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JSC "KEGOC" (KEGC) KZT

At a glance: strengths & risks
✓Revenue growing (+24%)✓Profit growing (+19%)✓Low leverage (0.7x EBITDA)

Sector: Power distribution (grids)

KEGC

Price chart

1 453.99 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
1 453.99 KZT · 0.28%
Market cap
403.3 bn KZT

Growth

Δ revenue y/y
43.6%
Δ EBITDA y/y
51.3%

Multiples

P/E (LTM)
6.5x
P/B (FY)
0.5x
P/E (ann.)
3.0x
EV/EBITDA (LTM)
4.2x
EV/EBITDA (ann.)
2.3x

Cash return

Dividend yield
5.6%
FCF yield (LTM)
-11.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+48.6%
↓ details

Liquidity

Daily turnover (KASE)
29 080

Shares: kase_book/KEGC

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)OK126.4
y/y 43.6%
43.9
y/y 81.0%
14.1
y/y 0.2%
58.0
y/y 51.3%
33.4
y/y 79.8%
43.8-67.51203.2
y/y 8.1%
829.5
y/y 5.2%
16.4%133.3Report (PDF)
2025-12-31Q4 2025 (3M)OK214.6
y/y 32.9%
50.4
y/y 95.0%
28.2
y/y 8.3%
78.6
y/y 51.5%
36.6
y/y 50.3%
61.4-23.51137.0
y/y 3.6%
796.2
y/y 3.4%
8.9%104.5Report (PDF)
2025-09-30Q3 2025 (3M)OK-87.4
y/y 29.3%
-29.3
y/y 17.5%
-13.9
y/y 12.2%
-43.3
y/y 14.9%
-23.3
y/y -8.0%
-47.9-11.31111.8
y/y 8.9%
792.8
y/y 11.5%
1.8%109.2Report (PDF)
2025-06-30Q2 2025 (3M)OK95.1
y/y 15.6%
21.1
y/y -0.6%
14.1
y/y 11.5%
35.2
y/y 3.7%
15.7
y/y -2.6%
29.3-43.61101.4
y/y 9.8%
781.9
y/y 11.9%
8.7%121.7Report (PDF)
2025-03-31Q1 2025 (3M)OK88.0
y/y 3.4%
24.2
y/y -10.4%
14.1
y/y 12.9%
38.3
y/y -3.0%
18.6
y/y -13.4%
40.5-12.31112.9
y/y 8.5%
788.5
y/y 11.5%
9.5%87.4Report (PDF)
2024-12-31Q4 2024 (3M)OK161.5
y/y 17.2%
25.9
y/y -9.3%
26.0
y/y 0.3%
51.9
y/y -4.7%
24.3
y/y 19.4%
53.4-39.61097.1
y/y 9.5%
769.9
y/y 12.3%
8.0%109.6Report (PDF)
2024-09-30Q3 2024 (3M)OK-84.3
y/y 26.4%
-32.0
y/y 56.0%
-12.6
y/y 4.5%
-44.6
y/y 26.1%
-23.3
y/y 111.6%
-26.7-26.51021.0
y/y 3.9%
710.9
y/y 9.6%
2.2%100.1Report (PDF)
2024-06-30Q2 2024 (3M)OK73.2
y/y 38.5%
18.6
y/y 51.4%
12.8
y/y -0.8%
31.4
y/y 27.5%
13.8
y/y 52.8%
17.0-7.31002.9
y/y 2.1%
699.0
y/y 5.4%
10.0%98.7Report (PDF)
2024-03-31Q1 2024 (3M)OK85.1
y/y 40.5%
27.1
y/y 67.8%
12.5
y/y -2.1%
39.5
y/y 37.0%
21.4
y/y 58.9%
35.9-6.81026.0
y/y 3.8%
707.1
y/y 6.0%
12.3%94.5Report (PDF)
2023-12-31Q4 2023 (3M)OK137.8
y/y —
28.5
y/y —
25.9
y/y —
54.4
y/y —
20.4
y/y —
29.1-9.31001.8
y/y —
685.7
y/y —
6.5%118.0Report (PDF)
2023-09-30Q3 2023 (3M)OK-55.8
y/y —
-21.4
y/y —
-13.3
y/y —
-34.7
y/y —
-17.4
y/y —
3.4-14.6982.2
y/y —
648.8
y/y —
1.1%150.3Report (PDF)
2023-06-30Q2 2023 (3M)OK53.7
y/y —
14.0
y/y —
12.8
y/y —
26.8
y/y —
9.5
y/y —
16.7—981.8
y/y —
663.4
y/y —
6.9%140.4Report (PDF)
2023-03-31Q1 2023 (3M)OK60.6
y/y —
16.1
y/y —
12.7
y/y —
28.8
y/y —
13.5
y/y —
21.4—988.5
y/y —
667.0
y/y —
—125.3Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)11 935
Long-term debt (incl. LT leases)185 046
− Cash & equivalents63 709
Net debt133 271

Net debt / LTM EBITDA: 0.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-100 0000100 000200 000300 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-20%0%20%40%60%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-100 000-50 000050 000100 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

050 000100 000150 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.79x of reported net profit.
year202320242025
cash flow / profit1.55x1.79x1.85x
accruals, % of assets-2.4%-4.3%-5.3%
Last twelve months (to 2026-03-31): 1.39x of profit came back as operating cash flow.
net debt / EBITDA 0.7x
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.

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodTariff: transmission
₸/kWh		Tariff: grid use (НЭС)
₸/kWh		Tariff: dispatching
₸/kWh		Tariff: balancing
₸/kWh		Regulated asset base (RAB)
bn ₸		Volume: transmission+НЭС
bn kWh		Capex deployed (actual)
bn ₸
FY (план) 2026-125.013.220.460.09———
FY 2025-124.28
+23.1%		2.45
+22.8%		0.37
+10.3%		0.07
+10.0%		817.20
+7.5%		—99.50
FY 2024-123.472.000.340.06760.1093.90
+30.1%		—
FY 2023-12—————72.20—

KEGOC тарифные сметы, утв. КРЕМ (приказы 25-ОД 02.2024, 36-ОД 03.2025, 77-ОД 09.2025, 76-НК 04.2026) — разобраны из первичных Приложений 2 (.xls/.pdf) на kegoc.kz/tarify. Тарифы (без НДС, тг/кВтч) даны по ОСНОВНОЙ ставке апрель-сентябрь. Внутри 2025 ставка передачи росла трижды: 3,492 (01-03) -> 4,276 (04-09) -> 4,958 (10-12); НЭС 2,002 -> 2,452 -> 2,860. РБА = регулируемая база задействованных активов (драйвер тарифа). Объёмы 2024 (факт): передача 19,0 + НЭС 74,9 = 93,9 млрд кВтч. 2026: новые тарифы с 01.05.2026 (причина — рост затрат на покрытие потерь); точная ставка — из скан-приказа 76-НК, OCR. 2026 (приказ 76-НК, OCR скан-приказа, ввод 01.05.2026, ставки общей категории): передача 5,012 (экспорт/транзит/аффилир. 5,557), НЭС 3,216, диспетч 0,463, баланс 0,086 тг/кВтч; янв-март 2026 передача держалась на 4,958. Драйвер 2026 — рост затрат на потери (с 81,5 до 112,8 млрд тг). Инвестпрограмма 2025 (приказ 76-НК, Прил.1 «отчёт ИП за 2025», text-layer): освоение капвложений факт 99,5 млрд тг (план 36,9) — инвестпроекты 70,6 (план 23,5), в т.ч. реконструкция/модернизация 24,7 (подстанции 19,7, линии 1,5), оборудование 4,2, усиление Западной зоны 0,8, ПИР 0,4 млрд тг. Капвложения → рост РБА (760→817).

Fundamental value creation

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

Value created per year: +49.8%

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)
= (57 984 − 38 313) × 2.64
51 877
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (403 255 + 133 271) ÷ 152 913
3.5x
3. Target multiple
(Current EV/EBITDA + 6) ÷ 2
= (3.5 + 6) ÷ 2
4.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -45 831 + 0 + 0 − 0
-45 831
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (51 877 × 4.8 + -45 831) ÷ 403 255
+49.8%

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

Caveats:

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

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +24% vs +27% the year before — a -2.5 pp move. 3-year CAGR +22%.
revenue growth by year: 2023 +16% · 2024 +27% · 2025 +24%
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 3.1x · 3-year average 4.4x

EV/EBITDA3-year 75th pct

Dividends

No dividend rows found for this issuer (checked: KASE news).

Investor reporting (IR): https://www.kegoc.kz/en/for-investors-and-shareholders/raskrytie-informatsii/finansovaya-otchetnost/

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 JSC "KEGOC" (KEGC) — from primary filings.

KEGOC operates Kazakhstan’s national high-voltage grid, transmitting electricity across regions and to cross-border interconnectors.

Frequently asked questions

What is JSC "KEGOC" (KEGC)'s P/E ratio?
JSC "KEGOC" (KEGC) trades at a P/E of 6.5x (price to trailing 12-month earnings).
What is JSC "KEGOC" (KEGC)'s EV/EBITDA?
JSC "KEGOC" (KEGC) trades at 4.2x EV/EBITDA.
What is JSC "KEGOC" (KEGC)'s P/B ratio?
JSC "KEGOC" (KEGC) trades at a P/B of 0.5x.
What is JSC "KEGOC" (KEGC)'s dividend yield?
JSC "KEGOC" (KEGC)'s trailing 12-month dividend yield is 5.6%.
What is JSC "KEGOC" (KEGC)'s return on equity (ROE)?
JSC "KEGOC" (KEGC)'s ROE is 16.4%.
What is JSC "KEGOC" (KEGC)'s market capitalization?
JSC "KEGOC" (KEGC)'s market cap is 403.3 bn KZT.

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