KBC Group NV
KBC Group NV, together with its subsidiaries, provides banking, insurance, and asset management services in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia. The company offers demand deposits, time deposits, and savings and current accounts; home and mortgage loans; home insurance; con…
KBC Group NV, together with its subsidiaries, provides banking, insurance, and asset management services in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia. The company offers demand deposits, time deposits, and savings and current accounts; home and mortgage loans; home insurance; consumer finance and SME funding services, investment fund, and life and non-life insurance; cash management, payments, trade finance, leasing, corporate finance, money and capital market products; and other financial services, such as factoring and stockbroking services. It also provides digital and mobile banking services. In addition, the company engages in the credit institution, software, driving school/roadside assistance business. It primarily serves retail, private banking, small and medium sized enterprises, and mid-cap clients. The company was formerly known as KBC Bank and Insurance Holding Company NV and changed its name to KBC Group NV in March 2005. KBC Group NV was incorporated in 1935 and is headquartered in Brussels, Belgium.Priced within the modelled range
Other models: EUR 48.72–133.19 (median 90.96). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price within modeled range
Justified P/B (ROE) using TTM through 30 Jun 2026 net income and book equity: return on equity of 14.6% gives a fair price-to-book of 1.69x, with 2.4% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 7.48%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 7.5% (sector default 5.4%, own revenue history 8.0%, analyst revenue consensus 8.2%).
5-year outlook: relative outlook of about 11.8% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 8.2% a year; the growth assumption used is 7.5%.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — EUR 108.63 (-7.2%)
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EPS-based Gordon proxy
— EUR 133.19 (+13.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— EUR 48.72 (-58.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— EUR 247.61 (+111.5%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 92.01 | -27.2% |
| Base EUR 108.63 | -7.8% |
| Bull EUR 138.04 | 15.2% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 72 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 3 of 5 years | 12 / 20 |
| Growth | revenue +25.4% a year | 20 / 20 |
| Balance sheet | net debt 8.3x EBITDA | 0 / 20 |
| Margins | EBITDA margin 21% | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| KBC.BR (this company) | EUR 117.05 | -7.8% | 12.5 | 1.8 | 3.5% | 72 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.2% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.9% | 8.0 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: EUR 5.10 per share · yield 4.36% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 5.100 |
| 2025 | 4.150 |
| 2024 | 4.850 |
| 2023 | 4.000 |
| 2022 | 8.600 |
| 2021 | 3.440 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 14:03
| Revenue | EUR 24,882,000,000 |
|---|---|
| EBITDA | EUR 5,209,000,000 |
| EBIT | EUR 4,820,000,000 |
| Net income | EUR 3,715,000,000 |
| Free cash flow | EUR -11,068,000,000 |
| Capital expenditures | EUR 1,232,000,000 |
| Debt | EUR 67,178,000,000 |
| Cash | EUR 23,996,000,000 |
| Working capital | EUR 5,159,000,000 |
| Shares outstanding | 396,681,960 |