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Kcell JSC KZT

At a glance: strengths & risks
✓Profit growing (+46%)✓Margins improving (30%→44%)✗Revenue declining (-20%)

Sector: Telecom

KCEL

Price chart

3 221 KZTDay -0.28%

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
3 221 KZT · -0.28%
Market cap
1306.7 bn KZT

Growth

Δ revenue y/y
13.4%
Δ EBITDA y/y
24.4%

Multiples

P/E (LTM)
72.8x
P/B (FY)
6.6x
P/E (ann.)
76.1x
EV/EBITDA (LTM)
15.0x
EV/EBITDA (ann.)
12.5x

Cash return

Dividend yield
—
FCF yield (LTM)
-1.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+13.0%
↓ details

Liquidity

Daily turnover (KASE)
6 442

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
2026-03-31Q1 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%
1.9-15.7521.4
y/y 19.0%
200.1
y/y 9.4%
8.7%23.1Report (PDF)
2025-12-31Q4 2025 (3M)OK65.3
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%
21.2-30.4464.1
y/y 18.5%
196.5
y/y 12.7%
7.7%163.3Report (PDF)
2025-09-30Q3 2025 (3M)OK-2.9
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
—-9.8457.2
y/y —
187.3
y/y —
4.0%101.0Report (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%
—-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%0.0Report (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%19.1Report (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) 2026-03-31

Short-term debt (incl. ST leases)55 576
Long-term debt (incl. LT leases)0
− Cash & equivalents32 444
Net debt23 132

Net debt / LTM EBITDA: 0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-25 000025 00050 00075 000100 000125 0002023 q32024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q1

Year-over-year change

0%10%20%2023 q32024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-60 000-40 000-20 000020 0002023 9M2023 q42024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

050 000100 000150 0002023 q32023 q42024 q12024 q22024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 3.39x of reported net profit.
year20232025
cash flow / profit2.44x4.35x
accruals, % of assets-17.4%-10.7%
Last twelve months (to 2026-03-31): 4.53x of profit came back as operating cash flow.
net debt / EBITDA 2.0x
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.

Fundamental value creation

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

Value created per year: +12.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (26 532 − 21 327) × 3.14
16 341
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 306 689 + 23 132) ÷ 83 296
16.0x
3. Target multiple
(Current EV/EBITDA + 6) ÷ 2
= (16.0 + 6) ÷ 2
11.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -23 132 + 0 + 0 − 0
-23 132
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (16 341 × 11.0 + -23 132) ÷ 1 306 689
+12.0%

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

Caveats:

  • LTM EBITDA approximated by latest FY
  • capex unavailable — FCF approximated by FY OCF
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -20% vs +5% the year before — a -25.7 pp move. 3-year CAGR —.
revenue growth by year: 2024 +5% · 2025 -20%
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 7.5x · 3-year average 9.6x

EV/EBITDA3-year 75th pct

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.

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

Frequently asked questions

What is Kcell JSC's P/E ratio?
Kcell JSC trades at a P/E of 72.8x (price to trailing 12-month earnings).
What is Kcell JSC's EV/EBITDA?
Kcell JSC trades at 15.0x EV/EBITDA.
What is Kcell JSC's P/B ratio?
Kcell JSC trades at a P/B of 6.6x.
What is Kcell JSC's return on equity (ROE)?
Kcell JSC's ROE is 8.7%.
What is Kcell JSC's market capitalization?
Kcell JSC's market cap is 1306.7 bn KZT.

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