KBC Posts In-Line 2017 Performance: Decent Results, While Shares Offer Modest Upside
In line with our EUR 2.6 billion forecast, KBC posted full-year net income of EUR 2.6 billion, indicating an increase of 6% year over year. We deem KBC’s 2017 operational performance decent and thus opt to maintain our narrow moat and stable moat trend ratings, along with our fair value estimate of EUR 75 per share. Shares offer modest 7% upside relative to our fair value estimate and are currently trading in the 3-star category. On a segmental level, while the Belgian business unit posted a 10%...
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