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 7,615,018 - -
Change - -50.6% 37.18% 18.68% -19.97% 0.78% - -
Enterprise Value (EV) 11,739,956 5,799,411 7,955,362 8,902,249 6,695,841 7,615,018 7,615,018 7,615,018
Change - -50.6% 37.18% 11.9% -24.78% 13.73% 0% 0%
P/E - - 9.57x 9.15x 7.08x 7.15x 6.24x 5.38x
PBR - - 9.71x 6.22x 3.05x 2.61x 2.27x 1.98x
PEG - - - 0.4x 2.39x 39.06x 0.4x 0.3x
Capitalization / Revenue 12.5x 4.41x 4.16x 3.73x 1.87x 1.51x 1.35x 1.06x
EV / Revenue 0x 0x 0x 0x 0x 1.51x 1.35x 1.06x
EV / EBITDA - - - 0x 0x 4.89x 4.11x 3.58x
EV / EBIT 0x 0x 0x 0x 0x 5.45x 4.7x 3.81x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - 3,200 3,400 - 3,400 3,728 4,164
Rate of return - - 7.63% 6.84% - 8.48% 9.3% 10.4%
EPS 2 - - 4,381 5,431 5,592 5,602 6,424 7,455
Distribution rate - - 73% 62.6% - 60.7% 58% 55.9%
Net sales 1 936,803 1,315,552 1,913,490 2,532,156 4,046,074 5,043,856 5,660,184 7,169,223
EBITDA 1 - - - 2,041,856 1,556,372 1,557,250 1,851,662 2,128,665
EBIT 1 528,802 720,574 1,022,004 1,282,289 1,331,918 1,397,879 1,620,166 1,998,531
Net income 1 435,214 588,844 848,770 1,056,834 1,067,707 1,077,937 1,403,645 1,908,000
Net Debt - - - -538,837 -859,933 - - -
Reference price 2 61,086.04 30,379.47 41,939.96 49,685.81 39,603.71 40,073.29 40,073.29 40,073.29
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.($)
58.41x18.14x35.43x-.--% 97.39B
16.77x3.37x7.96x1.79% 73.03B
22.68x6.56x12.34x-.--% 31.69B
59.79x5.42x18.88x-.--% 24.76B
38.77x20.44x33.03x2.16% 23.87B
97.77x5.71x26.9x-.--% 19.94B
5.71x2.7x6.41x4.76% 19.75B
11.3x-0.75x-1.32x-.--% 13.55B
59.35x27.02x45.31x - 13.29B
Average 41.17x 9.85x 20.55x 1.09% 35.25B
Weighted average by Cap. 41.11x 10.59x 21.83x 0.91%

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

-40%: Exceptional extension
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