KBC Group: Few Surprises In Recent Results [Seeking Alpha]
KBC GROUP SA UNSP/ADR (KBCSY)
NASDAQ:AMEX Investor Relations:
kbc.com/en/investor-relations
Company Research
Source: Seeking Alpha
While recent results contained few surprises, virtually matching consensus, medium-term guidance implies earnings upside from current estimates. These shares still look modestly undervalued, with earnings upside and the bank's rock-solid profitability justifying a higher multiple of tangible book value. Alongside most of its peers, Belgian bank KBC Group ( OTCPK:KBCSY OTCPK:KBCSF ) had sold off hard when I first covered it with a Buy rating back in mid-2022, with macro fears following the Russian invasion of Ukraine driving the stock below book value and into clear value territory. European financials have staged a strong recovery in that time, with the circa 38% total return posted by KBC's ADSs basically matching peers. Due to a high share of non-interest-income revenue, KBC hasn't seen the same boost to profitability that some of its European peers have during the hiking cycle. However, that may stand the bank in good stead given expectations of interest rate cuts later this
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