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General information

  • Current market environment: negative. Prices of production are 17.1% lower compared to the last 12 months (LTM)
  • Prices of production are at 13.2% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 2.9%
  • Free cash flow yield -19.6% (LTM), projected -28.8%
  • Share of USD-denominated sales in revenue of the company (estimate) 81.6%
  • Share price is 25.1% higher than minimum and 49.6% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (5.6x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 18.0% on the change in financial parameters: EBITDA adjustment is -964 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 6 568 mln rub, expected mult is 15.4x, target mult is 4.3x, potential is -86.8%

Key Financials (Download financials)

Ticker: KAZT
Share price, RUB:  (-0.7%)472.2
year average price 480.15  


year start price 487.20 2024-09-16

min close price 407.40 2024-11-26

max close price 584.00 2025-02-25

current price 479.60 2025-09-15
Common stocks: 176 580 000
Dividend Yield:  2.9%
FCF Yield LTM / expected: -19.6% / -28.8%
EV / LTM EBITDA:5.6x
EV / EBITDA annualized: 5.5x
Production prices change from LTM: -17.1%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 83 381
Net Debt (m RUB): 11 803
EV (Enterprise Value): 95 184
EBITDA LTM (m RUB): 17 115
Net Income LTM (m RUB): 9 297
EV / LTM EBITDA: 5.6x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.7x
Average daily trading volume for the week, RUB mln: 6
P / E 9.0x
P / E ann-d12.0x
P / B 0.9x
EBITDA margin ann-d 19.7%
Net income margin ann-d 7.9%

Revenue and EBITDA

Semi-Annual values (m RUB)

Change (y/y)

Cash Flow

FCF (m RUB), before FX effects elimination

Net Debt / Cash and Equivalents (m RUB)

Share price and dividends (Download history)

Share price

Payment RUB per share

Multiple and potential

EV / LTM EBITDA and 50% percentile

Potential dynamics

Daily trade volumes

Millions of RUB

P/B and P/E multipliers

P / B

P / E

MSFO data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 H1 44 075+1% 13 722-10% 3 600-36% 3 462-48% 2 416+87% -2 906+86%
2024 H2 37 371-13% 9 847-37% 5 466-18% 5 835+64% 2 380+41% -1<-100%
2024 H1 43 633+15% 15 184+4% 5 640-41% 6 611-28% 1 292-73% -1 5650%
2023 H2 43 005 15 591 6 636 3 566 1 692 -2 283
2023 H1 ( 6766 , 6767 ) 37 931-29% 14 577-50% 9 513-58% 9 207-63% 4 799-4% -1 558+4%
2022 H1 53 472+39% 29 242+123% 22 795+153% 24 866+181% 5 017>+200% -1 504+198%
2021 H2 49 114+85% 20 716>+200% 16 242>+200% 12 324<-100% 632>+200% -690-44%
2021 H1 ( 927 , 928 ) 38 375+45% 13 108+96% 9 007+151% 8 835>+200% 673>+200% -504-76%
2020 H2 ( 929 , 930 ) 26 518-4% 5 278<-100% 2 607<-100% -29<-100% 118<-100% -1 237<-100%
2020 H1 ( 931 , 932 , 933 ) 26 544-99% 6 689-99% 3 586-99% 895<-100% 84<-100% -2 123-96%
2019 H2 27 615-16% -510 125+8% -249 1340% -250 960+64% -45 873>+200% 56 698-25%
2019 H1 ( 934 , 936 , 937 , 938 , 939 ) 1 943 594+6% 523 401+6% 253 815-2% 253 490+58% 46 853>+200% -58 452-26%
2018 H2 ( 942 , 943 ) 33 023+38% -473 624<-100% -249 054<-100% -153 278<-100% -7 623<-100% 75 982<-100%
2018 H1 1 833 381>+200% 492 348>+200% 260 186>+200% 160 764>+200% 7 913>+200% -78 657>+200%
2017 H2 ( 948 , 949 ) 23 853+12% 4 562-16% 464-79% 388-86% 5170% -798+73%
2017 H1 23 913 6 161 3 117 2 146 552 -737
2016 H2 ( 952 , 953 ) 21 250<-100% 5 414<-100% 2 188<-100% 2 793<-100% 517<-100% -462-90%
2016 H1 ( 954 , 955 )            
2015 H2 ( 956 , 957 , 4400 ) -218 360<-100% -305 390<-100% -299 451<-100% -214 914<-100% -11 335<-100% -4 649<-100%
2015 H1 ( 958 , 4409 , 959 ) 260 818<-100% 320 437<-100% 308 887<-100% 219 097<-100% 11 857>+200% 2 275<-100%
2014 H2 ( 960 , 961 ) 10 280-99% 3 326-99% 2 408-97% 2 101-97% 108-95% 19 934<-100%
2014 H1 ( 962 , 963 ) -208 372<-100% -64 496<-100% -26 347<-100% -49 333<-100% 3 627>+200% -21 802<-100%
2013 H2 ( 964 , 965 ) 1 012 435>+200% 241 341>+200% 75 299>+200% 66 829>+200% 2 181>+200% -10 845>+200%
2013 H1 263 232 239 415 7 68
2012 H2 ( 967 , 968 , 966 ) 15 635-5% 4 352-30% 1 634-50% 1 052-56% 49+18% -213-31%
2011 H2 16 460+47% 6 205+95% 3 268+171% 2 386>+200% 42-53% -308-3%
2010 H2 11 227 3 177 1 206 682 89 -317


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (2 906 - 2 416) * 2 / (11 803 - 295)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 97 006+8% 156 095+32% 11 803<-100% 8.5% 0.69x
2024 H2 94 455 160 758 21 283 -22.9% 1.27x
2024 H1 89 812+6% 118 080+4% -4 331-63%   -0.18x
2023 H2         -0.44x
2023 H1 ( 6766 , 6767 ) 84 634+4% 113 270-2% -11 723   -0.38x
2022 H1 81 364+101% 115 493>+200%     -0.33x
2021 H2         0.19x
2021 H1 ( 927 , 928 ) 40 578-98% 20 782<-100% 137 309-93% -0.2% 1.15x
2020 H2 ( 929 , 930 ) 2 441 571>+200% 5 157 929>+200% 1 842 560>+200% 0.1% 2.39x
2020 H1 ( 931 , 932 , 933 ) 2 303 407+8% 4 859 206+13% 1 868 236+25% 0.2% 3.02x
2019 H2 31 859+2% 65 504+5% 24 605+32%   2.91x
2019 H1 ( 934 , 936 , 937 , 938 , 939 ) 2 138 524>+200% 4 308 668>+200% 1 495 816>+200% 1.6% 1.74x
2018 H2 ( 942 , 943 ) 31 180+22% 62 540+7% 18 585-11%   1.43x
2018 H1 28 049-98% 59 655-98% 20 915-98% 683.2% 3.63x
2017 H2 ( 948 , 949 ) 25 571+8% 58 193+10% 20 776-5% 2.7%  
2017 H1 1 504 778>+200% 3 283 344>+200% 1 318 912>+200% 0.0%  
2016 H2 ( 952 , 953 ) 23 624+20% 53 019>+200% 21 875<-100% -0.5%  
2016 H1 ( 954 , 955 ) 22 353-98% 49 644-98% 20 744-98%    
2015 H2 ( 956 , 957 , 4400 ) 19 646-98% 2<-100% -2<-100%    
2015 H1 ( 958 , 4409 , 959 ) 1 092 949+95% 2 619 672+131% 937 501+143%    
2014 H2 ( 960 , 961 ) 995 651>+200% 2 281 426>+200% 923 919>+200%    
2014 H1 ( 962 , 963 ) 559 850>+200% 1 134 372>+200% 385 833 9.5%  
2013 H2 ( 964 , 965 ) 15 822+4% 28 111+10% 7 274+45% 243.5%  
2013 H1 15 820 28 111      
2012 H2 ( 967 , 968 , 966 ) 15 159+7% 25 672-2% 5 031-21% 6.7%  
2011 H2 14 166+43% 26 067+17% 6 369 8.6%  
2010 H2 9 893 22 258      


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1 12 709+171% -3 022-59% -4 843+17%
2024 H2 4 663-6% 6 785<-100% -6 438+24%
2024 H1 4 688+69% -7 330+93% -4 134-57%
2023 H2 4 942 -4 090 -5 185
2023 H1 ( 6766 , 6767 ) 2 776-77% -3 792-19% -9 609+79%
2022 H1 11 829+101% -4 684>+200% -5 375<-100%
2021 H2 19 907>+200% -3 207+18% 153-92%
2021 H1 ( 927 , 928 ) 5 892+13% -760-79% 509+74%
2020 H2 ( 929 , 930 ) 4 648>+200% -2 717<-100% 1 847<-100%
2020 H1 ( 931 , 932 , 933 ) 5 229+141% -3 574-99% 292-92%
2019 H2 373<-100% 379 326>+200% -220<-100%
2019 H1 ( 934 , 936 , 937 , 938 , 939 ) 2 172-99% -383 102>+200% 3 634<-100%
2018 H2 ( 942 , 943 ) -153 780<-100% 98 634<-100% 46 716>+200%
2018 H1 165 346>+200% -103 825>+200% -46 349<-100%
2017 H2 ( 948 , 949 ) 3 156+102% -1 248-64% 1 352+19%
2017 H1 1 864 -2 326 800
2016 H2 ( 952 , 953 ) 1 565-68% -3 466+44% 1 140-21%
2016 H1 ( 954 , 955 )      
2015 H2 ( 956 , 957 , 4400 ) 4 842>+200% -2 405-20% 1 438-22%
2015 H1 ( 958 , 4409 , 959 )      
2014 H2 ( 960 , 961 ) 187<-100% -3 022-96% 1 842-44%
2014 H1 ( 962 , 963 )      
2013 H2 ( 964 , 965 ) 49 689>+200% -67 439>+200% 3 315>+200%
2013 H1      
2012 H2 ( 967 , 968 , 966 ) 2 510+12% -1 472+61% 632-77%
2011 H2 2 246+118% -915+36% 2 775-6%
2010 H2 1 032 -673 2 957
RSBU data *The values are shown in mln RUB The % change shows the difference from the same period last year

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 ( 11940 , 11945 ) 19 173-2% 4 123-40% 754-68% 1 368+81% 569>+200% -200-27%
2025 q1 ( 9720 , 11074 ) 22 900+10% 7 501+3% 4 027+9% 5 730+109% 359>+200% -211-27%
2024 q4 19 6360% 4 666-34% 233-89% 590-3% 140-4% -258-14%
2024 q3 14 685-22% 3 222-51% 20-99% 1 455-69% 89-42% -234+3%
2024 q2 19 476+25% 6 841+26% 2 3330% 754-86% 119-2% -273+30%
2024 q1 20 801+7% 7 294-8% 3 685-31% 2 741-58% 95-29% -287+39%
2023 q4 ( 7875 , 7970 ) 19 598-2% 7 021-25% 2 039-66% 608-88% 145-55% -299+27%
2023 q3 18 881+7% 6 623-1% 3 291-21% 4 712+22% 154-21% -228-17%
2023 q2 15 594-43% 5 432-61% 2 326-80% 5 388-48% 121-75% -210-47%
2023 q1 19 410 7 958 5 310 6 492 133 -207
2022 q4 19 945 9 310 6 009 4 975 322 -236
2022 q3 17 585-6% 6 698+1% 4 171-12% 3 849-11% 194 -274
2022 q2 27 192 13 871 11 635 10 389 486 -399
2021 q3 18 632+73% 6 627>+200% 4 716>+200% 4 318<-100%    
2020 q3 10 782-14% 1 536-24% 237-27% -217<-100%    
2020 q2 10 017-26% 2 537-9% 1 154-15% 1 578+20%    
2020 q1 13 774-7% 2 131-41% 567-72% 78-96%    
2019 q4 ( 4373 , 4374 ) 13 137-16% 1 709-59% -9<-100% 412-80%    
2019 q3 12 519-20% 2 008-57% 327-89% 448-81%    
2019 q2 13 522-5% 2 793-23% 1 354-36% 1 313-11%    
2019 q1 14 795+5% 3 600+3% 2 044+3% 1 767+36%    
2018 q4 ( 4378 , 4379 ) 15 639 4 145 2 534 2 084    
2018 q3 15 572 4 670 3 042 2 303    
2018 q2 14 298 3 615 2 129 1 476    
2018 q1 14 147 3 492 1 994 1 298    


Balance


Implied interest rate for 2024 q4:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (258 - 140) * 4 / (2 463 - 0)

Q Total equity Total assets Net debt
 
2025 q2 ( 11940 , 11945 ) 99 117+8% 115 700+3% -7 574+73%
2025 q1 ( 9720 , 11074 ) 98 199+5% 119 351+4% -8 519-12%
2024 q4 92 469+2% 115 408-1% 2 463<-100%
2024 q3 93 1210% 110 418-5% -1 361-90%
2024 q2 91 758+3% 112 697+2% -4 369-62%
2024 q1 93 719+3% 115 158-2% -9 655-4%
2023 q4 ( 7875 , 7970 ) 90 973+9% 116 987+6% -10 105-14%
2023 q3 93 422+12% 116 012+6% -13 041+11%
2023 q2 88 709+7% 110 877+1% -11 593-1%
2023 q1 90 973 116 987 -10 057
2022 q4 83 234 109 850 -11 756
2022 q3 83 234 109 850 -11 756<-100%
2022 q2 83 234 109 850 -11 756
2021 q3     10 339-49%
2020 q3     20 160-10%
2020 q2     21 806-3%
2020 q1     23 644+5%
2019 q4 ( 4373 , 4374 )     22 505+27%
2019 q3     22 505+27%
2019 q2     22 505+27%
2019 q1     22 505+27%
2018 q4 ( 4378 , 4379 )     17 716
2018 q3     17 716
2018 q2     17 716
2018 q1     17 716
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company