Stock KSPI KASPI BANK
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Financials Kaspi Bank Kazakhstan S.E.

Equities

KSPI

KZ1C00001536

End-of-day quote Kazakhstan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
53,428 KZT +0.46% Intraday chart for Kaspi Bank +1.93% +17.17%
Apr. 22 Sector Update: Tech Stocks Advance Premarket Monday MT
Apr. 22 Transcript : Joint Stock Company Kaspi.kz, Q1 2024 Earnings Call, Apr 22, 2024

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,353,731 11,739,136 5,799,096 7,954,923 10,044,102 - -
Enterprise Value (EV) 1 4,353,731 11,739,136 5,799,096 7,954,923 8,698,293 7,937,327 6,975,762
P/E ratio - - - - 9.59 x 7.75 x 6.29 x
Yield - - - - 7.31% 9.32% 11.4%
Capitalization / Revenue 6.79 x 12.5 x 4.41 x 4.16 x 3.93 x 3.59 x 2.91 x
EV / Revenue 6.79 x 12.5 x 4.41 x 4.16 x 3.4 x 2.84 x 2.02 x
EV / EBITDA 13.7 x - - - 4.83 x 3.52 x 2.55 x
EV / FCF - - - - 8.24 x 6.26 x 4.67 x
FCF Yield - - - - 12.1% 16% 21.4%
Price to Book - - - - 6.9 x 5.07 x 4.02 x
Nbr of stocks (in thousands) 191,805 192,187 190,899 189,685 189,333 - -
Reference price 2 22,699 61,082 30,378 41,938 53,050 53,050 53,050
Announcement Date 3/1/21 2/28/22 2/27/23 2/26/24 - - -
1KZT in Million2KZT
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 513,914 641,437 936,803 1,315,552 1,913,490 2,557,888 2,795,844 3,448,291
EBITDA 1 - 317,824 - - - 1,802,424 2,256,623 2,740,467
EBIT 1 - 317,824 528,802 720,574 - 1,287,721 1,614,345 1,960,015
Operating Margin - 49.55% 56.45% 54.77% - 50.34% 57.74% 56.84%
Earnings before Tax (EBT) 1 - 317,824 528,802 720,574 1,022,004 1,223,006 1,503,358 1,748,900
Net income 1 - 260,964 435,214 588,844 848,770 1,048,697 1,277,906 1,559,341
Net margin - 40.68% 46.46% 44.76% 44.36% 41% 45.71% 45.22%
EPS 2 - - - - - 5,533 6,841 8,439
Free Cash Flow 1 - - - - - 1,055,000 1,268,000 1,493,000
FCF margin - - - - - 41.24% 45.35% 43.3%
FCF Conversion (EBITDA) - - - - - 58.53% 56.19% 54.48%
FCF Conversion (Net income) - - - - - 100.6% 99.22% 95.75%
Dividend per Share 2 - - - - - 3,879 4,942 6,023
Announcement Date 2/20/20 3/1/21 2/28/22 2/27/23 2/26/24 - - -
1KZT in Million2KZT
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 188,096 289,157 264,321 275,842 337,529 405,901 404,258 439,257 508,436 571,353 552,814 572,820 675,617 745,551 711,524
EBITDA 1 - - - - - - - - - - 495,000 522,000 608,000 678,000 -
EBIT 1 164,536 170,059 140,939 161,693 201,557 230,769 211,356 233,694 279,563 - 509,058 290,531 351,028 376,972 350,763
Operating Margin 87.47% 58.81% 53.32% 58.62% 59.72% 56.85% 52.28% 53.2% 54.98% - 92.08% 50.72% 51.96% 50.56% 49.3%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1 - - - - - - - - - 247,993 223,440 241,372 291,568 313,080 291,360
Net margin - - - - - - - - - 43.4% 40.42% 42.14% 43.16% 41.99% 40.95%
EPS 2 - - - - - - - - - - 1,154 1,251 1,491 1,632 1,524
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 10/25/21 2/28/22 4/25/22 7/25/22 10/24/22 2/27/23 4/24/23 7/24/23 10/23/23 2/26/24 4/22/24 - - - -
1KZT in Million2KZT
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - - - - - 1,345,809 2,106,775 3,068,340
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - - - - 1,055,000 1,268,000 1,493,000
ROE (net income / shareholders' equity) - 76% 97.7% 89.3% 89.5% 83.5% 76.9% 72.2%
ROA (Net income/ Total Assets) - - 13.6% 13.5% 14.2% 15% 15% 14.7%
Assets 1 - - 3,207,343 4,364,782 5,971,786 6,974,112 8,497,845 10,598,387
Book Value Per Share 2 - - - - - 7,683 10,466 13,180
Cash Flow per Share - - - - - - - -
Capex 1 - - - - - 60,000 60,000 60,000
Capex / Sales - - - - - 2.35% 2.15% 1.74%
Announcement Date 2/20/20 3/1/21 2/28/22 2/27/23 2/26/24 - - -
1KZT in Million2KZT
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
53,050 KZT
Average target price
67,083 KZT
Spread / Average Target
+26.45%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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