Company Valuation: Kcell

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 552,000 325,382 345,000 390,996 686,400 676,600
Change - -41.05% 6.03% 13.33% 75.55% -1.43%
Enterprise Value (EV) 1 607,007 354,091 348,999 508,389 820,155 844,628
Change - -41.67% -1.44% 45.67% 61.32% 2.98%
P/E Ratio 31.4x 10x 8.55x 11.9x 67.6x 48x
PBR 6.72x 3.31x 2.49x 2.28x 3.78x 3.46x
PEG - 0.1x 0.4x -0.6x -1x 1.2x
Capitalization / Revenue 3.16x 1.68x 1.58x 1.75x 2.92x 2.66x
EV / Revenue 3.47x 1.82x 1.59x 2.27x 3.48x 3.32x
EV / EBITDA 10.7x 5.23x 4.67x 7.91x 16.4x 11.6x
EV / EBIT 14.5x 6.78x 5.74x 10.6x 28.7x 19.8x
EV / FCF 19.4x 8.71x 15x -5.39x -103x -29.5x
FCF Yield 5.14% 11.5% 6.66% -18.6% -0.97% -3.39%
Dividend per Share 2 87.89 107.5 - - - -
Rate of return 3.18% 6.61% - - - -
EPS 2 87.89 162.5 201.8 164.5 50.8 70.53
Distribution rate 100% 66.1% - - - -
Net sales 1 174,684 194,081 219,002 223,747 235,467 254,749
EBITDA 1 56,966 67,705 74,808 64,291 49,976 73,051
EBIT 1 41,738 52,207 60,752 47,760 28,570 42,749
Net income 1 17,578 32,506 40,350 32,897 10,159 14,106
Net Debt 1 55,007 28,709 3,999 117,393 133,755 168,028
Reference price 2 2,760.00 1,626.91 1,725.00 1,954.98 3,432.00 3,383.00
Nbr of stocks (in thousands) 200,000 200,000 200,000 200,000 200,000 200,000
Announcement Date 3/3/21 2/23/22 3/31/23 3/11/24 4/11/25 3/29/26
1KZT in Million2KZT
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 1.32B
-169.6x72.85x243.08x - 2,520B
11.78x7.31x38.92x0.15% 254B
18.05x3.04x7.73x2.18% 204B
10.23x2.36x6.38x4.77% 162B
14.39x2.3x7.56x2.97% 64.61B
13.61x1.32x4.5x3.71% 34.81B
20.31x5.48x10.04x4.68% 32.92B
9.9x0.37x1.5x6.81% 28.51B
12.83x3.55x7.81x6.52% 21.56B
Average -6.50x 10.95x 36.39x 3.97% 332.4B
Weighted average by Cap. -125.33x 56.25x 188.48x 2.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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