Added to YB: 2026-09-24
Pitch date: 2026-09-19
KSPI [bullish]
Joint Stock Company Kaspi.kz
Author Info
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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
$8.3T
Pitch Price
N/A
Price Target
N/A
Dividend
9.18%
EV/EBITDA
3.20
P/E
7.81
EV/Sales
1.80
Sector
Consumer Finance
Category
dividend
Portfolio Update 2 & Call with VP of IR - Kaspi.kz
KSPI (hold): Kaspi remains a hold after broad-based slowing highlighted Kazakhstan’s maturity: payments revenue grew 5%, the loan portfolio 18%, marketplace revenue 11% and GMV 15%, while Türkiye growth was 6.2% and losses widened. The shares have risen ~50% since the initial write-up and now trade at 8.46x P/E with an 8.3% dividend yield. Reacceleration depends on proving the Hepsiburada SuperApp model after the Hepsi Bank acquisition, with 2027 the key test.
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