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JSC "KazTransOil" (KZTO) KZT

At a glance: strengths & risks
✓Revenue growing (+15%)✓Net cash balance sheet

Sector: Oil transport / infrastructure

KZTO

Price chart

1 147.97 KZTDay 4.84%

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
1 147.97 KZT · 4.84%
Market cap
445.0 bn KZT

Growth

Δ revenue y/y
14.1%
Δ EBITDA y/y
11.7%

Multiples

P/E (LTM)
9.0x
P/B (FY)
0.4x
P/E (ann.)
6.6x
EV/EBITDA (LTM)
3.6x
EV/EBITDA (ann.)
1.9x

Cash return

Dividend yield
9.7%
FCF yield (LTM)
12.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+28.7%
↓ details

Liquidity

Daily turnover (KASE)
14 924

Shares: kase_book/KZTO

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)OK89.0
y/y 14.1%
—
y/y —
19.4
y/y 22.0%
—
y/y —
16.9
y/y 80.8%
31.6-16.91556.1
y/y 13.7%
1556.1
y/y 56.2%
5.0%-27.3Link
2025-12-31Q4 2025 (3M)OK194.3
y/y 20.8%
21.6
y/y 19.0%
39.1
y/y 16.3%
60.7
y/y 17.2%
24.1
y/y 9.1%
68.85.41551.4
y/y 12.4%
1150.7
y/y 15.9%
4.2%-12.1Link
2025-09-30Q3 2025 (3M)OK-72.1
y/y 15.1%
17.1
y/y 259.5%
-15.5
y/y 4.2%
1.7
y/y 105.0%
-4.0
y/y 44.9%
-2.025.41396.6
y/y 3.8%
1012.9
y/y 4.8%
2.3%-5.3Link
2025-06-30Q2 2025 (3M)OK85.1
y/y 8.0%
13.1
y/y 23.1%
16.5
y/y -2.8%
29.6
y/y 5.9%
12.2
y/y 10.5%
26.1-19.21364.2
y/y 1.4%
987.4
y/y 3.0%
4.4%13.1Link
2025-03-31Q1 2025 (3M)OK78.1
y/y 1.9%
7.9
y/y -27.7%
15.9
y/y -5.0%
23.8
y/y -14.0%
9.4
y/y -12.9%
14.9-7.01369.1
y/y -0.1%
996.4
y/y 1.7%
3.8%29.6Link
2024-12-31Q4 2024 (3M)OK160.9
y/y 4.8%
18.2
y/y 191.6%
33.6
y/y -6.9%
51.8
y/y 22.4%
22.1
y/y 76.1%
49.3—1380.1
y/y 1.6%
992.9
y/y 3.8%
4.2%33.5Link
2024-09-30Q3 2024 (3M)OK-72.0
y/y 9.0%
-6.5
y/y -52.9%
-17.1
y/y -10.2%
-23.6
y/y -33.8%
-7.4
y/y -63.5%
-18.3—1346.1
y/y 1.2%
966.3
y/y 0.0%
1.7%15.7Link
2024-06-30Q2 2024 (3M)OK74.4
y/y 10.3%
6.1
y/y 32.5%
16.6
y/y -9.1%
22.8
y/y 1.7%
8.8
y/y -3.9%
21.6—1344.8
y/y 4.3%
958.3
y/y 2.4%
4.0%7.8Link
2024-03-31Q1 2024 (3M)OK76.6
y/y 12.9%
10.9
y/y 155.7%
16.7
y/y -11.0%
27.7
y/y 19.9%
10.7
y/y 21.8%
19.9-9.81369.8
y/y 14.2%
979.4
y/y 10.1%
4.4%13.0Link
2023-12-31Q4 2023 (3M)OK153.5
y/y —
6.2
y/y —
36.1
y/y —
42.3
y/y —
12.5
y/y —
52.1-86.71358.4
y/y —
956.9
y/y —
3.4%19.6Link
2023-09-30Q3 2023 (3M)OK-64.4
y/y —
9.6
y/y —
-18.6
y/y —
-9.0
y/y —
13.0
y/y —
-8.532.31330.5
y/y —
966.2
y/y —
4.7%4.0Report (KASE)
2023-06-30Q2 2023 (3M)OK69.1
y/y —
8.6
y/y —
17.9
y/y —
26.5
y/y —
11.5
y/y —
18.3-46.71289.8
y/y —
935.9
y/y —
4.5%-12.0Link
2023-03-31Q1 2023 (3M)OK67.9
y/y —
4.3
y/y —
18.8
y/y —
23.1
y/y —
8.8
y/y —
17.4-26.61199.0
y/y —
889.2
y/y —
—-37.1Report (KASE)

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

Short-term debt (incl. ST leases)59 301
Long-term debt (incl. LT leases)40 696
− Cash & equivalents127 341
Net debt-27 344

Net debt / LTM EBITDA: -0.2x

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

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

Cash flow

FCF ($ mln)

-75 000-50 000-25 000025 00050 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-40 000-20 000020 00040 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 2.41x of reported net profit.
year202320242025
cash flow / profit2.67x2.18x2.41x
accruals, % of assets-4.0%-3.6%-4.1%
Last twelve months (to 2026-03-31): 2.53x of profit came back as operating cash flow.
net debt / EBITDA -0.1x
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: +28.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (60 698 − 51 769) × 1.88
16 790
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (445 021 + -27 344) ÷ 114 133
3.7x
3. Target multiple
(Current EV/EBITDA + 6) ÷ 2
= (3.7 + 6) ÷ 2
4.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 45 616 + 0 + 0 − 0
45 616
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (16 790 × 4.8 + 45 616) ÷ 445 021
+28.5%

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

Caveats:

  • half-year basis (semi-annual reporter)
  • capex unavailable — FCF approximated by FY OCF
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +15% vs +7% the year before — a +7.2 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +14% · 2024 +7% · 2025 +15%
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 3.7x · 3-year average 3.7x

EV/EBITDA3-year 75th pct

Dividends

Planned / announced

DatePer shareDetailsStatusSource
2026-05-29—KazTransOil JSC intends to pay dividends on common shares KZ1C00000744 (KZTO) 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://kaztransoil.kz/en/to_shareholders_and_investors/financial_information_annual_and_interim_financial_reports/

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 "KazTransOil" (KZTO) — from primary filings.

KazTransOil owns and operates Kazakhstan’s main crude oil and refined-products pipeline system and related infrastructure.

Frequently asked questions

What is JSC "KazTransOil" (KZTO)'s P/E ratio?
JSC "KazTransOil" (KZTO) trades at a P/E of 9.0x (price to trailing 12-month earnings).
What is JSC "KazTransOil" (KZTO)'s EV/EBITDA?
JSC "KazTransOil" (KZTO) trades at 3.6x EV/EBITDA.
What is JSC "KazTransOil" (KZTO)'s P/B ratio?
JSC "KazTransOil" (KZTO) trades at a P/B of 0.4x.
What is JSC "KazTransOil" (KZTO)'s dividend yield?
JSC "KazTransOil" (KZTO)'s trailing 12-month dividend yield is 9.7%.
What is JSC "KazTransOil" (KZTO)'s return on equity (ROE)?
JSC "KazTransOil" (KZTO)'s ROE is 5.0%.
What is JSC "KazTransOil" (KZTO)'s market capitalization?
JSC "KazTransOil" (KZTO)'s market cap is 445.0 bn KZT.

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