Sector: Telecom
KCEL
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: kase_book/KCEL
Monetary columns are in B KZT, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueB KZT | Operating profitB KZT | D&AB KZT | EBITDAB KZT | Net profitB KZT | Operating CFB KZT | Capex + M&AB KZT | AssetsB KZT | EquityB KZT | ROE (annualized) | Net debtB KZT | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | Q4 2025 (3M) | OK | 65.3 y/y -44.9% | 20.2 y/y -51.4% | 15.4 y/y 260.2% | 35.6 y/y 11.5% | 9.2 y/y 97.8% | 21.2 | -30.4 | 464.1 y/y 18.5% | 196.5 y/y 12.7% | 7.7% | 163.3 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | — y/y — | 18.1 y/y — | 29.6 y/y — | 47.7 y/y — | 4.4 y/y — | — | — | 457.2 y/y — | 187.3 y/y — | — | 101.0 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | PARTIAL | — y/y — | -10.8 y/y -100.0% | -11.5 y/y -100.0% | -22.2 y/y -100.0% | 0.0 y/y -78.2% | — | — | — y/y — | — y/y — | — | 0.0 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 60.4 y/y 5.9% | 10.8 y/y — | 11.5 y/y — | 22.2 y/y — | 1.2 y/y -57.1% | — | — | 438.0 y/y 11.8% | 182.9 y/y 4.9% | 2.7% | 0.0 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | PARTIAL | 118.6 y/y — | 41.5 y/y — | -9.6 y/y — | 31.9 y/y — | 4.7 y/y — | — | — | 391.6 y/y 43.8% | 174.3 y/y 25.8% | 5.8% | 45.3 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 59.9 y/y — | — y/y — | — y/y — | — y/y — | 2.7 y/y — | — | — | 401.0 y/y — | 177.0 y/y — | 6.3% | 136.6 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | OK | 57.0 y/y — | — y/y — | — y/y — | — y/y — | 2.8 y/y — | — | — | 391.6 y/y — | 174.3 y/y — | 7.2% | 0.0 | Report (PDF) |
| 2023-12-31 | FY 2023 (12M) | OK | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | — | 272.4 y/y — | 138.6 y/y — | 22.3% | 19.1 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | OK | 107.5 y/y — | 26.2 y/y — | 17.2 y/y — | 43.4 y/y — | 17.9 y/y — | 46.0 | -94.9 | 325.2 y/y — | 156.5 y/y — | — | 75.2 | Report (PDF) |
| Short-term debt (incl. ST leases) | 70 449 |
| Long-term debt (incl. LT leases) | 96 282 |
| − Cash & equivalents | 3 458 |
| Net debt | 163 273 |
|---|
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Value the company creates per year, as a % of market cap
Value created per year: +37.1%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31) = (83 288 − 31 929) × 1.00 | 51 364 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (1 380 553 + 163 273) ÷ 83 296 | 18.5x |
| 3. Target multiple (Current EV/EBITDA + 6) ÷ 2 = (18.5 + 6) ÷ 2 | 12.3x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -117 943 + 0 + 0 − 0 | -117 943 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (51 364 × 12.3 + -117 943) ÷ 1 380 553 | +37.1% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Current 9.7x · 3-year average 14.2x
No dividend rows found for this issuer (checked: KASE news).
Investor reporting (IR): https://investors.kcell.kz/?page_id=608&lang=en
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Kcell JSC — from primary filings.
Kcell is Kazakhstan’s leading mobile operator, providing cellular, data and digital services under the Kcell and activ brands.