Added to YB: 2026-03-03
Pitch date: 2026-03-02
KSPI [bullish]
Joint Stock Company Kaspi.kz
+1.59%
current return
Author Info
Cluseau Research seeks to exploit these two edges by identifying special situations that provide a compelling risk-to-reward that are “off limits” to traditional Institutional Investors. Sign up for the newsletter.
Company Info
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine.
Market Cap
$8.5T
Pitch Price
$38.6K
Price Target
90.00 (-100%)
Dividend
7.63%
EV/EBITDA
3.33
P/E
7.98
EV/Sales
1.88
Sector
Consumer Finance
Category
dividend
Kaspi (KSPI)
KSPI: Q4 EPS $2.76 missed $3.34 est on higher taxes & bank reserves. Resuming capital returns: $1.71/ADS dividend (~9% yield) set as new baseline, sustainable through 2026. Author lowered 2026 EPS est to $11.75 (vs $13.08 consensus) on stricter regs. Superapp dominates Kazakhstan payments/e-commerce. Trading 6.5x earnings w/ 9% yield despite growth profile. PT $90 (7.5x 2026E, 7.5% yield). Risks: govt regulation, FX, Hepsiburada integration.
Read full article (2 min)