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JSC "Kazakhtelecom" (KZTK) KZT

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

At a glance: strengths & risks
✓Margins improving (22%→34%, H1 2026)✗Profit falling (-95% y/y, H1 2026)

Sector: Telecom

KZTK

Price chart

44 770 KZTDay 0.38%

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
44 770 KZT · 0.38%
Market cap
679.3 bn KZT

Growth

Δ revenue y/y
21.6%
Δ EBITDA y/y
24.1%

Multiples

P/E (LTM)
17.3x
P/B (FY)
0.9x
P/E (ann.)
52.0x
EV/EBITDA (LTM)
5.2x
EV/EBITDA (ann.)
5.4x

Cash return

Dividend yield
0.7%
FCF yield (LTM)
-16.7%

Liquidity

Daily turnover (KASE)
89 540

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
2026-06-30Q2 2026 (3M)OK147.2
y/y —
22.5
y/y —
28.0
y/y —
50.5
y/y —
7.2
y/y —
22.5—1498.0
y/y —
732.3
y/y —
1.8%374.6Report (PDF)
2026-03-31Q1 2026 (3M)PARTIAL142.5
y/y 3.3%
19.4
y/y -3.3%
27.7
y/y 1.5%
47.2
y/y -0.5%
-0.7
y/y -100.7%
31.4—1436.4
y/y -6.1%
729.2
y/y -24.5%
-0.4%352.0Link
2025-12-31FY 2025 (12M)OK—
y/y 21.6%
—
y/y 43.1%
—
y/y 11.3%
—
y/y 24.1%
—
y/y 98.1%
——1404.7
y/y -14.5%
731.1
y/y -14.5%
20.3%261.2Report (PDF)
2025-09-30Q3 2025 (3M)PARTIAL145.3
y/y —
26.1
y/y —
0.0
y/y —
26.1
y/y —
22.8
y/y —
39.7—1339.5
y/y —
720.1
y/y —
4.3%—Report (PDF)
2025-06-30Q2 2025 (3M)PARTIAL139.1
y/y —
21.5
y/y —
0.0
y/y —
21.5
y/y —
-83.1
y/y —
41.1—1298.1
y/y —
694.7
y/y —
11.5%—Report (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%≈ 277.4Report (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 —
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%
—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 —
—
y/y —
—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) 2026-06-30

Short-term debt (incl. ST leases)242 988
Long-term debt (incl. LT leases)217 123
− Cash & equivalents85 543
Net debt374 567

Net debt / LTM EBITDA: 1.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-30 000-20 000-10 000010 00020 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

0100 000200 000300 000400 0002024 q12024 q22024 q32024 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 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-Q2): 3.53x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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 3.5x · 3-year average 4.6x

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 CorporationKorea9.33.6x2.0x
America Movil (AMX)Mexico69.94.4x2.5x
Telkom IndonesiaIndonesia14.92.4x3.0x
Telefonica Brasil (Vivo)Brazil19.34.3x3.1x
e& (Etisalat Group)UAE51.86.7x3.3x
MTN GroupSouth Africa22.43.7x3.5x
PLDTPhilippines3.95.3x3.6x
Globe TelecomPhilippines3.65.7x3.9x
MTSRussia4.93.5x4.5x
Vodacom GroupSouth Africa18.35.3x5.0x
du (EITC)UAE14.510.1x5.0x
TIM S.A.Brazil45.517.1x12.2x
Group median4.8x3.6x
Group average6.0x4.3x
This companyKazakhstan1.55.2x5.2x

Group median 4.8x as traded, 3.6x adjusted; this company 5.2x — a 45% premium.

Group average 6.0x as traded, 4.3x adjusted; against the average this company is at a 20% premium.

At the adjusted group median the market cap would be -43% 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 23.2x, Russia 3.9x, South Africa 5.3x, Kazakhstan 5.0x, India 18.0x, Indonesia 4.0x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-16; the company's own is live.

Dividends

Paid (completed)

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

Frequently asked questions

What is JSC "Kazakhtelecom" (KZTK)'s P/E ratio?
JSC "Kazakhtelecom" (KZTK) trades at a P/E of 17.3x (price to trailing 12-month earnings).
What is JSC "Kazakhtelecom" (KZTK)'s EV/EBITDA?
JSC "Kazakhtelecom" (KZTK) trades at 5.2x 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 0.7%.
What is JSC "Kazakhtelecom" (KZTK)'s return on equity (ROE)?
JSC "Kazakhtelecom" (KZTK)'s ROE is 1.8%.
What is JSC "Kazakhtelecom" (KZTK)'s market capitalization?
JSC "Kazakhtelecom" (KZTK)'s market cap is 679.3 bn KZT.

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