KBC Groupe NV

KBC: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€18.00	Wshvyv	Dywtvdlns

KBC Remains One of the Highest-Quality Banks in Europe

Johann Scholtz

Nov 30, 2023

Business Strategy and Outlook

Over the past three years, KBC Group has been the most profitable bank that we cover 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%.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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