Company Valuation: Kaspi Bank

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,739,956 5,799,411 7,955,362 9,441,086 7,555,774 8,197,256 - -
Change - -50.6% 37.18% 18.68% -19.97% 8.49% - -
Enterprise Value (EV) 11,739,956 5,799,411 7,955,362 8,902,249 6,695,841 8,197,256 8,197,256 8,197,256
Change - -50.6% 37.18% 11.9% -24.78% 22.42% 0% 0%
P/E - - 9.57x 9.15x 7.08x 7.36x 6.47x 5.45x
PBR - - 9.71x 6.22x 3.05x 2.81x 2.44x 2.13x
PEG - - - 0.4x 2.39x 1.54x 0.5x 0.3x
Capitalization / Revenue 12.5x 4.41x 4.16x 3.73x 1.87x 1.73x 1.47x 1.27x
EV / Revenue 0x 0x 0x 0x 0x 1.73x 1.47x 1.27x
EV / EBITDA - - - 0x 0x 5.12x 4.51x 3.88x
EV / EBIT 0x 0x 0x 0x 0x 5.44x 4.73x 3.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - 3,200 3,400 - 3,700 3,939 4,459
Rate of return - - 7.63% 6.84% - 8.58% 9.13% 10.3%
EPS 2 - - 4,381 5,431 5,592 5,860 6,667 7,909
Distribution rate - - 73% 62.6% - 63.1% 59.1% 56.4%
Net sales 1 936,803 1,315,552 1,913,490 2,532,156 4,046,074 4,747,625 5,559,041 6,468,406
EBITDA 1 - - - 2,041,856 1,556,372 1,601,769 1,818,823 2,113,110
EBIT 1 528,802 720,574 1,022,004 1,282,289 1,331,918 1,506,507 1,733,499 2,102,144
Net income 1 435,214 588,844 848,770 1,056,834 1,067,707 1,118,368 1,295,912 1,552,833
Net Debt - - - -538,837 -859,933 - - -
Reference price 2 61,086.04 30,379.47 41,939.96 49,685.81 39,603.71 43,137.26 43,137.26 43,137.26
Nbr of stocks (in thousands) 192,187 190,899 189,685 190,016 190,785 190,027 - -
Announcement Date 2/28/22 2/27/23 2/26/24 2/24/25 3/2/26 - - -
1KZT in Million2KZT
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.36x - - 8.58% 18.33B
59.23x20.39x37.96x-.--% 112B
14.4x3x6.67x1.87% 78.13B
23.4x2.97x12.74x-.--% 32.62B
88.34x7.13x30.3x-.--% 24.01B
36.03x3.84x12.26x-.--% 24.22B
36.97x18.69x30.65x2.31% 23.63B
5.25x2.72x6.48x5.13% 18.03B
12.01x-0.68x-1.2x-.--% 16.03B
37.94x18.54x29.33x-.--% 12.41B
Average 32.09x 8.51x 18.35x 1.79% 35.91B
Weighted average by Cap. 36.94x 10.51x 21.68x 1.25%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

  1. Stock Market
  2. Stocks
  3. KSPI Stock
  4. Valuation Kaspi Bank
-40%: Exceptional extension
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