Financials Kazakhtelecom

Equities

KZTK

KZ0009093241

Integrated Telecommunications Services

End-of-day quote Kazakhstan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
34,400 ^KZT	+0.41%		-0.58%	-0.29%

Apr. 23	Kazakhtelecom JSC Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Apr. 15	Kazakhtelecom JSC Announces Board Changes	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	362,788	289,722	289,690	390,969	310,370	376,753
Enterprise Value (EV) ¹	534,317	652,393	598,666	581,458	342,933	643,619
P/E ratio	8.56 x	5.14 x	4.62 x	4.34 x	2.73 x	4.08 x
Yield	-	-	6.48%	10%	10.7%	-
Capitalization / Revenue	1.63 x	0.68 x	0.55 x	0.66 x	0.49 x	0.55 x
EV / Revenue	2.4 x	1.52 x	1.14 x	0.98 x	0.54 x	0.94 x
EV / EBITDA	6.79 x	3.98 x	2.59 x	2.24 x	1.22 x	2.31 x
EV / FCF	9.58 x	8.8 x	9.3 x	9.06 x	1.94 x	-4.16 x
FCF Yield	10.4%	11.4%	10.8%	11%	51.5%	-24.1%
Price to Book	0.97 x	0.69 x	0.61 x	0.68 x	0.48 x	0.53 x
Nbr of stocks (in thousands)	11,028	11,005	11,005	11,005	11,005	11,005
Reference price ²	33,499	26,682	26,700	35,800	28,362	34,500
Announcement Date	4/20/19	3/16/20	3/19/21	3/16/22	4/23/24	4/23/24

¹KZT in Million²KZT

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	222,726	428,081	527,330	594,193	634,496	687,782
EBITDA ¹	78,735	163,793	230,770	260,067	281,428	278,793
EBIT ¹	40,997	84,905	141,574	163,320	182,370	162,087
Operating Margin	18.41%	19.83%	26.85%	27.49%	28.74%	23.57%
Earnings before Tax (EBT) ¹	53,991	63,958	86,925	128,730	164,449	134,238
Net income ¹	43,067	57,086	63,493	90,759	114,118	93,067
Net margin	19.34%	13.34%	12.04%	15.27%	17.99%	13.53%
EPS ²	3,914	5,193	5,778	8,255	10,378	8,465
Free Cash Flow ¹	55,770	74,154	64,382	64,212	176,584	-154,793
FCF margin	25.04%	17.32%	12.21%	10.81%	27.83%	-22.51%
FCF Conversion (EBITDA)	70.83%	45.27%	27.9%	24.69%	62.75%	-
FCF Conversion (Net income)	129.5%	129.9%	101.4%	70.75%	154.74%	-
Dividend per Share	-	-	1,731	3,590	3,038	-
Announcement Date	4/20/19	3/16/20	3/19/21	3/16/22	4/23/24	4/23/24

¹KZT in Million²KZT

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	171,529	362,672	308,976	190,489	32,563	266,866
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.179 x	2.214 x	1.339 x	0.7325 x	0.1157 x	0.9572 x
Free Cash Flow ¹	55,770	74,154	64,382	64,212	176,584	-154,793
ROE (net income / shareholders' equity)	11.1%	13.8%	13.3%	16.8%	18.7%	13.6%
ROA (Net income/ Total Assets)	4.05%	5.67%	8.04%	8.69%	9.04%	7.32%
Assets ¹	1,062,867	1,006,407	789,846	1,044,762	1,262,185	1,272,277
Book Value Per Share ²	34,540	38,834	43,879	52,373	58,897	64,506
Cash Flow per Share ²	4,112	6,481	8,581	15,185	22,001	6,450
Capex ¹	19,616	60,371	93,092	83,802	101,552	194,477
Capex / Sales	8.81%	14.1%	17.65%	14.1%	16.01%	28.28%
Announcement Date	4/20/19	3/16/20	3/19/21	3/16/22	4/23/24	4/23/24

¹KZT in Million²KZT

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

HOLD

Number of Analysts

1

Last Close Price

34,400 KZT

Average target price

33,620 KZT

Spread / Average Target

-2.27%

Chiffre d''affaires - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
KAZAKHTELECOM	-0.29%	852M
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B

Other Integrated Telecommunications Services

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