liste de 64 valeurs combinant scores élevés et recommandation à l’Achat des analystes d’ODDO BHF ainsi qu’une liste de ventes, comprenant 33 titres à score faible et recommandatio...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/03/2020

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur. AXA...

Benoit Valleaux ...
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2020

Investors are desperately trying to determine a floor for the valuation of indices. Until this is achieved the risk/opportunity ratio cannot be calculated and volatility will persist. We therefore understand that the winning “Buy the Dip” mantra since March 2009 is no longer a magic utterance. We propose four scenarios (weak shock, moderate shock, strong shock, and crisis) and five methods to calculate the Stoxx 600 target. In short, if you believe the epidemic will be rapidly brought...

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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