JSC Halyk Bank (HSBK.L)
ValueMarkers Composite Index
80% above intrinsic value ($0)
JSC Halyk Bank (HSBK.L) — VMCI valuation read
JSC Halyk Bank sits at VMCI 71/100, with the Financial Services sector median at 50. That 21-point spread is the first thing to note on HSBK.L: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.
Form 4 disclosures on HSBK.L are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.
**Investor frame.** The Value read on HSBK.L: HSBK.L trades at 18.0x earnings, 0% above the Financial Services median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 8.0% trails the Financial Services median (10.0%) by 2.0pp. The Risk read: net debt to EBITDA of 1.5x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.
HSBK.L fell 3.4% over the trailing 7 days, with a -18.8% read on a 30-day basis.
Halyk Bank of Kazakhstan Joint Stock Company, together with its subsidiaries, provides corporate and retail banking services primarily in the Republic of Kazakhstan, Kyrgyzstan, Georgia, and Uzbekistan. It operates through four segments: Corporate Banking, SME Banking, Retail Banking, and Investment Banking. The company's products and services include current and correspondent accounts; various deposit products; investment savings products; credit and debit cards; consumer loans and mortgages; custody, and foreign currency related services; overdrafts; other credit facilities; and letters of credit, trade finance products, foreign exchange, interbank operations, cash services, and documentary services. It trades in securities and foreign currencies; executes transfers; and offers cash and payment card processing, and other banking services. In addition, the company offers leasing, telecommunications, broker and dealer, cash collection, and asset management services; and motor and property, and life insurance products, as well as online banking services. It serves individuals, corporate clients, and SME clients and individual entrepreneurs. The company was formerly known as Halyk Savings Bank of Kazakhstan Joint Stock Company and changed its name to Halyk Bank of Kazakhstan Joint Stock Company in June 2023. Halyk Bank of Kazakhstan Joint Stock Company was founded in 1923 and is headquartered in Almaty, the Republic of Kazakhstan. Halyk Bank of Kazakhstan Joint Stock Company is a subsidiary of JSC Holding Group ALMEX.
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