Added to YB: 2026-05-29
Pitch date: 2026-05-27
KSPI [bullish]
Joint Stock Company Kaspi.kz
Author Info
No bio for this author
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
N/A
Price Target
281.00 (-99%)
Dividend
7.62%
EV/EBITDA
3.34
P/E
8.00
EV/Sales
1.88
Sector
Consumer Finance
Category
value
Kaspi.kz (NASDAQ: KSPI)
KSPI: Kazakhstan super-app w/ 15.7M MAU (68% DAU/MAU), 47% vs 8% brand awareness. 3 loops: Payments (1% take rate), Marketplace (12.1% take rate, up from 9.7%), Fintech ($15B loan book, 2% CoR, 6.1% NPL). FY25 rev $8B (+60% YoY), NI $2.1B, 51% ROE. Trades 7.8x P/E vs peers at 20-50x despite higher ROE/margin. 7.7% div yield. Türkiye expansion via Hepsiburada ($1.1B acq). Risks: Russia exposure, Hepsiburada integration, consumer credit cycle, NBK reg tightening. DCF fair value $200-281 vs $93 today.
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