Halyk Bank of Kazakhstan Joint Stock Company

LSE:HSBK Stock Report

Market Cap: US$5.2b

Halyk Bank of Kazakhstan Valuation

Is HSBK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of HSBK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HSBK ($19.22) is trading below our estimate of fair value ($55.78)

Significantly Below Fair Value: HSBK is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HSBK?

Key metric: As HSBK is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HSBK. This is calculated by dividing HSBK's market cap by their current earnings.
What is HSBK's PE Ratio?
PE Ratio3.7x
Earnings₸701.71b
Market Cap₸2.60t

Price to Earnings Ratio vs Peers

How does HSBK's PE Ratio compare to its peers?

The above table shows the PE ratio for HSBK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average5.4x
TCS TCS Group Holding
6.5xn/aUS$5.1b
TBCG TBC Bank Group
5x16.8%UK£1.8b
BGEO Bank of Georgia Group
3.1x-3.2%UK£2.1b
STAN Standard Chartered
7.2x5.1%UK£22.9b
HSBK Halyk Bank of Kazakhstan
3.7xn/aUS$5.2b

Price-To-Earnings vs Peers: HSBK is good value based on its Price-To-Earnings Ratio (3.7x) compared to the peer average (5.4x).

Price to Earnings Ratio vs Industry

How does HSBK's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HSBK 3.7xIndustry Avg. 7.4xNo. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HSBK is good value based on its Price-To-Earnings Ratio (3.7x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is HSBK's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HSBK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate HSBK's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst HSBK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$19.22
US$21.20
+10.3%
14.3%US$25.00US$17.60n/a3
Nov ’25US$18.48
US$21.20
+14.7%
14.3%US$25.00US$17.60n/a3
Oct ’25US$17.50
US$21.20
+21.1%
14.3%US$25.00US$17.60n/a3
Sep ’25US$17.50
US$21.20
+21.1%
14.3%US$25.00US$17.60n/a3
Aug ’25US$17.48
US$20.37
+16.5%
10.8%US$23.00US$17.60n/a3
Jul ’25US$17.88
US$24.05
+34.5%
27.7%US$35.10US$17.60n/a4
Jun ’25US$17.90
US$23.60
+31.8%
29.4%US$35.10US$17.60n/a4
May ’25US$18.98
US$23.60
+24.3%
29.4%US$35.10US$17.60n/a4
Apr ’25US$17.80
US$23.60
+32.6%
29.4%US$35.10US$17.60n/a4
Mar ’25US$17.10
US$22.88
+33.8%
32.5%US$35.10US$16.30n/a4
Feb ’25US$14.54
US$22.88
+57.3%
32.5%US$35.10US$16.30n/a4
Jan ’25US$15.16
US$22.70
+49.7%
33.4%US$35.10US$15.60n/a4
Dec ’24US$14.50
US$22.70
+56.6%
33.4%US$35.10US$15.60n/a4
Nov ’24US$12.42
US$22.70
+82.8%
33.4%US$35.10US$15.60US$18.484
Oct ’24US$13.34
US$20.42
+53.1%
31.1%US$31.80US$13.80US$17.505
Sep ’24US$13.98
US$20.42
+46.1%
31.1%US$31.80US$13.80US$17.505
Aug ’24US$14.50
US$20.42
+40.8%
31.1%US$31.80US$13.80US$17.485
Jul ’24US$14.04
US$20.42
+45.4%
31.1%US$31.80US$13.80US$17.885
Jun ’24US$12.92
US$21.12
+63.5%
32.8%US$31.80US$13.80US$17.904
May ’24US$13.40
US$19.10
+42.5%
24.4%US$26.20US$13.80US$18.984
Apr ’24US$11.56
US$17.26
+49.3%
27.4%US$26.20US$12.90US$17.805
Mar ’24US$11.20
US$16.93
+51.1%
28.6%US$26.20US$12.90US$17.105
Feb ’24US$10.70
US$16.93
+58.2%
28.6%US$26.20US$12.90US$14.545
Jan ’24US$11.10
US$16.93
+52.5%
28.6%US$26.20US$12.90US$15.165
Dec ’23US$11.20
US$17.15
+53.1%
32.2%US$26.20US$12.50US$14.504
Nov ’23US$10.48
US$16.18
+54.3%
27.3%US$23.50US$12.50US$12.424

Analyst Forecast: Target price is less than 20% higher than the current share price.

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