KBC : Earnings marginally better, no higher NII update yet, EPS24 to be increased
>Conclusion: Earnings marginally better, no higher NII update yet - The 3Q22 earnings were marginally better than expected by a better commission income and a better non life insurance result. KBC did not increase its NII guidance yet, but consensus still has to increase their future earnings estimates as they had too low revenues. We increase our EPS24 by 5% to € 7.5. Based on the company guidance we estimate that the PE24 is 6.7x to 7.1x which is attractive for a hi...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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