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KBC GROUP NV (KBC.BR) Stock Fundamental Analysis

EBR:KBC - Euronext Brussels - BE0003565737 - Common Stock - Currency: EUR

85.21  +1.13 (+1.34%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to KBC. KBC was compared to 96 industry peers in the Banks industry. KBC may be in some trouble as it scores bad on both profitability and health. KBC is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

KBC had positive earnings in the past year.
In the past year KBC has reported a negative cash flow from operations.
KBC had positive earnings in each of the past 5 years.
KBC had a positive operating cash flow in 4 of the past 5 years.
KBC.BR Yearly Net Income VS EBIT VS OCF VS FCFKBC.BR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B

1.2 Ratios

Looking at the Return On Assets, with a value of 0.89%, KBC is in the better half of the industry, outperforming 60.42% of the companies in the same industry.
KBC's Return On Equity of 13.39% is fine compared to the rest of the industry. KBC outperforms 72.92% of its industry peers.
Industry RankSector Rank
ROA 0.89%
ROE 13.39%
ROIC N/A
ROA(3y)0.88%
ROA(5y)0.76%
ROE(3y)13.38%
ROE(5y)11.54%
ROIC(3y)N/A
ROIC(5y)N/A
KBC.BR Yearly ROA, ROE, ROICKBC.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

KBC's Profit Margin of 25.59% is fine compared to the rest of the industry. KBC outperforms 71.88% of its industry peers.
In the last couple of years the Profit Margin of KBC has remained more or less at the same level.
The Operating Margin and Gross Margin are not available for KBC so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 25.59%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-1.86%
PM growth 5Y-0.07%
GM growth 3YN/A
GM growth 5YN/A
KBC.BR Yearly Profit, Operating, Gross MarginsKBC.BR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

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1

2. Health

2.1 Basic Checks

KBC does not have a ROIC to compare to the WACC, probably because it is not profitable.
KBC has less shares outstanding than it did 1 year ago.
KBC has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, KBC has a worse debt to assets ratio.
KBC.BR Yearly Shares OutstandingKBC.BR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
KBC.BR Yearly Total Debt VS Total AssetsKBC.BR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100B 200B 300B

2.2 Solvency

A Debt/Equity ratio of 2.12 is on the high side and indicates that KBC has dependencies on debt financing.
The Debt to Equity ratio of KBC (2.12) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 2.12
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC19.45%
KBC.BR Yearly LT Debt VS Equity VS FCFKBC.BR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
KBC.BR Yearly Current Assets VS Current LiabilitesKBC.BR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

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4

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 18.65% over the past year.
Measured over the past 5 years, KBC shows a small growth in Earnings Per Share. The EPS has been growing by 7.34% on average per year.
KBC shows a small growth in Revenue. In the last year, the Revenue has grown by 5.27%.
KBC shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.55% yearly.
EPS 1Y (TTM)18.65%
EPS 3Y10.6%
EPS 5Y7.34%
EPS Q2Q%11.86%
Revenue 1Y (TTM)5.27%
Revenue growth 3Y11.18%
Revenue growth 5Y6.55%
Sales Q2Q%7.64%

3.2 Future

KBC is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.39% yearly.
Based on estimates for the next years, KBC will show a small growth in Revenue. The Revenue will grow by 7.13% on average per year.
EPS Next Y-3.74%
EPS Next 2Y2.57%
EPS Next 3Y4.8%
EPS Next 5Y5.39%
Revenue Next Year6.03%
Revenue Next 2Y5.73%
Revenue Next 3Y5.59%
Revenue Next 5Y7.13%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
KBC.BR Yearly Revenue VS EstimatesKBC.BR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 5B 10B
KBC.BR Yearly EPS VS EstimatesKBC.BR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2 4 6 8 10

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3

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 10.07 indicates a reasonable valuation of KBC.
Based on the Price/Earnings ratio, KBC is valued a bit more expensive than 62.50% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.34, KBC is valued rather cheaply.
A Price/Forward Earnings ratio of 9.74 indicates a reasonable valuation of KBC.
KBC's Price/Forward Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.19, KBC is valued rather cheaply.
Industry RankSector Rank
PE 10.07
Fwd PE 9.74
KBC.BR Price Earnings VS Forward Price EarningsKBC.BR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
KBC.BR Per share dataKBC.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)1.37
EPS Next 2Y2.57%
EPS Next 3Y4.8%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.41%, KBC has a reasonable but not impressive dividend return.
KBC's Dividend Yield is slightly below the industry average, which is at 5.14.
KBC's Dividend Yield is a higher than the S&P500 average which is at 2.40.
Industry RankSector Rank
Dividend Yield 3.41%

5.2 History

On average, the dividend of KBC grows each year by 6.61%, which is quite nice.
Dividend Growth(5Y)6.61%
Div Incr Years1
Div Non Decr Years3
KBC.BR Yearly Dividends per shareKBC.BR Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4

5.3 Sustainability

KBC pays out 57.59% of its income as dividend. This is a bit on the high side, but may be sustainable.
The dividend of KBC is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP57.59%
EPS Next 2Y2.57%
EPS Next 3Y4.8%
KBC.BR Yearly Income VS Free CF VS DividendKBC.BR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B -10B 20B -20B
KBC.BR Dividend Payout.KBC.BR Dividend Payout, showing the Payout Ratio.KBC.BR Dividend Payout.PayoutRetained Earnings

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KBC GROUP NV

EBR:KBC (6/20/2025, 1:02:08 PM)

85.21

+1.13 (+1.34%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)05-15 2025-05-15/bmo
Earnings (Next)08-07 2025-08-07
Inst Owners28.61%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap35.58B
Analysts70.91
Price Target92.67 (8.75%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.41%
Yearly Dividend4.82
Dividend Growth(5Y)6.61%
DP57.59%
Div Incr Years1
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.1%
Min EPS beat(2)5.1%
Max EPS beat(2)9.09%
EPS beat(4)4
Avg EPS beat(4)7.42%
Min EPS beat(4)5.1%
Max EPS beat(4)9.09%
EPS beat(8)7
Avg EPS beat(8)6.37%
EPS beat(12)10
Avg EPS beat(12)10.1%
EPS beat(16)13
Avg EPS beat(16)9.38%
Revenue beat(2)2
Avg Revenue beat(2)1.21%
Min Revenue beat(2)0.8%
Max Revenue beat(2)1.63%
Revenue beat(4)3
Avg Revenue beat(4)0.44%
Min Revenue beat(4)-1.1%
Max Revenue beat(4)1.63%
Revenue beat(8)4
Avg Revenue beat(8)0.27%
Revenue beat(12)8
Avg Revenue beat(12)12.96%
Revenue beat(16)12
Avg Revenue beat(16)20.65%
PT rev (1m)3.84%
PT rev (3m)5.91%
EPS NQ rev (1m)0.94%
EPS NQ rev (3m)2.81%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.2%
Revenue NQ rev (1m)0.78%
Revenue NQ rev (3m)0.78%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.07%
Valuation
Industry RankSector Rank
PE 10.07
Fwd PE 9.74
P/S 2.7
P/FCF N/A
P/OCF N/A
P/B 1.41
P/tB 1.57
EV/EBITDA N/A
EPS(TTM)8.46
EY9.93%
EPS(NY)8.75
Fwd EY10.27%
FCF(TTM)-3.9
FCFYN/A
OCF(TTM)-0.57
OCFYN/A
SpS31.56
BVpS60.33
TBVpS54.31
PEG (NY)N/A
PEG (5Y)1.37
Profitability
Industry RankSector Rank
ROA 0.89%
ROE 13.39%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 25.59%
GM N/A
FCFM N/A
ROA(3y)0.88%
ROA(5y)0.76%
ROE(3y)13.38%
ROE(5y)11.54%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-1.86%
PM growth 5Y-0.07%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 2.12
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 301.95%
Cap/Sales 10.56%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score4
WACC19.45%
ROIC/WACCN/A
Cap/Depr(3y)227.21%
Cap/Depr(5y)209.55%
Cap/Sales(3y)8.62%
Cap/Sales(5y)8.9%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)18.65%
EPS 3Y10.6%
EPS 5Y7.34%
EPS Q2Q%11.86%
EPS Next Y-3.74%
EPS Next 2Y2.57%
EPS Next 3Y4.8%
EPS Next 5Y5.39%
Revenue 1Y (TTM)5.27%
Revenue growth 3Y11.18%
Revenue growth 5Y6.55%
Sales Q2Q%7.64%
Revenue Next Year6.03%
Revenue Next 2Y5.73%
Revenue Next 3Y5.59%
Revenue Next 5Y7.13%
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y94.24%
FCF growth 3Y-13.57%
FCF growth 5YN/A
OCF growth 1Y99.13%
OCF growth 3Y-11.16%
OCF growth 5YN/A