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Kcell JSC KZT

Kcell is Kazakhstan’s leading mobile operator, providing cellular, data and digital services under the Kcell and activ brands.

At a glance: strengths & risks
✓Revenue growing (+8%)✓Profit growing (+39%)✓Margins improving (30%→41%)

Sector: Telecom

KCEL

Price chart

3 150.01 KZTDay -0.66%

Key metrics

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.

Market

Price
3 150.01 KZT · -0.66%
Market cap
1277.9 bn KZT

Growth

Δ revenue y/y
10.8%
Δ EBITDA y/y
11.2%

Multiples

P/E (LTM)
78.0x
P/B (FY)
6.5x
P/E (ann.)
80.8x
EV/EBITDA (LTM)
13.6x
EV/EBITDA (ann.)
14.1x

Cash return

Dividend yield
—
FCF yield (LTM)
-3.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
-0.1%
↓ details

Liquidity

Daily turnover (KASE)
189 001

Shares: kase_book/KCEL

Financial results

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.

DatePeriodStatusRevenueB KZTOperating profitB KZTD&AB KZTEBITDAB KZTNet profitB KZTOperating CFB KZTCapex + M&AB KZTAssetsB KZTEquityB KZTROE (annualized)Net debtB KZTSource
2026-06-30Q2 2026 (3M)OK69.9
y/y 10.8%
12.1
y/y 33.3%
14.4
y/y -2.4%
26.5
y/y 11.2%
3.6
y/y 40.5%
13.1-25.1528.5
y/y 15.6%
203.7
y/y 8.7%
7.8%217.2Report (PDF)
2026-03-31Q1 2026 (3M)PARTIAL68.5
y/y 13.4%
12.1
y/y 86.8%
14.5
y/y -2.7%
26.5
y/y 24.4%
4.3
y/y 258.1%
1.9-27.6521.4
y/y 19.0%
200.1
y/y 9.4%
8.7%195.2Report (PDF)
2025-12-31Q4 2025 (3M)PARTIAL67.5
y/y -43.1%
5.2
y/y -87.4%
31.4
y/y 426.4%
36.6
y/y 14.7%
-0.8
y/y -116.2%
16.3-43.3526.1
y/y 34.3%
195.8
y/y 12.3%
7.2%174.6Link
2025-09-30Q3 2025 (3M)PARTIAL62.4
y/y —
20.2
y/y —
0.0
y/y —
20.2
y/y —
9.2
y/y —
21.2-9.8464.1
y/y —
196.5
y/y —
10.3%108.2Report (PDF)
2025-06-30Q2 2025 (3M)OK64.5
y/y 6.8%
11.7
y/y 13.1%
14.7
y/y 33.0%
26.4
y/y 24.7%
4.4
y/y 2.5%
31.2-34.0457.2
y/y 14.0%
187.3
y/y 5.8%
6.1%≈ 0.0Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL60.4
y/y 5.9%
6.5
y/y —
14.9
y/y —
21.3
y/y —
1.2
y/y -57.1%
12.2-15.7438.0
y/y 11.8%
182.9
y/y 4.9%
2.7%0.0Report (PDF)
2024-12-31Q4 2024 (3M)PARTIAL118.6
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%45.3Report (PDF)
2024-06-30Q2 2024 (3M)OK59.9
y/y —
—
y/y —
22.2
y/y —
—
y/y —
2.7
y/y —
——401.0
y/y —
177.0
y/y —
6.3%136.6Report (PDF)
2024-03-31Q1 2024 (3M)OK57.0
y/y —
—
y/y —
0.0
y/y —
—
y/y —
2.8
y/y —
——391.6
y/y —
174.3
y/y —
7.2%≈ 19.5Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——272.4
y/y —
138.6
y/y —
22.3%19.6Report (PDF)
2023-09-30Q3 2023 (3M)OK107.5
y/y —
26.2
y/y —
17.2
y/y —
43.4
y/y —
17.9
y/y —
46.0-94.9325.2
y/y —
156.5
y/y —
—75.2Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Borrowings152 475
Lease liabilities66 794
− Cash2 088
Net debt217 181

Net debt / LTM EBITDA: 2.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₸ mln)

025 00050 00075 000100 000125 0002023 q32024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%10%20%30%2023 q32024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) (₸ mln)

-40 000-20 000020 00040 0002023 q42024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₸ mln)

050 000100 000150 000200 000250 0002023 q42024 q12024 q22024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 4.09x of reported net profit; after capex, -1.55x.
year20232025
cash flow / profit2.44x5.74x
accruals, % of assets-17.4%-12.7%
Last twelve months (to 2026-06-30): 3.21x of profit came back as operating cash flow.
net debt / EBITDA 1.7x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -0.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
5 333
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 277 890 + 217 181) ÷ 109 847
13.6x
3. Target multiple
(Current EV/EBITDA + 6) ÷ 2
= (13.6 + 6) ÷ 2
9.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -217 181 + 0 + 0 − 0
-53 150
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (5 333 × 9.8 + -53 150) ÷ 1 277 890
-0.1%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA = FY2025 + H12026 - H12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +8% vs +5% the year before — a +3.0 pp move. 3-year CAGR —.
revenue growth by year: 2024 +5% · 2025 +8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 7.7x · 3-year 75th pct 9.4x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Telecom. Each peer is shown as it trades and re-priced onto this company's market (Kazakhstan) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea8.13.3x2.2x
Telkom IndonesiaIndonesia11.93.0x2.6x
Telefonica Brasil (Vivo)Brazil17.74.0x3.1x
e& (Etisalat Group)UAE50.86.6x3.1x
MTN GroupSouth Africa21.73.7x3.3x
RostelecomRussia1.92.9x3.6x
MTSRussia4.23.2x4.0x
PLDTPhilippines3.95.3x4.3x
Globe TelecomPhilippines3.55.6x4.6x
Vodacom GroupSouth Africa18.65.5x4.9x
du (EITC)UAE15.410.5x4.9x
TIM S.A.Brazil40.115.1x11.6x
Group median4.7x3.8x
Group average5.7x4.4x
This companyKazakhstan2.813.6x13.6x

Group median 4.7x as traded, 3.8x adjusted; this company 13.6x — a 259% premium.

Group average 5.7x as traded, 4.4x adjusted; against the average this company is at a 213% premium.

At the adjusted group median the market cap would be -82% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.1x, Russia 3.7x, South Africa 5.1x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-27; the company's own is live.

Dividends

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.

Frequently asked questions

What is Kcell JSC's P/E ratio?
Kcell JSC trades at a P/E of 78.0x (price to trailing 12-month earnings).
What is Kcell JSC's EV/EBITDA?
Kcell JSC trades at 13.6x EV/EBITDA.
What is Kcell JSC's P/B ratio?
Kcell JSC trades at a P/B of 6.5x.
What is Kcell JSC's return on equity (ROE)?
Kcell JSC's ROE is 7.8%.
What is Kcell JSC's market capitalization?
Kcell JSC's market cap is 1277.9 bn KZT.

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