Financials Halyk bank Kazakhstan S.E.

Equities

HSBK

KZ000A0LE0S4

End-of-day quote Kazakhstan S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
206.6 ^KZT	-0.14%		-0.47%	+26.28%

May. 20	Transcript : Halyk Bank of Kazakhstan Joint Stock Company, Q1 2024 Earnings Call, May 20, 2024
May. 17	Halyk Bank of Kazakhstan Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,914	3,408	4,560	3,027	4,132	4,830	-	-
Enterprise Value (EV) ¹	3,914	3,408	4,560	3,027	4,132	4,830	4,830	4,830
P/E ratio	4.73 x	4.05 x	5.39 x	2.49 x	2.63 x	-	-	-
Yield	7.96%	14%	8.43%	9.93%	-	16.8%	15.6%	14.8%
Capitalization / Revenue	3.03 x	2.69 x	4.12 x	1.78 x	1.92 x	1.63 x	1.51 x	1.65 x
EV / Revenue	3.03 x	2.69 x	4.12 x	1.78 x	1.92 x	1.63 x	1.51 x	1.65 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.21 x	0.95 x	1.58 x	0.73 x	0.75 x	-	-	-
Nbr of stocks (in thousands)	293,166	292,510	276,382	272,706	272,558	272,582	-	-
Reference price ²	13.35	11.65	16.50	11.10	15.16	17.72	17.72	17.72
Announcement Date	3/12/20	3/12/21	3/14/22	3/13/23	3/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,292	1,269	1,108	1,701	2,152	2,966	3,207	2,920
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,005	-	759.1	1,267	2,023	1,918	2,068	2,256
Operating Margin	77.77%	-	68.53%	74.47%	94.01%	64.65%	64.5%	77.25%
Earnings before Tax (EBT)	926.2	929	1,002	1,445	1,846	-	-	-
Net income ¹	845.8	841	883.5	1,214	1,549	1,847	-	-
Net margin	65.47%	66.27%	79.77%	71.38%	72%	62.27%	-	-
EPS	2.824	2.879	3.059	4.460	5.769	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	1.063	1.631	1.392	1.102	-	2.968	2.763	2.614
Announcement Date	3/12/20	3/12/21	3/14/22	3/13/23	3/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	282.8	363.1	370.8	443.5	507.7	529.2	562.9	656.1	698.4	687.8	676.6
EBITDA	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	173.4	396.9	365.8	433.1	393.7	531.5	450.9	516	512.2	492.9	464.6
Operating Margin	61.32%	109.31%	98.65%	97.66%	77.56%	100.44%	80.09%	78.64%	73.34%	71.67%	68.66%
Earnings before Tax (EBT)	278.8	-	-	-	-	-	-	-	-	-	-
Net income	247	-	-	-	-	-	-	-	-	-	-
Net margin	87.36%	-	-	-	-	-	-	-	-	-	-
EPS	0.8612	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/14/22	5/16/22	8/16/22	11/18/22	3/13/23	11/17/23	3/15/24	5/17/24	-	-	-

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	28.8%	25.5%	30.2%	31.8%	32.5%	29.9%	26.9%	19.4%
ROA (Net income/ Total Assets)	3.7%	3.6%	4.11%	4.2%	4.8%	-	-	-
Assets ¹	22,859	23,362	21,477	28,947	32,273	-	-	-
Book Value Per Share	11.10	12.20	10.40	15.20	20.20	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/12/20	3/12/21	3/14/22	3/13/23	3/15/24	-	-	-

¹USD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Halyk bank

Trading Rating

Investor Rating

ESG Refinitiv

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

BUY

Number of Analysts

3

Last Close Price

17.72 USD

Average target price

20.37 USD

Spread / Average Target

+14.94%

Quarterly revenue - Rate of surprise

Company calendar

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