KBC : A good quarter, 13% cash return the next 12 months, TP increased
>Conclusion: good clear cash return, TP increased to €80 - KBC showed a good 1Q21 result across the board with a better commission income, better non life results, lower expenses, and higher loan loss releases. Further it increased its FY21 NII guidance marginally and improved FY21 loan loss guidance somewhat. Also the Solvency was better than expected. Based on our capital roll forward model and KBC’s clear capital return policy we estimate that KBC will pay € 8.60 p...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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