Frontierby eninvs

Language: EN · RU

← Region

JSC "Kazakhtelecom" (KZTK) KZT

At a glance: strengths & risks
✓Revenue growing (+22%)✓Profit growing (+98%)

Sector: Telecom

KZTK

Price chart

44 150.01 KZTDay -0.40%

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
44 150.01 KZT · -0.40%
Market cap
669.9 bn KZT

Growth

Δ revenue y/y
28.3%
Δ EBITDA y/y
75.4%

Multiples

P/E (LTM)
4.6x
P/B (FY)
0.9x
P/E (ann.)
20.9x
EV/EBITDA (LTM)
4.6x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
0.8%
FCF yield (LTM)
6.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+49.8%
↓ details

Liquidity

Daily turnover (KASE)
88 300

Shares: kase_book/KZTK

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
2025-12-31Q4 2025 (3M)OK163.2
y/y 39.2%
26.8
y/y 28.6%
27.3
y/y 11.3%
54.1
y/y 19.2%
-6.8
y/y -132.3%
26.4364.11404.7
y/y -14.5%
731.1
y/y -14.5%
20.3%261.2Report (KASE)
2025-09-30Q3 2025 (3M)OK145.3
y/y 15.9%
26.1
y/y 49.8%
63.9
y/y 11.3%
90.0
y/y 25.9%
22.8
y/y 189.5%
39.7—1339.5
y/y -11.2%
720.1
y/y -13.5%
29.0%-23.8Report (PDF)
2025-06-30Q2 2025 (3M)PARTIAL139.1
y/y 14.9%
21.5
y/y 26.3%
-9.3
y/y -63.2%
12.3
y/y -27.2%
23.9
y/y 614.0%
41.1—1298.1
y/y -11.8%
694.7
y/y -13.1%
31.6%-24.5Report (PDF)
2025-03-31Q1 2025 (3M)OK137.9
y/y -22.2%
20.1
y/y -52.9%
27.3
y/y 11.3%
47.4
y/y -29.5%
107.0
y/y 318.6%
17.3-44.21530.0
y/y 4.0%
965.4
y/y 16.4%
47.0%-103.0Report (PDF)
2024-12-31Q4 2024 (3M)OK117.2
y/y -0.1%
20.8
y/y —
24.5
y/y —
45.3
y/y 132.3%
21.1
y/y 264.9%
21.8-23.51643.4
y/y 10.8%
854.8
y/y 2862.0%
8.8%277.4Report (PDF)
2024-09-30Q3 2024 (3M)OK123.2
y/y -27.8%
12.2
y/y -67.8%
24.5
y/y —
36.8
y/y -15.3%
34.8
y/y -40.5%
69.1-54.41507.6
y/y 7.7%
832.4
y/y 1.3%
8.7%208.7Report (PDF)
2024-06-30Q2 2024 (3M)OK63.9
y/y -27.0%
-9.7
y/y -65.3%
24.5
y/y —
14.8
y/y -13.7%
-7.2
y/y -68.7%
65.2-45.51471.0
y/y 10.8%
799.1
y/y 1.0%
4.5%304.6Report (PDF)
2024-03-31Q1 2024 (3M)OK177.2
y/y 5.8%
42.7
y/y -18.0%
24.5
y/y —
67.2
y/y 29.2%
25.6
y/y -23.2%
43.5-67.81471.8
y/y 11.4%
829.6
y/y 8.7%
23.8%131.1Report (PDF)
2023-12-31Q4 2023 (3M)OK117.4
y/y —
—
y/y —
—
y/y —
-140.3
y/y —
5.8
y/y —
62.9317.91483.0
y/y —
28.9
y/y —
22.4%245.3Report (PDF)
2023-09-30Q3 2023 (3M)OK174.0
y/y —
45.2
y/y —
0.0
y/y —
45.2
y/y —
30.8
y/y —
73.9-156.41399.7
y/y —
821.6
y/y —
14.8%47.2Report (PDF)
2023-06-30Q2 2023 (3M)OK163.0
y/y —
43.0
y/y —
0.0
y/y —
43.0
y/y —
25.2
y/y —
51.3-135.71327.3
y/y —
791.4
y/y —
15.1%8.1Report (PDF)
2023-03-31Q1 2023 (3M)OK167.5
y/y —
52.0
y/y —
0.0
y/y —
52.0
y/y —
33.3
y/y —
52.8-103.51320.9
y/y —
763.6
y/y —
—178.2Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)187 842
Long-term debt (incl. LT leases)146 340
− Cash & equivalents72 944
Net debt261 238

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-200 000-100 0000100 000200 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-100%0%100%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

FCF ($ mln)

-100 0000100 000200 000300 000400 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Net debt / cash ($ mln)

-200 000-100 0000100 000200 000300 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 2.53x of reported net profit.
year202320242025
cash flow / profit2.53x2.69x0.85x
accruals, % of assets-9.8%-7.6%1.6%
Last twelve months (to 2025-12-31): 0.85x of profit came back as operating cash flow.
net debt / EBITDA 1.3x
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: +49.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
39 560
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (669 868 + 261 238) ÷ 203 762
4.6x
3. Target multiple
(Current EV/EBITDA + 6) ÷ 2
= (4.6 + 6) ÷ 2
5.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 16 120 + 0 + 0 − 0
124 501
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (39 560 × 5.3 + 124 501) ÷ 669 868
+49.8%

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

Caveats:

  • FY-over-FY EBITDA growth (no interim signal): FY2025 vs FY2024

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +22% vs -23% the year before — a +44.2 pp move. 3-year CAGR —.
revenue growth by year: 2024 -23% · 2025 +22%
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 3.6x · 3-year average 3.6x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-19—Kazakhtelecom paid dividends on common shares KZ0009093241 (KZTK) and preferred shares KZ0009094645 (KZTKp) for 2025PaidKASE news

Planned / announced

DatePer shareDetailsStatusSource
2026-05-06—Kazakhtelecom intends to pay dividends on common KZ0009093241 (KZTK) and preferred KZ0009094645 (KZTKp) shares for 2025PlannedKASE news

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.telecom.kz/en/for-investors-and-shareholders/

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 "Kazakhtelecom" (KZTK) — from primary filings.

Kazakhtelecom is the national telecom incumbent: fixed and mobile broadband, wholesale fibre and digital services in Kazakhstan.

Frequently asked questions

What is JSC "Kazakhtelecom" (KZTK)'s P/E ratio?
JSC "Kazakhtelecom" (KZTK) trades at a P/E of 4.6x (price to trailing 12-month earnings).
What is JSC "Kazakhtelecom" (KZTK)'s EV/EBITDA?
JSC "Kazakhtelecom" (KZTK) trades at 4.6x EV/EBITDA.
What is JSC "Kazakhtelecom" (KZTK)'s P/B ratio?
JSC "Kazakhtelecom" (KZTK) trades at a P/B of 0.9x.
What is JSC "Kazakhtelecom" (KZTK)'s dividend yield?
JSC "Kazakhtelecom" (KZTK)'s trailing 12-month dividend yield is 0.8%.
What is JSC "Kazakhtelecom" (KZTK)'s return on equity (ROE)?
JSC "Kazakhtelecom" (KZTK)'s ROE is 4.4%.
What is JSC "Kazakhtelecom" (KZTK)'s market capitalization?
JSC "Kazakhtelecom" (KZTK)'s market cap is 669.9 bn KZT.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map