Company Valuation: Kaspi Bank

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,17,39,956 57,99,411 79,55,362 94,41,086 75,55,774 78,68,256 - -
Change - -50.6% 37.18% 18.68% -19.97% 4.14% - -
Enterprise Value (EV) 1,17,39,956 57,99,411 79,55,362 89,02,249 66,95,841 78,68,256 78,68,256 78,68,256
Change - -50.6% 37.18% 11.9% -24.78% 17.51% 0% 0%
P/E - - 9.57x 9.15x 7.08x 7.27x 6.4x 5.51x
PBR - - 9.71x 6.22x 3.05x 2.7x 2.34x 2.05x
PEG - - - 0.4x 2.39x 4.08x 0.5x 0.3x
Capitalization / Revenue 12.5x 4.41x 4.16x 3.73x 1.87x 1.69x 1.45x 1.27x
EV / Revenue 0x 0x 0x 0x 0x 1.69x 1.45x 1.27x
EV / EBITDA - - - 0x 0x 4.87x 4.29x 3.75x
EV / EBIT 0x 0x 0x 0x 0x 5.34x 4.69x 3.94x
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% - 8.69% 9.46% 10.7%
EPS 2 - - 4,381 5,431 5,592 5,692 6,465 7,520
Distribution rate - - 73% 62.6% - 63.2% 60.6% 58.8%
Net sales 1 9,36,803 13,15,552 19,13,490 25,32,156 40,46,074 46,65,890 54,21,322 61,82,001
EBITDA 1 - - - 20,41,856 15,56,372 16,17,126 18,34,285 20,95,532
EBIT 1 5,28,802 7,20,574 10,22,004 12,82,289 13,31,918 14,74,816 16,77,681 19,96,920
Net income 1 4,35,214 5,88,844 8,48,770 10,56,834 10,67,707 10,93,394 12,44,579 14,41,678
Net Debt - - - -5,38,837 -8,59,933 - - -
Reference price 2 61,086.04 30,379.47 41,939.96 49,685.81 39,603.71 41,405.93 41,405.93 41,405.93
Nbr of stocks (in thousands) 1,92,187 1,90,899 1,89,685 1,90,016 1,90,785 1,90,027 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.15x - - 8.85% 1.72TCr
44.55x15.29x28.37x-.--% 8.68TCr
17.45x3.5x7.78x1.53% 8.97TCr
24.76x7.19x13.84x-.--% 3.38TCr
36.15x3.87x12.45x-.--% 2.44TCr
78.74x6.44x27.48x-.--% 2.21TCr
33.2x16.97x27.5x2.55% 2.15TCr
5.71x2.85x6.76x4.53% 1.97TCr
10.62x-1.35x-2.38x-.--% 1.39TCr
38.15x18.45x29.04x-.--% 1.24TCr
Average 29.65x 8.13x 16.76x 1.75% 3.41TCr
Weighted average by Cap. 30.63x 8.48x 17.24x 1.27%

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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