Added to YB: 2026-07-15
Pitch date: 2026-07-12
KSPI [neutral]
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
$8.0T
Pitch Price
N/A
Price Target
N/A
Dividend
8.09%
EV/EBITDA
3.14
P/E
7.53
EV/Sales
1.77
Sector
Consumer Finance
Category
value
Kaspi: The Cheapest Monopoly in the World
KSPI (needs more research): Kazakh super-app monopoly (70% pop, 77x/mo usage) w/ e-comm, payments (66% margin > Visa), fintech. 30%+ rev CAGR/decade in USD despite tenge drag. Only 7.5x P/E, ~20% IRR modeled (no multiple expansion). Risks: tenge vol, Russia/China borders, short report, Turkey/Hepsiburada expansion. Pabrai holder. Author leaning starter position but wants more diligence.
Read full article (14 min)