Over the past three years, KBC Group has been the most profitable bank in our coverage in the eurozone. Only the Scandinavian banks have been more profitable in Europe as a whole. We believe that KBC can consistently generate returns on tangible equity comfortably in excess of our cost of equity estimate of around 10%.
KBC has dominant market share in Belgium and the Czech Republic in banking, insurance, and investment products.
KBC has a mixed credit management track record.
|
Metric
|
KBC
|
ING
|
ACA
|
|---|---|---|---|
Price/Earnings (Normalized) | 9.30 | 10.95 | 6.35 |
Price/Book Value | 1.32 | 1.06 | 0.59 |
Price/Sales | 2.64 | 2.45 | 1.70 |
Price/Cash Flow | 6.76 | 5.46 | 1.66 |
|
Metric
|
KBC
|
ING
|
ACA
|
|---|---|---|---|
Quick Ratio | — | — | — |
Current Ratio | — | — | — |
Interest Coverage | — | — | — |
|
Metric
|
KBC
|
ING
|
ACA
|
|---|---|---|---|
Return on Assets (Normalized) | 0.88% | 0.72% | 0.29% |
Return on Equity (Normalized) | 14.59% | 14.21% | 7.90% |
Return on Invested Capital (Normalized) | — | — | — |
|
1-Day Chart
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