KASPI BANK |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 126.4 USD | +1.13% |
|
+3.44% | +36.65% |
| 05-23 | Joint Stock Company Kaspi.kz Approves Dividend for the First Quarter of 2024, Payable on 22 May 2024 | CI |
| 05-07 | New Street Starts Kaspi.kz With Buy Rating, $175 Price Target | MT |
Valuation
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 4,353,731 | 11,739,136 | 5,799,096 | 7,954,923 | 10,737,816 | - | - |
| Enterprise Value (EV) 1 | 4,353,731 | 11,739,136 | 5,799,096 | 7,954,923 | 9,589,212 | 8,996,570 | 8,234,777 |
| P/E ratio | - | - | - | 9.57 x | 10.3 x | 8.23 x | 6.52 x |
| Yield | - | - | - | - | 5.97% | 6.97% | 9.21% |
| Capitalization / Revenue | 6.79 x | 12.5 x | 4.41 x | 4.16 x | 4.86 x | 3.92 x | 3.02 x |
| EV / Revenue | 6.79 x | 12.5 x | 4.41 x | 4.16 x | 4.34 x | 3.29 x | 2.31 x |
| EV / EBITDA | 13.7 x | - | - | 7.78 x | 5.83 x | 4.3 x | 3.23 x |
| EV / FCF | - | - | - | - | 9.01 x | 6.96 x | 5.33 x |
| FCF Yield | - | - | - | - | 11.1% | 14.4% | 18.7% |
| Price to Book | - | - | - | - | 6.89 x | 5.07 x | 3.9 x |
| Nbr of stocks (in thousands) | 191,805 | 192,187 | 190,899 | 189,685 | 190,009 | - | - |
| Reference price 2 | 22,699 | 61,082 | 30,378 | 41,938 | 56,512 | 56,512 | 56,512 |
| Announcement Date | 3/1/21 | 2/28/22 | 2/27/23 | 2/26/24 | - | - | - |
1KZT in Million2KZT
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 513,914 | 641,437 | 936,803 | 1,315,552 | 1,913,490 | 2,208,333 | 2,738,393 | 3,559,702 |
| EBITDA 1 | - | 317,824 | - | - | 1,022,004 | 1,645,836 | 2,090,451 | 2,547,883 |
| EBIT 1 | - | 317,824 | 528,802 | 720,574 | 1,022,004 | 1,287,592 | 1,645,216 | 1,976,728 |
| Operating Margin | - | 49.55% | 56.45% | 54.77% | 53.41% | 58.31% | 60.08% | 55.53% |
| Earnings before Tax (EBT) 1 | - | 317,824 | 528,802 | 720,574 | 1,022,004 | 1,202,743 | 1,502,888 | 1,748,900 |
| Net income 1 | - | 260,964 | 435,214 | 588,844 | 848,770 | 1,062,923 | 1,322,900 | 1,603,182 |
| Net margin | - | 40.68% | 46.46% | 44.76% | 44.36% | 48.13% | 48.31% | 45.04% |
| EPS 2 | - | - | - | - | 4,381 | 5,474 | 6,869 | 8,662 |
| Free Cash Flow 1 | - | - | - | - | - | 1,064,000 | 1,293,000 | 1,544,000 |
| FCF margin | - | - | - | - | - | 48.18% | 47.22% | 43.37% |
| FCF Conversion (EBITDA) | - | - | - | - | - | 64.65% | 61.85% | 60.6% |
| FCF Conversion (Net income) | - | - | - | - | - | 100.1% | 97.74% | 96.31% |
| Dividend per Share 2 | - | - | - | - | - | 3,374 | 3,936 | 5,202 |
| Announcement Date | 2/20/20 | 3/1/21 | 2/28/22 | 2/27/23 | 2/26/24 | - | - | - |
1KZT in Million2KZT
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 289,157 | 264,321 | 275,842 | 337,529 | 405,901 | 404,258 | 439,257 | 508,436 | 571,353 | 552,814 | 574,658 | 676,640 | 752,630 | 747,442 | 723,143 |
| EBITDA 1 | - | - | - | - | - | - | - | - | - | 472,410 | 547,000 | 611,000 | 661,000 | - | - |
| EBIT 1 | 170,059 | 140,939 | 161,693 | 201,557 | 230,769 | 211,356 | 233,694 | 279,563 | 301,141 | 509,058 | 279,826 | 348,555 | 393,947 | 375,004 | 362,021 |
| Operating Margin | 58.81% | 53.32% | 58.62% | 59.72% | 56.85% | 52.28% | 53.2% | 54.98% | 52.71% | 92.08% | 48.69% | 51.51% | 52.34% | 50.17% | 50.06% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | - | - | - | - | - | - | - | - | 247,993 | 223,440 | 232,256 | 289,301 | 326,976 | 311,253 | 300,477 |
| Net margin | - | - | - | - | - | - | - | - | 43.4% | 40.42% | 40.42% | 42.76% | 43.44% | 41.64% | 41.55% |
| EPS 2 | - | - | - | - | - | - | - | - | - | 1,151 | 1,264 | 1,490 | 1,635 | 1,524 | 1,558 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/28/22 | 4/25/22 | 7/25/22 | 10/24/22 | 2/27/23 | 4/24/23 | 7/24/23 | 10/23/23 | 2/26/24 | 4/22/24 | - | - | - | - | - |
1KZT in Million2KZT
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | - | - | - | - | - | 1,148,604 | 1,741,246 | 2,503,039 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | - | - | - | - | - | 1,064,000 | 1,293,000 | 1,544,000 |
| ROE (net income / shareholders' equity) | - | 76% | 97.7% | 89.3% | 89.5% | 74.9% | 71.1% | 65.2% |
| ROA (Net income/ Total Assets) | - | - | 13.6% | 13.5% | 14.2% | 14.5% | 15% | 15.2% |
| Assets 1 | - | - | 3,207,343 | 4,364,782 | 5,971,786 | 7,336,066 | 8,811,111 | 10,569,499 |
| Book Value Per Share 2 | - | - | - | - | - | 8,200 | 11,153 | 14,485 |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | - | - | - | - | - | 54,000 | 60,000 | 60,000 |
| Capex / Sales | - | - | - | - | - | 2.45% | 2.19% | 1.69% |
| Announcement Date | 2/20/20 | 3/1/21 | 2/28/22 | 2/27/23 | 2/26/24 | - | - | - |
1KZT in Million2KZT
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Sell
Buy
Mean consensus
BUY
Number of Analysts
6
Last Close Price
56,512
KZT
Average target price
66,465
KZT
Spread / Average Target
+17.61%
EPS Revisions
- Stock Market
- Equities
- KSPI Stock
- Financials Kaspi Bank
