National Atomic Company Kazatomprom JSC GDR RegS (0ZQ) AI Stock Analysis

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National Atomic Company Kazatomprom JSC GDR RegS

(Frankfurt:0ZQ)

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Action:N/A

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Positive Factors

Strong profitabilityHigh gross and net margins demonstrate a profitable operating model with meaningful earnings resilience. TTM revenue re-accelerated after a weaker 2025, suggesting demand remains supportive and providing a solid base for continued investment across the uranium portfolio.

Negative Factors

Material cost inflationSharp increases in C1 and sustaining costs can compress margins even when uranium prices and production remain supportive. Higher sulfuric-acid prices, capital intensity, and currency effects create ongoing cost pressure that may limit earnings growth and require continued spending discipline.

National Atomic Company Kazatomprom JSC GDR RegS (0ZQ) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 15.88B
Dividend Yield: 4.33%
Average Volume (3M): 390
Price to Earnings (P/E): 13.7
Beta (1Y): 0.80
Revenue Growth: -3.85%
EPS Growth: -19.11%
Country: Germany
Employees: 22,000
Sector: Energy
Sector Strength: 65
Industry: Uranium

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 explorati...

National Atomic Company Kazatomprom JSC GDR RegS Earnings Call Summary

Earnings Call Date:Aug 21, 2026(Q2-2026)|% Change Since:-6.12%|Next Earnings Date:―

Earnings Call SentimentNeutral

The call highlighted solid operational execution (production growth, higher realized prices, revenue growth, stable operating profit and a strategic inventory build) and reinforced Kazatomprom's strong market positioning amid improving uranium market fundamentals. However, the company faces substantial cost pressures (C1 +37%, AISC +25%), a net profit decline due to FX losses and higher finance costs, a drop in attributable EBITDA, timing-related cash flow weakness, and some project-specific delays and regulatory impacts. Management confirmed production guidance but revised financial guidance and increased CapEx to secure growth. Overall, positives in volumes, pricing and market position are offset by material cost and FX headwinds, resulting in a balanced view.

Positive Updates

Production Growth

Group production increased 9% year-on-year and company-level production increased 10% year-on-year in H1 2026, keeping the company on track with subsoil use requirements for 2026.

Negative Updates

Significant Cost Inflation

C1 cash costs rose 37% YoY and all-in sustaining costs increased 25% YoY in US dollar terms. Primary drivers included a higher mineral extraction tax rate, a rise in sulfuric acid prices (sulfuric acid cost +39% on average) and appreciation of the Kazakh tenge versus the USD.

Company Guidance

Management confirmed its 2026 production/sales-volume guidance but revised its full‑year financial outlook—adjusting revenue, C1 cash cost, all‑in sustaining cost (AISC) and CapEx ranges—citing Kazakh tenge appreciation and higher sulfuric‑acid prices as drivers. First‑half metrics supporting the update: group sales >7,500 tonnes, production +9% (group) / +10% (company), average realized price $67.88/ lb (+16% YoY), consolidated inventory >8,200 t (+23% YoY; company 6,200 t, +15%), consolidated revenue ~KZT 718bn (+9% YoY), operating profit ~KZT 253bn, adjusted EBITDA KZT 371bn (+2%), attributable EBITDA ~KZT 265bn (−12%) and net profit KZT 240bn (vs KZT 263bn). Cost pressures are material — C1 cash costs ↑37% and AISC ↑25% YoY in USD terms, sulfuric acid costs ↑39% (acid ≈15.3% of production costs) — and management said the C1 increase reflects roughly equal effects from FX and higher CapEx, with CapEx guidance raised proactively; a 6–12 month construction delay is not expected to have a material impact on mining operations.

National Atomic Company Kazatomprom JSC GDR RegS Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

DE:0ZQ against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
GB:YCA	57Neutral	GBP 1.34B	3.63	20.65%	―	―	―

* Energy Sector Average

Performance Comparison

DE:0ZQ and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	DE:0ZQ	National Atomic Company Kazatomprom JSC Sponsored GDR RegS	55.20	10.98	24.83%
	GB:YCA	Yellow Cake	521.00	-2.00	-0.38%

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.

National Atomic Company Kazatomprom JSC GDR RegS AI Stock Analysis