Company Valuation: Kazakhtelecom

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 289,690 390,969 310,370 376,753 479,713 473,139
Change - 34.96% -20.62% 21.39% 27.33% -1.37%
Enterprise Value (EV) 1 598,666 581,458 342,933 643,619 783,320 744,706
Change - -2.87% -41.02% 87.68% 21.71% -4.93%
P/E Ratio 4.62x 4.34x 2.73x 4.08x 6.49x 4.12x
PBR 0.61x 0.68x 0.48x 0.53x 0.64x 0.76x
PEG - 0.1x 0.1x -0.2x -0.3x 0.1x
Capitalization / Revenue 0.55x 0.66x 0.49x 0.55x 0.97x 0.81x
EV / Revenue 1.14x 0.98x 0.54x 0.94x 1.58x 1.27x
EV / EBITDA 2.59x 2.24x 1.22x 2.31x 5.06x 4.23x
EV / EBIT 4.23x 3.56x 1.88x 3.97x 12.6x 8.87x
EV / FCF 9.3x 9.06x 1.94x -4.16x -1.32x 1.81x
FCF Yield 10.8% 11% 51.5% -24.1% -76% 55.3%
Dividend per Share 2 1,731 3,590 3,038 2,097 26,665 -
Rate of return 6.48% 10% 10.7% 6.08% 60.9% -
EPS 2 5,778 8,255 10,378 8,465 6,749 10,534
Distribution rate 30% 43.5% 29.3% 24.8% 395% -
Net sales 1 527,330 594,193 634,496 687,782 494,638 587,223
EBITDA 1 230,770 260,067 281,428 278,793 154,787 176,182
EBIT 1 141,574 163,320 182,370 162,087 61,945 83,998
Net income 1 63,493 90,759 114,118 93,067 74,185 141,944
Net Debt 1 308,976 190,489 32,563 266,866 303,606 271,566
Reference price 2 26,700.00 35,800.00 28,362.32 34,500.00 43,778.00 43,390.00
Nbr of stocks (in thousands) 11,005 11,005 11,005 11,005 11,005 11,005
Announcement Date 3/19/21 3/16/22 4/23/24 4/23/24 5/5/25 5/5/26
1KZT in Million2KZT
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 908M
10.02x2.5x6.69x5.87% 201B
14.12x2.19x5.76x3.99% 158B
13.47x2.09x5.26x2.31% 83.43B
11.67x1.69x6.93x3.6% 75.23B
15.79x2.75x8.61x5% 58.66B
17.55x1.95x6.07x4.41% 54.91B
16.26x5.24x19.01x4.42% 54.6B
13.83x2.55x5.86x4.89% 44.89B
24.29x3.37x7.42x4.1% 42.73B
Average 15.22x 2.70x 7.96x 4.29% 77.41B
Weighted average by Cap. 13.81x 2.54x 7.33x 4.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Kazakhtelecom
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