Halyk Bank of Kazakhstan Joint Stock Company (HSBK) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Halyk Bank of Kazakhstan Joint Stock Company $68.00, price $33.45, upside +103.3%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range $4.16 – $35.55 · fair‑value band $51.00 – $133.07 · the $33.45 price screens below the $68.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Halyk Bank of Kazakhstan Joint Stock Company, together with its subsidiaries, provides corporate and retail banking services in the Republic of Kazakhstan, Kyrgyzstan, Georgia, and Uzbekistan. It operates through four segments: Corporate Banking, SME Banking, Retail Banking, and Investment Banking.
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Halyk Bank of Kazakhstan Joint Stock Company, together with its subsidiaries, provides corporate and retail banking services 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, education, term deposit, flexible deposit, accumulative deposit, deposit guarantee, and correspondent accounts; various deposit products; investment savings products; credit, digital, cash deposit, employees, business, first fuel for business, card for SP, card for IE, payroll, salary project, customs, and debit cards; consumer loans and mortgages; consumer loan, refinancing, mortgage, digital mortgage, housing mortgage, online, agriculture, auto, digital auto, and soft car custody loans, 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 also offers gold investment, metal account, cash services, safe boxes, transaction service, online services, custody, correspondent relations, treasury products, payment system, digital blank tender and digital blank performance guarantees, and letter of credit for business. 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. The company was founded in 1923 and is headquartered in Almaty, the Republic of Kazakhstan. Halyk Bank of Kazakhstan Joint Stock Company operates as a subsidiary of JSC Holding Group ALMEX.
Stock analysis
Halyk Bank of Kazakhstan Joint Stock Company (HSBK) currently trades at $33.45, while our model-based Fair Value estimate is $68.00, implying the stock looks roughly 50.8% undervalued today.
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Valuation
How firm this estimate is: it rests on 26 models at a data quality of 95/100, which puts the evidence level at medium.
Scenario range: $51.00 (bear) to $133.07 (bull), the price of $33.45 sits below 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 56/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Halyk Bank of Kazakhstan Joint Stock Company reported revenue of 3.1T KZT in FY2025 versus 791B KZT in FY2021, a compound +41.0%/yr. Reported net income was 1.1T KZT in FY2025, compounding +23.0%/yr from FY2021.
Key figures
Market cap $242B · P/E ratio 0.0 · EPS (TTM) $7.47 · Net margin 33.9% · Return on equity 29.0% · Return on assets (EBIT) 5.2% · Revenue (TTM) 1.9T KZT · Revenue growth (YoY) −6.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at 103%, HSBK screens cheaper than that median.
Fair Value models
Bear $51.00Fair Value $68.00Bull $133.07
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($5.65 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.Evidence ⓘEvidence = 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.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+78.6%
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.
+21.8%
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.
+37.8%
Start year 2020 (pandemic). Over 10 years: +28.3% a year
Revenue growth 15 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.
+19.2%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+27.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.1%
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.26.3% vs 24.4%, steady
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.67% → 42%
2025 sits 53% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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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.Banks - Regional · 1053 stocks
Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+103.3% · Top 25%
Profitability
Return on equity (TTM)29.0% · Top 25%
Return on assets5.1% · Top 25%
Net margin (TTM)56.3% · Top 25%
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth−6.8% · Bottom 25%
Balance sheet
Debt / equity0.28× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Halyk Bank of Kazakhstan Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/HSBK
Frequently asked questions
Is Halyk Bank of Kazakhstan Joint Stock Company (HSBK) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $68.00 versus a price of $33.45, about +103% upside (undervalued).
What is the fair value of HSBK?
Our model-based fair value for Halyk Bank of Kazakhstan Joint Stock Company is $68.00 (as of Sep 27, 2026), built from audited fundamentals. The current price: $33.45.
What is the quality score of HSBK?
Halyk Bank of Kazakhstan Joint Stock Company has a Quality Score of 56/100. 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 Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
Our model-based price target is the fair value of $68.00 (as of Sep 27, 2026) from 6 valuation models. Cautious scenario $51.00, optimistic scenario $133.07. It is a calculation from audited fundamentals, not an analyst target.
What is the Halyk Bank of Kazakhstan Joint Stock Company stock forecast for 2026?
Our models put fair value at $68.00, about +103% upside versus a price of $33.45 (undervalued). Cautious scenario $51.00, optimistic scenario $133.07. The calculation is refreshed regularly with new filings.
What is the revenue of Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
Halyk Bank of Kazakhstan Joint Stock Company reported trailing-twelve-month revenue of about 1.9T KZT (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Halyk Bank of Kazakhstan Joint Stock Company it is $68.00 per share (as of Sep 27, 2026), against a price of $33.45. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Halyk Bank of Kazakhstan Joint Stock Company stock overvalued or undervalued in 2026?
As of Sep 27, 2026, HSBK trades below its calculated fair value: price $33.45, fair value $68.00, a gap of about +103% (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 HSBK?
No. The price is what the market pays today ($33.45); the fair value is what the company's own numbers justify ($68.00). For Halyk Bank of Kazakhstan Joint Stock Company the two are $34.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is Halyk Bank of Kazakhstan Joint Stock Company worth?
The market values Halyk Bank of Kazakhstan Joint Stock Company at about $242B (market capitalisation, as of Sep 27, 2026). Per share that is $33.45; our models calculate a fair value of $68.00 per share.
What do the bullish and bearish scenarios say about HSBK?
Our models span a range for Halyk Bank of Kazakhstan Joint Stock Company: cautious scenario $51.00, base $68.00, optimistic $133.07 per share (as of Sep 27, 2026, price $33.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HSBK?
Halyk Bank of Kazakhstan Joint Stock Company trades at a price-to-earnings ratio of 0.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $68.00 is built from several models across several years. Other multiples: PEG 0.3.
What is the PEG ratio of HSBK?
The PEG ratio of Halyk Bank of Kazakhstan Joint Stock Company is 0.33 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
Balance-sheet figures for Halyk Bank of Kazakhstan Joint Stock Company (as of Sep 27, 2026): return on equity 29.0%, debt of 0.28 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is HSBK from its 52-week high?
Halyk Bank of Kazakhstan Joint Stock Company trades at $33.45, about 6% below its 52-week high of $35.55 and 53% above the low of $21.79 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $68.00 is for.
Which stocks are comparable to Halyk Bank of Kazakhstan Joint Stock Company?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, 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 Halyk Bank of Kazakhstan Joint Stock Company stock attractive at the current price?
The data as of Sep 27, 2026: price $33.45, calculated fair value $68.00 (+103%), Quality Score 56/100, from 6 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 HSBK calculated?
We run Halyk Bank of Kazakhstan Joint Stock Company through 6 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 $68.00, 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 14.5 % above its aggregate fair value. Halyk Bank of Kazakhstan Joint Stock Company currently trades 51 % 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 Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
The closing price on Oct 2, 2026 was $33.45. Our model-based fair value is $68.00, about +103% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Halyk Bank of Kazakhstan Joint Stock Company right now?
The price is below even our cautious bear case ($51.00). The market is more pessimistic than our downside scenario. The model range is unusually wide ($51.00 to $133.07). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Halyk Bank of Kazakhstan Joint Stock Company (HSBK) come from?
Earnings per share at Halyk Bank of Kazakhstan Joint Stock Company grew +25.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +28.4 %, EBIT margin −8.6 %, tax rate +0.2 %, residual (interest, one-offs) +6.5 %. 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 Halyk Bank of Kazakhstan Joint Stock Company
How large is the market capitalisation of Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
The market capitalisation of Halyk Bank of Kazakhstan Joint Stock Company is $242B. 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 are the earnings per share of Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
Earnings per share at Halyk Bank of Kazakhstan Joint Stock Company are $7.47 (price ÷ EPS = P/E 0.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
The net margin of Halyk Bank of Kazakhstan Joint Stock Company is 33.9% (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 Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
The return on equity (ROE) of Halyk Bank of Kazakhstan Joint Stock Company is 29.0% (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 Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
On an EBIT basis the return on assets of Halyk Bank of Kazakhstan Joint Stock Company is 5.2% (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 Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
Revenue at Halyk Bank of Kazakhstan Joint Stock Company is growing −6.8% versus a year earlier (3y avg +21.8%). 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 Halyk Bank of Kazakhstan Joint Stock Company (HSBK)?
Earnings per share at Halyk Bank of Kazakhstan Joint Stock Company are growing −14.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Halyk Bank of Kazakhstan Joint Stock Company (HSBK) generate?
The free cash flow of Halyk Bank of Kazakhstan Joint Stock Company is 586B KZT (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Halyk Bank of Kazakhstan Joint Stock Company (HSBK) hold?
Halyk Bank of Kazakhstan Joint Stock Company holds more cash than debt, 523B KZT net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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