Joint Stock Company Kaspi.kz

NasdaqGS:KSPI Stock Report

Market Cap: US$19.0b

Kaspi.kz Valuation

Is KSPI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of KSPI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: KSPI ($100.48) is trading below our estimate of future cash flow value ($191.72)

Significantly Below Future Cash Flow Value: KSPI is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KSPI?

Key metric: As KSPI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for KSPI. This is calculated by dividing KSPI's market cap by their current earnings.
What is KSPI's PE Ratio?
PE Ratio8x
Earnings₸1.07t
Market Cap₸8.53t

Price to Earnings Ratio vs Peers

How does KSPI's PE Ratio compare to its peers?

The above table shows the PE ratio for KSPI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.3x
SOFI SoFi Technologies
35.8x25.36%US$22.8b
SYF Synchrony Financial
7.2x-2.32%US$24.7b
ALLY Ally Financial
9.5x10.32%US$12.7b
FCFS FirstCash Holdings
24.8x17.59%US$9.9b
KSPI Kaspi.kz
8x15.11%US$19.0b

Price-To-Earnings vs Peers: KSPI is good value based on its Price-To-Earnings Ratio (8x) compared to the peer average (19.3x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does KSPI's PE Ratio compare vs other companies in the US Consumer Finance Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
LX LexinFintech Holdings
0.9x11.60%US$132.52m
CCFL.U CCF Holdings
0.02xn/aUS$95.85k
No more companies available in this PE range
KSPI 8.0xIndustry Avg. 9.6xNo. of Companies7PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KSPI is good value based on its Price-To-Earnings Ratio (8x) compared to the US Consumer Finance industry average (9.6x).

Price to Earnings Ratio vs Fair Ratio

What is KSPI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KSPI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8x
Fair PE Ratio17x

Price-To-Earnings vs Fair Ratio: KSPI is good value based on its Price-To-Earnings Ratio (8x) compared to the estimated Fair Price-To-Earnings Ratio (17x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst KSPI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$100.48
US$108.05
+7.53%
15.66%US$135.01US$87.12n/a7
Sep ’27US$104.08
US$102.43
-1.58%
12.65%US$124.18US$85.07n/a7
Aug ’27US$88.78
US$96.96
+9.21%
11.88%US$121.63US$85.90n/a7
Jul ’27US$88.34
US$94.68
+7.18%
11.79%US$118.56US$83.73n/a7
Jun ’27US$90.17
US$98.49
+9.23%
17.29%US$138.10US$85.01n/a7
May ’27US$86.42
US$99.55
+15.19%
18.48%US$142.77US$82.95n/a7
Apr ’27US$73.43
US$99.75
+35.84%
17.09%US$137.10US$79.65n/a7
Mar ’27US$70.59
US$98.46
+39.48%
15.42%US$133.00US$84.36n/a7
Feb ’27US$76.17
US$107.62
+41.29%
18.87%US$138.02US$87.04n/a6
Jan ’27US$78.13
US$108.60
+39.00%
19.04%US$139.41US$87.91n/a6
Dec ’26US$77.16
US$109.38
+41.76%
17.04%US$137.40US$91.97n/a6
Nov ’26US$74.79
US$109.79
+46.80%
15.59%US$133.00US$88.35n/a7
Oct ’26US$79.60
US$112.96
+41.91%
12.47%US$130.73US$87.16n/a8
Sep ’26US$93.96
US$112.96
+20.22%
12.47%US$130.73US$87.16US$104.088
Aug ’26US$76.16
US$107.73
+41.45%
11.46%US$127.03US$86.30US$88.788
Jul ’26US$84.43
US$116.49
+37.98%
12.24%US$136.58US$90.47US$88.348
Jun ’26US$79.77
US$122.71
+53.84%
12.85%US$138.88US$92.00US$90.178
May ’26US$89.15
US$122.38
+37.27%
11.60%US$135.25US$90.66US$86.428
Apr ’26US$94.33
US$129.73
+37.53%
10.87%US$138.60US$92.90US$73.438
Mar ’26US$104.74
US$132.17
+26.19%
11.47%US$141.34US$89.79US$70.599
Feb ’26US$95.10
US$126.69
+33.22%
12.87%US$140.52US$86.39US$76.179
Jan ’26US$94.71
US$133.93
+41.41%
17.73%US$168.31US$86.91US$78.139
Dec ’25US$106.40
US$134.93
+26.81%
17.82%US$168.31US$86.91US$77.169
Nov ’25US$108.83
US$141.36
+29.89%
18.78%US$174.06US$92.40US$74.798
Oct ’25US$103.62
US$152.40
+47.08%
14.93%US$181.00US$109.68US$79.607
Sep ’25US$130.93
US$150.39
+14.86%
16.71%US$180.66US$100.47US$93.967
US$108.05
Fair Value
7.0% undervalued intrinsic discount
7
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/14 04:02
End of Day Share Price 2026/09/14 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Joint Stock Company Kaspi.kz is covered by 12 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Maksim NekrasovCitigroup Inc
Ronald JoseyCitigroup Inc
Ronak GadhiaEFG-Hermes Research