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National Atomic Company Kazatomprom JSC GDR RegS
(LSE:KAP)
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Rating:78Outperform
Price Target:
$87.00
▲(13.73% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by strong underlying fundamentals (high profitability and very low leverage), partially offset by weaker cash-flow conversion and earnings/cost headwinds highlighted on the latest call. Technicals are supportive with an uptrend and positive momentum, while valuation is fair with a supportive dividend yield but not a clear bargain.
Positive Factors
Vertically integrated uranium platform
Vertical integration across exploration, mining, processing and selected downstream activities supports control over the uranium value chain. This broad platform can strengthen customer relationships, improve supply coordination and preserve strategic relevance across the global nuclear fuel cycle.
Negative Factors
Material cost inflation
Sharp increases in mining and sustaining costs can compress margins even when uranium prices and production volumes remain supportive. Higher sulfuric-acid costs, taxes and currency effects create persistent execution pressure and make future profitability more sensitive to cost control.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertically integrated uranium platform
Vertical integration across exploration, mining, processing and selected downstream activities supports control over the uranium value chain. This broad platform can strengthen customer relationships, improve supply coordination and preserve strategic relevance across the global nuclear fuel cycle.
Read all positive factors
National Atomic Company Kazatomprom JSC GDR RegS (KAP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
$19.71B
Dividend Yield3.59%
Average Volume (3M)68.76K
Price to Earnings (P/E)17.1
Beta (1Y)0.54
Revenue Growth2.91%
EPS Growth-13.65%
CountryUK
Employees22,000
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)2023.61
Shares Outstanding259,356,600
10 Day Avg. Volume63,964
30 Day Avg. Volume68,764
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)3.15
Price to Sales (P/S)4.18
P/FCF Ratio10.56
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$90.50Price Target Upside18.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2,324.61
Revenue Forecast (FY)$2.19T
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 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 20, 2026
Earnings Call Sentiment Neutral
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.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
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 Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.85T | 1.75T | 1.81T | 1.43T | 1.00T | 691.01B |
| Gross Profit | 924.69B | 831.09B | 881.73B | 762.77B | 526.07B | 288.04B |
| EBITDA | 911.96B | 907.33B | 1.39T | 739.29B | 592.63B | 290.28B |
| Net Income | 524.18B | 554.80B | 872.26B | 419.18B | 472.96B | 220.03B |
Balance Sheet | ||||||
| Total Assets | 4.43T | 4.02T | 3.82T | 2.60T | 2.22T | 1.95T |
| Cash, Cash Equivalents and Short-Term Investments | 544.66B | 475.34B | 314.81B | 258.63B | 170.80B | 209.40B |
| Total Debt | 203.58B | 207.79B | 149.71B | 177.40B | 139.01B | 102.63B |
| Total Liabilities | 1.35T | 785.05B | 824.33B | 591.02B | 526.03B | 414.40B |
| Stockholders Equity | 2.15T | 2.33T | 2.09T | 1.53T | 1.31T | 1.19T |
Cash Flow | ||||||
| Free Cash Flow | 372.18B | 694.88B | 342.72B | 323.18B | 400.83B | 71.43B |
| Operating Cash Flow | 587.58B | 912.82B | 516.49B | 432.23B | 475.30B | 118.73B |
| Investing Cash Flow | -297.26B | -376.66B | -42.41B | -61.20B | -10.89B | -71.24B |
| Financing Cash Flow | -526.12B | -474.75B | -415.26B | -319.43B | -268.88B | -1.84B |
National Atomic Company Kazatomprom JSC GDR RegS Technical Analysis
Positive
76.50
Price Trends
68.63
Positive
71.17
Positive
69.73
Positive
Market Momentum
1.80
Negative
62.53
Neutral
73.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:KAP, the sentiment is Positive. The current price of 76.5 is above the 20-day moving average (MA) of 72.72, above the 50-day MA of 68.63, and above the 200-day MA of 69.73, indicating a bullish trend. The MACD of 1.80 indicates Negative momentum. The RSI at 62.53 is Neutral, neither overbought nor oversold. The STOCH value of 73.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:KAP.
National Atomic Company Kazatomprom JSC GDR RegS Peers Comparison
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Sector (65)
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National Atomic Company Kazatomprom JSC GDR RegS
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National Atomic Company Kazatomprom JSC GDR RegS Corporate Events
Business Operations and Strategy
Fitch Affirms Kazatomprom’s BBB Rating, Outlook Stable
Positive
Aug 26, 2026
Fitch Ratings has affirmed National Atomic Company Kazatomprom’s long-term credit rating at BBB with a Stable outlook, maintaining its standalone assessment despite limited links to its majority owner, the Republic of Kazakhstan. The agency ...
Business Operations and StrategyDividendsFinancial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Kazatomprom Delivers Solid First-Half Results Amid Regulatory Shifts and Project Delay
Positive
Aug 21, 2026
Kazatomprom reported resilient first-half 2026 results, with consolidated revenue rising 9% year on year to almost KZT 718 billion, supported by strong uranium prices and stable long-term market indicators. Despite industry-wide cost pressures and...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Kazatomprom Calls EGM to Approve Major Uranium Supply Deals and Board Change
Positive
Aug 21, 2026
Kazatomprom has called an absentee extraordinary general meeting for early October to approve two major uranium supply transactions and changes to its board of directors. Shareholders will vote on a large spot-term contract to sell natural uranium...
Business Operations and StrategyShareholder Meetings
Kazatomprom Shareholders Back Uranium Supply Deal Amendment with China’s CNUC
Positive
Aug 12, 2026
Kazatomprom has secured overwhelming shareholder backing at an Extraordinary General Meeting for a letter of agreement amending a long-term contract to sell natural uranium concentrates to China National Uranium Corporation Limited. The absentee v...
Business Operations and StrategyFinancial Disclosures
Kazatomprom Update Highlights Accelerating Nuclear Build-Out and Firm Uranium Market
Positive
Aug 3, 2026
Kazatomprom reported its second-quarter and half-year 2026 operational and trading update against a backdrop of accelerating nuclear investment and policy support worldwide. Major developments included a U.S. Department of Energy plan to finance t...
Business Operations and StrategyPrivate Placements and Financing
Kazatomprom Pays Coupon Following Partial Redemption of AIX‑Listed Bonds
Positive
Jul 3, 2026
Kazatomprom has announced the payment of a coupon on its U.S. dollar‑denominated bonds listed on the Astana International Exchange. The payment, made on 3 July 2026, covers the period from 1 January to 30 June 2026 and reflects the company&#...
Business Operations and StrategyShareholder Meetings
Kazatomprom Calls Extraordinary Meeting on Technical Changes to China Uranium Contract
Neutral
Jun 26, 2026
Kazakhstan’s state-owned uranium giant Kazatomprom has called an absentee extraordinary general meeting of shareholders to vote on a technical amendment to its long-term uranium supply contract with China National Uranium Corporation. The co...
Executive/Board ChangesShareholder Meetings
Kazatomprom Shareholders Re-Elect Board, Leave One Seat Vacant
Positive
Jun 23, 2026
Kazatomprom has reported the results of its Extraordinary General Meeting of Shareholders held in Astana on 22 June 2026, where investors representing 99.20% of voting shares participated. Shareholders approved all procedural agenda items with ove...
Financial DisclosuresRegulatory Filings and Compliance
Kazatomprom Discloses KZT 444 Billion in 2025 Payments to Kazakh Government
Neutral
Jun 19, 2026
Kazatomprom has published its annual report on payments to governments for 2025, disclosing that the group paid a total of KZT 444.1 billion to Kazakhstan’s state bodies in cash taxes and related charges. The filing, made under UK disclosure...
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.