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 8,011,415 - -
Change - -50.6% 37.18% 18.68% -19.97% 6.03% - -
Enterprise Value (EV) 11,739,956 5,799,411 7,955,362 8,902,249 6,695,841 8,011,415 8,011,415 8,011,415
Change - -50.6% 37.18% 11.9% -24.78% 19.65% 0% 0%
P/E - - 9.57x 9.15x 7.08x 7.3x 6.35x 5.39x
PBR - - 9.71x 6.22x 3.05x 2.75x 2.38x 2.09x
PEG - - - 0.4x 2.39x 2.27x 0.4x 0.3x
Capitalization / Revenue 12.5x 4.41x 4.16x 3.73x 1.87x 1.7x 1.45x 1.25x
EV / Revenue 0x 0x 0x 0x 0x 1.7x 1.45x 1.25x
EV / EBITDA - - - 0x 0x 5.07x 4.44x 3.9x
EV / EBIT 0x 0x 0x 0x 0x 5.39x 4.68x 3.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - 3,200 3,400 - 3,600 3,915 4,423
Rate of return - - 7.63% 6.84% - 8.54% 9.29% 10.5%
EPS 2 - - 4,381 5,431 5,592 5,772 6,638 7,819
Distribution rate - - 73% 62.6% - 62.4% 59% 56.6%
Net sales 1 936,803 1,315,552 1,913,490 2,532,156 4,046,074 4,722,015 5,525,530 6,388,382
EBITDA 1 - - - 2,041,856 1,556,372 1,578,638 1,802,464 2,055,626
EBIT 1 528,802 720,574 1,022,004 1,282,289 1,331,918 1,485,916 1,712,064 2,055,970
Net income 1 435,214 588,844 848,770 1,056,834 1,067,707 1,113,133 1,288,475 1,527,049
Net Debt - - - -538,837 -859,933 - - -
Reference price 2 61,086.04 30,379.47 41,939.96 49,685.81 39,603.71 42,159.29 42,159.29 42,159.29
Nbr of stocks (in thousands) 192,187 190,899 189,685 190,016 190,785 190,027 - -
Announcement Date 28/02/22 27/02/23 26/02/24 24/02/25 02/03/26 - - -
1KZT in Million2KZT
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.3x - - 8.54% 17.71B
45.92x15.74x29.22x-.--% 88.89B
15.99x3.38x7.51x1.67% 86.89B
24.59x7.12x13.7x-.--% 33.64B
36.95x3.97x12.77x-.--% 24.97B
35.56x17.92x29.4x2.4% 22.76B
75.11x6.08x25.96x-.--% 20.98B
5.37x2.76x6.56x4.81% 18.57B
11.34x-1.06x-1.87x-.--% 14.79B
41.72x19.96x31.24x-.--% 13.28B
Average 29.99x 8.43x 17.17x 1.74% 34.25B
Weighted average by Cap. 30.83x 8.83x 17.71x 1.29%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Kaspi Bank

Historical PBR trend

Valuation ratios - PBR - Kaspi Bank

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Kaspi Bank

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Kaspi Bank


Year-on-year evolution of the Yield

Valuation ratios - Yield - Kaspi Bank
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