National Atomic Company Kazatomprom JSC GDR RegS (GB:KAP)
LSE:KAP
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National Atomic Company Kazatomprom JSC GDR RegS
(LSE:KAP)
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Rating:73Outperform
Price Target:
$80.00
▲(44.14% Upside)
Action:N/A
Date:06/18/26
The score is driven primarily by strong financial quality (high margins/ROE and low leverage), tempered by cooling revenue/profit and a meaningful TTM free-cash-flow pullback. Technicals are a secondary drag due to price sitting below key medium-term moving averages with negative MACD, while valuation and dividend yield provide moderate support.
Positive Factors
High Profitability
Sustained high TTM gross, EBIT and net margins indicate robust unit economics from low-cost in-situ recovery operations and strong pricing or contract terms. These margins support durable internal cash generation, financing of capex, and resilience through commodity cycles.
Negative Factors
Cooling Revenue & Earnings
Topline and net income normalization after 2024 peak show demand/realization headwinds or volume/contract mix shifts. Prolonged revenue contraction can erode operating leverage, limit reinvestment capacity, and pressure medium-term earnings power.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained high TTM gross, EBIT and net margins indicate robust unit economics from low-cost in-situ recovery operations and strong pricing or contract terms. These margins support durable internal cash generation, financing of capex, and resilience through commodity cycles.
Read all positive factors
National Atomic Company Kazatomprom JSC GDR RegS (KAP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
$18.60B
Dividend Yield5.57%
Average Volume (3M)171.07K
Price to Earnings (P/E)16.9
Beta (1Y)0.59
Revenue Growth-8.49%
EPS Growth-12.61%
CountryUK
Employees22,000
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)673.70
Shares Outstanding259,356,600
10 Day Avg. Volume360,303
30 Day Avg. Volume171,066
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.81
Enterprise Value/Revenue0.02
Enterprise Value/Gross Profit0.04
Enterprise Value/Ebitda0.04
Forecast
1Y Price Target
$90.00Price Target Upside62.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2,433.93
Revenue Forecast (FY)$2.31T
National Atomic Company Kazatomprom JSC GDR RegS Business Overview & Revenue Model
Company Description
JSC National Atomic Company Kazatomprom, established in 1997 and headquartered in Nur-Sultan, Kazakhstan, operates globally as a comprehensive player in the uranium industry. Its primary business encompasses the full uranium lifecycle, from explor...
How the Company Makes Money
Kazatomprom primarily makes money by producing and selling uranium (typically marketed as U3O8 or uranium in concentrate form) to customers in the global nuclear fuel supply chain, including nuclear power utilities and other intermediaries. Revenu...
National Atomic Company Kazatomprom JSC GDR RegS Earnings Call Summary
Earnings Call Date:Aug 22, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Aug 21, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong operational performance, disciplined sales strategy, and robust dividend payments as major positives. However, revenue and net profit declines, coupled with increased production costs and sulfuric acid price challenges, balanced the overall sentiment.Positive Updates
Strong Operating Profit Increase
Operating profit for the first half of 2025 reached KZT 254 billion, a 12% increase compared to KZT 227 billion in the same period of 2024, driven by a decrease in the cost of sales.
Negative Updates
Revenue Decline
The group's consolidated revenue totaled KZT 660 billion, down 6% from KZT 701 billion in the first half of 2024, mainly due to a decrease in sales volume.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Operating Profit Increase
Operating profit for the first half of 2025 reached KZT 254 billion, a 12% increase compared to KZT 227 billion in the same period of 2024, driven by a decrease in the cost of sales.
Read all positive updates
Company Guidance
In the recent conference call regarding Kazatomprom's 2025 half-year operating and financial results, several key metrics and strategic insights were discussed. The company's consolidated revenue for the first half of 2025 was KZT 660 billion, representing a 6% decline from KZT 701 billion in the first half of 2024, primarily due to decreased sales volume. However, operating profit increased by 12% to KZT 254 billion, driven by a reduced cost of sales from a lower share of purchased uranium. The net profit was KZT 263 billion, reflecting a decrease adjusted by one-time effects, including a foreign exchange loss of KZT 12.7 billion. Kazatomprom maintained its guidance for 2025, with a slight adjustment reducing cap sales volume by 500 tonnes. The uranium spot price fluctuated between $63 and $78 per pound, stabilizing at $70, while the long-term price remained at $80, underscoring strong market fundamentals. The company also highlighted the cumulative uranium supply deficit projected to reach 570 million pounds by 2040, emphasizing ongoing exploration efforts in Kazakhstan to address future supply challenges. Additionally, the call touched on geopolitical factors, cost increases due to transportation and sulfuric acid prices, and the strategic importance of nuclear energy in global energy policy.National Atomic Company Kazatomprom JSC GDR RegS Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 780.67B | 1.75T | 1.81T | 1.43T | 1.00T | 691.01B |
| Gross Profit | 341.82B | 831.09B | 881.73B | 762.77B | 526.07B | 288.04B |
| EBITDA | 364.04B | 907.33B | 1.39T | 739.29B | 592.63B | 290.28B |
| Net Income | 174.79B | 554.80B | 872.26B | 419.18B | 348.05B | 140.77B |
Balance Sheet | ||||||
| Total Assets | 3.82T | 4.02T | 3.82T | 2.60T | 2.22T | 1.95T |
| Cash, Cash Equivalents and Short-Term Investments | 314.81B | 475.34B | 314.81B | 258.63B | 170.80B | 209.40B |
| Total Debt | 149.71B | 207.79B | 149.71B | 177.40B | 139.01B | 102.63B |
| Total Liabilities | 824.33B | 785.05B | 824.33B | 591.02B | 526.03B | 414.40B |
| Stockholders Equity | 2.09T | 2.33T | 2.09T | 1.53T | 1.31T | 1.19T |
Cash Flow | ||||||
| Free Cash Flow | 50.35B | 694.88B | 342.72B | 323.18B | 209.39B | 71.43B |
| Operating Cash Flow | 100.54B | 912.82B | 516.49B | 432.23B | 283.87B | 118.73B |
| Investing Cash Flow | -94.99B | -376.66B | -42.41B | -61.20B | -10.89B | -71.24B |
| Financing Cash Flow | -26.11B | -474.75B | -415.26B | -319.43B | -268.88B | -1.84B |
National Atomic Company Kazatomprom JSC GDR RegS Peers Comparison
UnderperformOutperform
Sector (65)
GB:KAP
National Atomic Company Kazatomprom JSC GDR RegS
70.50
29.62
72.45%
GB:YCA
Yellow Cake plc
549.00
33.50
6.50%
National Atomic Company Kazatomprom JSC GDR RegS Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Kazatomprom Partially Redeems US$100 Million of AIX-Listed Bonds
Positive
Jun 3, 2026
Kazatomprom has partially redeemed US$100 million of its long-term bonds listed on the Astana International Exchange, cutting the nominal value per bond from US$100,000 to US$50,000 while leaving all other terms, including the ISIN and trading adm...
Business Operations and StrategyFinancial Disclosures
Kazatomprom Posts Weaker Q1 on Volume and FX, Keeps Full-Year Outlook
Neutral
May 29, 2026
Kazakhstan’s state-owned uranium miner Kazatomprom has published its reviewed, unaudited condensed interim consolidated financial statements for the first quarter of 2026, prepared under IFRS and now available on its website. The company pla...
DividendsFinancial DisclosuresShareholder Meetings
Kazatomprom Shareholders Approve 2025 Accounts and Dividend Plan at AGM
Positive
May 28, 2026
Kazatomprom reported the results of its annual general meeting held in Astana on 26 May 2026, where shareholders representing 99.21% of voting shares participated. The meeting underscored the company’s broad investor engagement and strong go...
DividendsShareholder Meetings
Kazatomprom Approves KZT 335.2 Billion Dividend for 2025
Positive
May 28, 2026
Kazatomprom’s shareholders have approved a dividend of KZT 335.2 billion for 2025, equal to 75% of free cash flow, translating to KZT 1,292.27 per ordinary share or GDR, with a record date in late July and payments starting 28 July 2026. Div...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.