KBC Group N.V. (KBC.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+15.4%

€131.38

vs €113.85 price

Levered DCF

€256.28

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.24

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.79×	8.95×	7.3×	8.75×	12.27×	17.15×	11.21×	9.2×
P/B	1.58×	1.23×	1×	1.15×	1.36×	1.11×	1.38×	1.2×
P/S	1.88×	1.18×	0.96×	1.55×	3.37×	2.66×	2.73×	2.39×
EV / EBITDA	7.39×	2.49×	3.32×	-1.84×	2.8×	7.46×	10.74×	5.94×
Gross margin	51.9%	44.0%	42.3%	62.4%	80.0%	79.9%	74.3%	75.2%
Operating margin	19.5%	15.6%	16.4%	21.6%	36.6%	20.6%	30.5%	33.5%
Net margin	15.2%	13.5%	13.4%	17.5%	28.0%	16.1%	24.3%	26.0%
Current ratio	0.15×	0.2×	0.15×	0.21×	0.18×	0.11×	0.05×	0.11×
Debt / equity	0.98×	1.15×	1.08×	0.87×	0.87×	0.88×	0.91×	0.88×
Interest coverage	0.41×	0.28×	0.28×	0.58×	1.83×	1.03×	1.19×	1.35×
Dividend yield	3.7%	6.5%	6.8%	14.3%	4.6%	0.0%	5.2%	5.3%
Payout ratio	46.1%	56.9%	48.9%	127.2%	54.8%	0.0%	58.5%	48.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.8%	14.0%	14.0%	12.9%	11.3%	6.7%	12.3%	13.1%
Return on invested capital	2.9%	2.9%	3.5%	3.0%	2.8%	1.6%	2.9%	3.1%
Return on assets	0.9%	0.9%	1.0%	0.8%	0.8%	0.4%	0.9%	0.9%
Free cash flow yield	6.4%	28.4%	-88.4%	39.4%	41.7%	106.5%	-13.1%	-37.6%
Earnings yield	8.1%	11.5%	14.0%	11.2%	8.3%	6.0%	8.9%	10.9%
Enterprise value	€37.5B	€10.9B	€16B	-€7.4B	€10.9B	€18.2B	€38B	€22.1B
Net debt / EBITDA	-1.31×	-4.29×	-1.72×	-8.07×	-5.28×	-2.33×	2.85×	-0.41×
Cash conversion cycle (days)	1	42	38	64	82	70	69	156