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KBC

KBC Group ENXTBR:KBC Stock Report

Last Price

€52.96

Market Cap

€22.1b

7D

3.6%

1Y

-25.2%

Updated

11 Aug, 2022

Data

Company Financials +
KBC fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance3/6
Financial Health4/6
Dividends5/6

KBC Stock Overview

KBC Group NV, together with its subsidiaries, provides integrated bank-insurance services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients.

KBC Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for KBC Group
Historical stock prices
Current Share Price€52.96
52 Week High€86.50
52 Week Low€48.34
Beta1.41
1 Month Change2.76%
3 Month Change-3.81%
1 Year Change-25.22%
3 Year Change3.97%
5 Year Change-24.21%
Change since IPO432.56%

Recent News & Updates

Aug 11
With EPS Growth And More, KBC Group (EBR:KBC) Makes An Interesting Case

With EPS Growth And More, KBC Group (EBR:KBC) Makes An Interesting Case

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...

Shareholder Returns

KBCBE BanksBE Market
7D3.6%2.0%1.5%
1Y-25.2%-13.3%-7.0%

Return vs Industry: KBC underperformed the Belgian Banks industry which returned -13.3% over the past year.

Return vs Market: KBC underperformed the Belgian Market which returned -7% over the past year.

Price Volatility

Is KBC's price volatile compared to industry and market?
KBC volatility
KBC Average Weekly Movement4.9%
Banks Industry Average Movement4.3%
Market Average Movement4.7%
10% most volatile stocks in BE Market8.4%
10% least volatile stocks in BE Market2.7%

Stable Share Price: KBC is not significantly more volatile than the rest of Belgian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: KBC's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
193536,992Johan Thijshttps://www.kbc.com

KBC Group NV, together with its subsidiaries, provides integrated bank-insurance services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients. The company offers demand deposits and savings accounts; home and mortgage loans; consumer finance and SME funding services; credit, investment fund and asset management, and life and non-life insurance; and cash management, payments, trade finance, lease, money market, capital market products, and stockbroking services. It also provides Internet and mobile banking services.

KBC Group Fundamentals Summary

How do KBC Group's earnings and revenue compare to its market cap?
KBC fundamental statistics
Market Cap€22.08b
Earnings (TTM)€2.47b
Revenue (TTM)€8.02b

9.0x

P/E Ratio

1.0x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
KBC income statement (TTM)
Revenue€0
Cost of Revenue€0
Gross Profit€0
Other Expenses€0
Earnings€0

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Aug 11, 2022

Earnings per share (EPS)5.91
Gross Margin100.00%
Net Profit Margin30.74%
Debt/Equity Ratio212.3%

How did KBC perform over the long term?

See historical performance and comparison

Dividends

11.3%

Current Dividend Yield

68%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is KBC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KBC?

Other financial metrics that can be useful for relative valuation.

KBC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio3.6x

Price to Earnings Ratio vs Peers

How does KBC's PE Ratio compare to its peers?

KBC PE Ratio vs Peers
The above table shows the PE ratio for KBC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9.2x
017250539 BNP Paribas Fortis
6.3xn/a€16.4b
KBCA KBC Ancora
3.7xn/a€2.8b
STAN Standard Chartered
10.5x10.8%UK£17.8b
PBBANK Public Bank Berhad
16.3x11.9%RM90.3b
KBC KBC Group
9x2.5%€22.1b

Price-To-Earnings vs Peers: KBC is good value based on its Price-To-Earnings Ratio (9x) compared to the peer average (9.2x).


Price to Earnings Ratio vs Industry

How does KBC's PE Ratio compare vs other companies in the European Banks Industry?

Price-To-Earnings vs Industry: KBC is expensive based on its Price-To-Earnings Ratio (9x) compared to the European Banks industry average (8.8x)


Price to Earnings Ratio vs Fair Ratio

What is KBC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KBC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate KBC's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of KBC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KBC (€52.96) is trading below our estimate of fair value (€85.34)

Significantly Below Fair Value: KBC is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is KBC Group forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


2.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KBC's forecast earnings growth (2.5% per year) is above the savings rate (1.1%).

Earnings vs Market: KBC's earnings (2.5% per year) are forecast to grow slower than the Belgian market (16% per year).

High Growth Earnings: KBC's earnings are forecast to grow, but not significantly.

Revenue vs Market: KBC's revenue (2.5% per year) is forecast to grow faster than the Belgian market (1.9% per year).

High Growth Revenue: KBC's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KBC's Return on Equity is forecast to be low in 3 years time (13.3%).


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Past Performance

How has KBC Group performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-4.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: KBC has high quality earnings.

Growing Profit Margin: KBC's current net profit margins (30.7%) are higher than last year (29%).


Past Earnings Growth Analysis

Earnings Trend: KBC's earnings have declined by 4.3% per year over the past 5 years.

Accelerating Growth: KBC's earnings growth over the past year (25.4%) exceeds its 5-year average (-4.3% per year).

Earnings vs Industry: KBC earnings growth over the past year (25.4%) underperformed the Banks industry 27.8%.


Return on Equity

High ROE: KBC's Return on Equity (10.9%) is considered low.


Discover strong past performing companies

Financial Health

How is KBC Group's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

4/6

Financial Health Score 4/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: KBC's Assets to Equity ratio (16x) is moderate.

Allowance for Bad Loans: KBC has a low allowance for bad loans (56%).

Low Risk Liabilities: 73% of KBC's liabilities are made up of primarily low risk sources of funding.

Loan Level: KBC has an appropriate level of Loans to Assets ratio (45%).

Low Risk Deposits: KBC's Loans to Deposits ratio (66%) is appropriate.

Level of Bad Loans: KBC has a high level of bad loans (2.6%).


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Dividend

What is KBC Group current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


11.33%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: KBC's dividend (11.33%) is higher than the bottom 25% of dividend payers in the Belgian market (1.9%).

High Dividend: KBC's dividend (11.33%) is in the top 25% of dividend payers in the Belgian market (5.66%)


Stability and Growth of Payments

Stable Dividend: KBC's dividend payments have been volatile in the past 10 years.

Growing Dividend: KBC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (67.7%), KBC's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: KBC's dividends in 3 years are forecast to be covered by earnings (57.8% payout ratio).


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.3yrs

Average management tenure


CEO

Johan Thijs (57 yo)

10.25yrs

Tenure

€2,421,147

Compensation

Mr. Johan Thijs has been Group Chief Executive Officer and Executive Director of KBC Group NV and KBC Bank NV since May 3, 2012 and September 1, 2009 respectively and serves as it's Managing Director. He s...


CEO Compensation Analysis

Compensation vs Market: Johan's total compensation ($USD2.50M) is above average for companies of similar size in the Belgian market ($USD1.80M).

Compensation vs Earnings: Johan's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: KBC's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


Board Members

Experienced Board: KBC's board of directors are seasoned and experienced ( 12.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

KBC Group NV's employee growth, exchange listings and data sources


Key Information

  • Name: KBC Group NV
  • Ticker: KBC
  • Exchange: ENXTBR
  • Founded: 1935
  • Industry: Diversified Banks
  • Sector: Banks
  • Implied Market Cap: €22.077b
  • Shares outstanding: 416.86m
  • Website: https://www.kbc.com

Number of Employees


Location

  • KBC Group NV
  • Havenlaan 2
  • Brussels
  • Brussels
  • 1080
  • Belgium

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/11 00:00
End of Day Share Price2022/08/11 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.