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National Atomic Company (KAP) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of National Atomic Company stock $76.51, price $61.90, upside +23.6%, quality 61 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Some data
Nov 2, 2026
National Atomic Company
KAP · LSEUndervalued, in an uptrend
The stock costs 19% less than our calculation considers fair.
Fair value $76.51 · Undervalued (19%)
Quality 61/100
Highly profitable · 28.2% net margin (TTM)
Low debt
Generates free cash flow
Wide moat 80/100
Costs just 0.1 times its yearly profit.
Mixed Growth (revenue 5y +24.4 %/yr in KZT)
Some data
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range $17.99 – $91.20 · fair‑value band $45.58 – $127.81 · the $61.90 price screens below the $76.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
Company profile
National Atomic Company Kazatomprom JSC explores for, produces, processes, markets, and sells uranium and uranium related products. The company operates through two segments, Uranium and Ulba Metallurgical Plan.
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It also processes rare metals; and manufactures and sells beryllium, tantalum, and niobium products. In addition, the company provides communication and security services, and semiconductor materials.
Further, it offers research, project, development, and engineering consulting services; scientific support; and procurement and transportation services, as well as monitors radiation level and environment conditions.
Additionally, the company is involved in the commercial, investment, and administration of finances, goods, and rights; and provision of research, project, development, and engineering consulting services.
It operates in Kazakhstan, China, the Russian Federation, Canada, France, the United Kingdom, the United States, Jersey, Cayman Islands, the United Arab Emirates, and internationally. National Atomic Company Kazatomprom JSC was founded in 1997 and is headquartered in Astana, Kazakhstan.
Stock analysis
National Atomic Company (KAP) currently trades at $61.90, while our model-based Fair Value estimate is $76.51, implying the stock looks roughly 19.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $106.13 per share, and 11 of the 26 models we run sit above the $61.90 price.
Bear case: the Dividend Discount group reads lowest at $30.59, and 15 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $45.58 (bear) to $127.81 (bull), the price of $61.90 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
National Atomic Company reported revenue of 1.8T KZT in FY2025 versus 691B KZT in FY2021, a compound +26.2%/yr. Reported net income was 555B KZT in FY2025, compounding +26.0%/yr from FY2021.
Key figures
Market cap $7.6B Mega · P/E ratio 7.8 · P/S ratio 2.46 · EPS (TTM) $3.78 · Net margin 31.6% · Return on equity 26.6% · Return on assets (EBIT) 21.4% · Revenue (TTM) 1.8T KZT.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (medium confidence).
What moves the price
The share trades about 32% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −59% fair-value upside, at 24%, KAP screens cheaper than that median.
Fair Value models
Bear $45.58
Fair Value $76.51
Bull $127.81
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.17 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF
$66.07
$113.02
$242.23
74
EPV
$34.31
$39.74
$44.49
73
Growth DCF
$63.45
$125.49
$241.22
73
All 26 models by family
DCF Models
FCF DCF
$66.07
$113.02
$242.23
74
Owner Earnings
$68.64
$149.71
$316.16
70
5Y Revenue Exit
$26.69
$38.91
$58.56
71
5Y EBITDA Exit
$37.04
$61.69
$101.13
72
5Y P/E Exit
$54.49
$105.35
$169.24
68
10Y Revenue Exit
$38.00
$57.50
$79.02
66
10Y EBITDA Exit
$45.58
$76.51
$127.81
66
10Y P/E Exit
$57.77
$108.56
$192.28
60
Earnings-Based
Graham-Dodd
$32.03
$213.99
$299.74
63
Lynch FV
$62.58
$89.41
$116.23
61
PEG = 1.0
$62.58
$89.41
$116.23
57
EPV
$34.31
$39.74
$44.49
73
Dividend Discount
Gordon GGM
$17.44
$36.28
$57.59
66
DDM Multi-Stage
$17.44
$30.59
$38.08
66
Multiples
P/E Multiple
$49.46
$65.95
$82.43
63
P/S Multiple
$9.40
$12.53
$15.66
57
P/B Multiple
$25.96
$34.62
$43.27
55
EV/EBIT
$34.66
$45.94
$57.21
65
EV/EBITDA
$25.14
$33.25
$41.35
67
EV/Revenue
$9.60
$13.36
$17.12
53
Asset-Based
NCAV (Graham)
$3.42
$5.18
$6.48
54
Growth DCF
Growth DCF
$63.45
$125.49
$241.22
73
Rev-Margin DCF
$26.69
$40.74
$61.05
71
Economic Profit
Residual Income
$30.73
$40.58
$76.86
72
ROIC Compounder
$41.95
$61.00
$84.09
70
Growth Earnings
Growth-Adj P/E
$74.29
$106.13
$137.97
67
Quality Score breakdown
Overall quality
61/100
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Profitability
65
How much profit the company makes from its sales and capital
Quality Growth
15
Are margins and returns getting better?
Cashflow
86
Do the profits arrive as real cash?
Financial strength
74
Debt, balance sheet and risk of trouble
Investment
14
Does it invest with discipline instead of growing at any price?
Low Volatility
63
How calm the share price moves, does not count
Price momentum
29
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high
35
Distance to the 52-week high, does not count
New shares
82
Buys back shares or issues new ones?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.4%
Start year 2020 (pandemic). Over 10 years: +16.4% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.2%
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’17
’18
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’20
’21
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’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+23.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.23.9% vs 30.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.46% → 43%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−4.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+20.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in KZT, Kazakhstan: IMF forecast 8.6% a year to 2030, 9.7% from 2016 to 2025) that is about −12.0% a year for the price and +10.7% for the forecasts.
Forecast 2026 (sales)+24.6%
Forecast 2027 (sales)+23.1%
Projected 2028 (sales)+20.5%
Projected 2029 (sales)+17.9%
Projected 2030 (sales)+15.2%
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Uranium · 26 stocks
Beats the industry median on 8/9 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Uranium median · lower = cheaper
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- PEG ratio by industry
- Revenue growth by industry
- Stock screener with 62 metrics
- Undervalued stocks: Energy
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Oil & gas
Similar stocks
10 more Uranium stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Boss Energy Limited BOE | A$1.45 | A$0.9600 | −34% | vs KAP |
| Centrus Energy Corp LEU | $103.29 | $55.95 | −46% | vs KAP |
| CGN Mining Company 1164 | HK$2.10 | HK$1.08 | −48% | vs KAP |
| Uranium Royalty Corp UROY | $3.35 | $1.62 | −52% | vs KAP |
| Atha Energy Corp SASK | C$0.8600 | C$0.3485 | −59% | vs KAP |
| Deep Yellow Limited DYL | A$0.7350 | A$0.1900 | −74% | vs KAP |
| China National Uranium Co 001280 | ¥56.59 | ¥11.54 | −80% | vs KAP |
| Berkeley Energia Limited BKY | A$0.7950 | A$0.1400 | −82% | vs KAP |
| Ur-Energy Inc URG | $0.8518 | $0.1300 | −85% | vs KAP |
| Cameco Corporation CCJ | $76.91 | $10.14 | −87% | vs KAP |
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Frequently asked questions
Is National Atomic Company (KAP) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of $76.51 versus a price of $61.90, about +24% upside (undervalued).
What is the fair value of KAP?
Our model-based fair value for National Atomic Company is $76.51 (as of Nov 2, 2026), built from audited fundamentals. The current price: $61.90.
What is the quality score of KAP?
National Atomic Company has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for National Atomic Company (KAP)?
Our model-based price target is the fair value of $76.51 (as of Nov 2, 2026) from 26 valuation models. Cautious scenario $45.58, optimistic scenario $127.81. It is a calculation from audited fundamentals, not an analyst target.
What is the National Atomic Company stock forecast for 2026?
Our models put fair value at $76.51, about +24% upside versus a price of $61.90 (undervalued). Cautious scenario $45.58, optimistic scenario $127.81. The calculation is refreshed regularly with new filings.
What is the revenue of National Atomic Company (KAP)?
National Atomic Company reported trailing-twelve-month revenue of about 1.8T KZT (latest available figure, as of Nov 2, 2026).
What growth is priced into National Atomic Company (KAP)?
For today's price to be fair in a discounted-cash-flow model, National Atomic Company would have to grow free cash flow by -4.5 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.5 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of KAP use?
Our models discount National Atomic Company at 9.0 %: a base by market capitalisation (mid), damped by beta 0.48, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For National Atomic Company that is -4.5 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has National Atomic Company (KAP) delivered so far?
Over the past 5 years revenue at National Atomic Company grew +24.5 % a year. The price currently implies -4.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of National Atomic Company (KAP) growing?
The median revenue growth in the sector is +14.0 % a year. That is the yardstick for the growth priced into National Atomic Company (-4.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of National Atomic Company (KAP)?
The free-cash-flow yield on the price is 9.54 %: that much free cash flow National Atomic Company produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of National Atomic Company (KAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For National Atomic Company it is $76.51 per share (as of Nov 2, 2026), against a price of $61.90. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is National Atomic Company stock overvalued or undervalued in 2026?
As of Nov 2, 2026, KAP trades below its calculated fair value: price $61.90, fair value $76.51, a gap of about +24% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KAP?
No. The price is what the market pays today ($61.90); the fair value is what the company's own numbers justify ($76.51). For National Atomic Company the two are $14.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is National Atomic Company worth?
The market values National Atomic Company at about $7.6B (market capitalisation, as of Nov 2, 2026). Per share that is $61.90; our models calculate a fair value of $76.51 per share.
What do the bullish and bearish scenarios say about KAP?
Our models span a range for National Atomic Company: cautious scenario $45.58, base $76.51, optimistic $127.81 per share (as of Nov 2, 2026, price $61.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KAP?
National Atomic Company trades at a price-to-earnings ratio of 7.8 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $76.51 is built from several models across several years.
How solid is the balance sheet of National Atomic Company (KAP)?
Balance-sheet figures for National Atomic Company (as of Nov 2, 2026): return on equity 25.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is KAP from its 52-week high?
National Atomic Company trades at $61.90, about 32% below its 52-week high of $91.20 and 22% above the low of $50.60 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of $76.51 is for.
Which stocks are comparable to National Atomic Company?
From the same area (Energy) we also value Cameco Corporation, China National Uranium Co, Centrus Energy Corp, CGN Mining Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is National Atomic Company stock attractive at the current price?
The data as of Nov 2, 2026: price $61.90, calculated fair value $76.51 (+24%), Quality Score 61/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KAP calculated?
We run National Atomic Company through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $76.51, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. National Atomic Company currently trades 19 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of National Atomic Company (KAP)?
The closing price on Nov 2, 2026 was $61.90. Our model-based fair value is $76.51, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with National Atomic Company right now?
The model range is unusually wide ($45.58 to $127.81). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of National Atomic Company (KAP) come from?
Earnings per share at National Atomic Company grew +30.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +18.3 %, EBIT margin +11.8 %, tax rate −0.8 %, residual (interest, one-offs) −0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of National Atomic Company
How large is the market capitalisation of National Atomic Company (KAP)?
The market capitalisation of National Atomic Company is $7.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of National Atomic Company (KAP)?
The price-to-sales ratio of National Atomic Company is 2.46 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of National Atomic Company (KAP)?
Earnings per share at National Atomic Company are $3.78 (price ÷ EPS = P/E 7.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of National Atomic Company (KAP)?
The net margin of National Atomic Company is 31.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of National Atomic Company (KAP)?
The return on equity (ROE) of National Atomic Company is 26.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of National Atomic Company (KAP)?
On an EBIT basis the return on assets of National Atomic Company is 21.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at National Atomic Company (KAP)?
Revenue at National Atomic Company is growing +26.4% versus a year earlier (3y avg +20.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at National Atomic Company (KAP)?
Earnings per share at National Atomic Company are growing −6.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does National Atomic Company (KAP) hold?
National Atomic Company holds more cash than debt, 139B KZT net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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