Kaspi.kz (KSPI) Stock Overview
Provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. More details
| Snowflake Score | |
|---|---|
| Valuation | 5/6 |
| Future Growth | 3/6 |
| Past Performance | 3/6 |
| Financial Health | 5/6 |
| Dividends | 3/6 |
Rewards
Risk Analysis
KSPI Community Fair Values
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Analyst Price Targets
Top Community Narratives
US$99.02
FV
16.9% undervalued intrinsic discount12.00%
Revenue growth p.a.
26
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Joint Stock Company Kaspi.kz Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$82.33 |
| 52 Week High | US$99.20 |
| 52 Week Low | US$68.59 |
| Beta | 0.077 |
| 1 Month Change | -4.69% |
| 3 Month Change | 19.60% |
| 1 Year Change | -6.68% |
| 3 Year Change | 5.55% |
| 5 Year Change | 3.24% |
| Change since IPO | 52.18% |
Recent News & Updates
Narrative Update • Jun 07
KSPI: Execution And Earnings Resilience Will Support Confidence After Susquehanna Upgrade
Analysts now estimate Kaspi.kz’s fair value at about $118, down from roughly $128, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E in light of recent research, including the Susquehanna price target revision. What's in the News Analysts incorporate the Susquehanna price target revision into updated fair value work, linking the new US$118 estimate to recent research coverage.Seeking Alpha • Jun 02
Kaspi.kz: Ownership Change Drives Stock Rally
Summary Kaspi.kz remains a 'Buy' as Q1 results align with guidance and the investment thesis, with revenue up 31% YOY to $2.3 billion. Marketplace segment led growth, notably with Hepsiburada’s 94% YOY revenue jump and Kazakh value-added services up 73%, while profitability trends improve. Fintech revenue and loan portfolio grew 25% and 23% respectively, reflecting a strategic shift to longer-duration loans despite a slight NPL ratio increase. Reduced selling pressure after Tencent and the CEO acquired shares from Baring Vostok drove a 30% stock rally; the fair value estimate was raised to $95. Read the full article on Seeking Alpha
Narrative Update • May 24
KSPI: Lower Margin Assumptions Will Pressure Future P/E Driven Return Potential
Kaspi.kz's analyst price target has shifted to $81.95 from $83.27 as analysts factor in updated views on revenue growth, profit margins and future P/E. Recent Street research such as Susquehanna's $8 price target adjustment adds context to the new outlook.Recent updates
Narrative Update • Jun 07
KSPI: Execution And Earnings Resilience Will Support Confidence After Susquehanna Upgrade
Analysts now estimate Kaspi.kz’s fair value at about $118, down from roughly $128, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E in light of recent research, including the Susquehanna price target revision. What's in the News Analysts incorporate the Susquehanna price target revision into updated fair value work, linking the new US$118 estimate to recent research coverage.Seeking Alpha • Jun 02
Kaspi.kz: Ownership Change Drives Stock Rally
Summary Kaspi.kz remains a 'Buy' as Q1 results align with guidance and the investment thesis, with revenue up 31% YOY to $2.3 billion. Marketplace segment led growth, notably with Hepsiburada’s 94% YOY revenue jump and Kazakh value-added services up 73%, while profitability trends improve. Fintech revenue and loan portfolio grew 25% and 23% respectively, reflecting a strategic shift to longer-duration loans despite a slight NPL ratio increase. Reduced selling pressure after Tencent and the CEO acquired shares from Baring Vostok drove a 30% stock rally; the fair value estimate was raised to $95. Read the full article on Seeking AlphaNarrative Update • May 24
KSPI: Lower Margin Assumptions Will Pressure Future P/E Driven Return Potential
Kaspi.kz's analyst price target has shifted to $81.95 from $83.27 as analysts factor in updated views on revenue growth, profit margins and future P/E. Recent Street research such as Susquehanna's $8 price target adjustment adds context to the new outlook.
New Narrative • May 20
Kaspi.kz represents a high-quality, high-growth fintech/e-commerce platform
Below is a structured Investment Memo for Joint Stock Company Kaspi.kz , based primarily on official Investor Relations financial information and supporting official disclosures. This is followed by a SWOT (DAFO) analysis with referenced insights.Narrative Update • May 04
KSPI: Future P/E Framework And Dividend Payout Will Guide Balanced Return Potential
Analysts have lifted their Kaspi.kz price target by about $3 to reflect updated views on fair value, revenue growth, profit margins and future P/E following recent research, including Susquehanna's $8 price target increase. Analyst Commentary Even with the recent upward move in fair value estimates, some bearish analysts are still flagging risks that could cap upside for Kaspi.kz if things do not go to plan.
Narrative Update • Apr 20
KSPI: Dividend Support And Resilient Margins Will Drive Future Upside
Analysts have trimmed their Kaspi.kz price target by roughly $1.55 per share. Slightly lower fair value and profit margin assumptions outweighed higher modeled revenue growth and a modestly lower future P/E, with the recent downgrade from Susquehanna cited as reinforcing a more cautious stance.Narrative Update • Apr 06
KSPI: Future P/E Reset And Dividend Policy Are Expected To Shape Returns
Analysts have trimmed their price target on Kaspi.kz from $87.52 to $79.97, citing updated assumptions for revenue growth, profit margins and a lower future P/E multiple, along with a recent downgrade from Susquehanna that reflects a more cautious stance on the shares. Analyst Commentary Bearish analysts are signaling that the latest cut in the Kaspi.kz price target to $79.97 reflects growing concern about how current assumptions on revenue growth, profit margins and the future P/E multiple compare with execution risks.Narrative Update • Mar 23
KSPI: Higher Margins And Dividend Policy Will Support Future Upside
Analysts have trimmed their price target on Kaspi.kz from $107.59 to $99.47, citing more cautious revenue growth assumptions, a slightly lower discount rate, a modestly higher profit margin outlook, and a lower future P/E, in line with the recent downgrade and a softer stance in Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the reduced discount rate and slightly higher profit margin outlook as signs that Kaspi.kz is still seen as capable of supporting solid profitability over time, even with a lower price target.Narrative Update • Mar 08
KSPI: Execution And Earnings Resilience Will Support Confidence After Susquehanna Downgrade
Analysts have trimmed their price target on Kaspi.kz from about $136 to $128, citing lower projected revenue growth, a slightly adjusted discount rate, and a more conservative future P/E assumption, partly reflected in the recent downgrade from Susquehanna. Analyst Commentary While some research has turned more cautious on Kaspi.kz, there are still clear areas that bullish analysts highlight when they look at the story, especially around execution, growth potential, and how those factors could feed into valuation over time.Narrative Update • Feb 22
KSPI: Execution And Profitability Will Underpin Confidence After Recent Downgrade
Analysts have trimmed their Kaspi.kz price target from about $142 to roughly $136, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, along with a recent downgrade from Susquehanna that has contributed to a more cautious stance. Analyst Commentary Bullish Takeaways Bullish analysts point to Kaspi.kz's current P/E assumptions as still leaving room for upside if the company can deliver on its planned execution and maintain its profitability profile.Narrative Update • Feb 08
KSPI: Updated Fair Value Will Support Confidence Despite Recent Downgrade
Analysts have lifted their fair value estimate for Kaspi.kz from US$130.73 to US$142.24, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, even as some firms have turned more cautious in recent research. Analyst Commentary Despite the recent downgrade from one research house, the overall Street discussion around Kaspi.kz still includes some constructive angles that many retail investors focus on when weighing the name against its updated fair value of US$142.24.Narrative Update • Jan 25
KSPI: Stable Profitability And Lower P/E Will Support Future Upside Potential
Kaspi.kz's updated analyst price target now reflects a fair value of about $107.59, slightly below the prior $108.16, as analysts fine tune their assumptions on the discount rate, revenue growth, profit margin and forward P/E to align more closely with recent inputs. Valuation Changes Fair Value: The price target was adjusted slightly from about $108.16 to about $107.59, a small downward move in the modeled fair value.Narrative Update • Jan 11
KSPI: Slightly Lower Fair Value Will Support Future Upside Potential
Analysts have trimmed their fair value estimate for Kaspi.kz from US$108.57 to US$108.16, reflecting updates to their assumptions on the discount rate, revenue growth, profit margin, and forward P/E. Valuation Changes Fair value estimate trimmed slightly from US$108.57 to US$108.16 per share.Narrative Update • Dec 23
KSPI: Forward Earnings Discount Is Expected To Drive Future Upside
Analysts have raised their price target on Kaspi.kz to $107 from $114, citing the stock's 25% decline over the past year and its current significant discount to historical forward earnings multiples despite ongoing regulatory and macro headwinds. Analyst Commentary Analyst sentiment on Kaspi.kz has turned more constructive at the margin, with the latest price target adjustment to $107 reflecting both recognition of the company’s resilient fundamentals and acknowledgement of persistent headwinds.Narrative Update • Dec 09
KSPI: Discounted Entry After 25% Pullback Will Drive Future Upside
Analysts have nudged their fair value estimate for Kaspi.kz slightly higher from approximately $108.32 to $108.57, citing the stock's recent 25% pullback and its current significant discount to historical forward earnings multiples, despite ongoing regulatory and macro headwinds. Analyst Commentary Analyst sentiment around Kaspi.kz has turned more constructive following the recent share price correction, with upgraded ratings reflecting a view that current levels undervalue the company relative to its historical fundamentals and earnings power.Narrative Update • Nov 25
KSPI: Discounted Price Will Offer Upside As Regulatory Headwinds Fade
Analysts have slightly reduced their price target for Kaspi.kz from $114 to $107, citing continued regulatory challenges and a higher monetary policy environment. They also noted the stock's current discounted valuation.Narrative Update • Nov 06
KSPI: Upgraded Buy Rating Will Drive Upside Amid Regulatory Pressures
Analysts lowered their price target for Kaspi.kz from $111.40 to $109.68, citing recent regulatory headwinds and persistent monetary policy pressures. They also noted the stock's current discounted valuation despite improved revenue growth prospects.Narrative Update • Oct 23
Analysts Weigh Attractive Valuation and Risks as Kaspi.kz Faces Regulatory and Market Headwinds
Analysts have reduced their price target for Kaspi.kz from $114 to $107, citing ongoing regulatory costs and a challenging monetary policy environment. However, they note that the stock's recent decline leaves it trading at a significant discount to historical earnings multiples.Narrative Update • Oct 08
Kazakhstan And Turkey Markets Will Unlock Digital Opportunity
Kaspi.kz's analyst price target has been revised downward from $114 to $107, as analysts cite regulatory headwinds, persistent monetary policy challenges, and recent stock underperformance as contributing factors. Analyst Commentary Analysts have issued updated perspectives on Kaspi.kz following recent developments and share price movements.Narrative Update • Aug 27
Kazakhstan And Turkey Markets Will Unlock Digital Opportunity
Kaspi.kz’s valuation outlook has shifted as analysts significantly lowered both future P/E and revenue growth expectations, yet the consensus price target only edged up slightly from $111.07 to $112.84. What's in the News Kaspi.kz and Alipay+ have enabled international cross-border QR payments in Kazakhstan, allowing users of 12 Alipay+-enabled apps to pay via Kaspi QR at a wide range of merchants.Seeking Alpha • Jan 15
Kaspi: A High-Quality Technology Business Trading On A Dirt Cheap Multiple
Summary Kaspi is a dominant market leader in Kazakhstan across payments, e-commerce, and fintech, boasting 41% net income margins in Q3 2024. 70% of the Kazakhstan population use Kaspi on a monthly basis and engagement across their suite of services is very high. The company has a proven track record of launching and scaling new services, such as online travel and groceries, and is expanding internationally into markets like Turkey. Kaspi's very high insider ownership (73%) and visionary CEO, Mikheil Lomtadze, ensure strong alignment with shareholder interests and ambitious growth plans. Despite geopolitical risks, Kaspi's current valuation (7x forward P/E) offers a compelling investment opportunity with potential for significant returns and geographic portfolio diversification. Read the full article on Seeking AlphaSeeking Alpha • Jan 09
Kaspi.kz Has Flourished With Growth, But Long-Term Future May Depend On Overseas Expansion
Summary Kaspi (NASDAQ: KSPI) is a high-growth fintech company in Kazakhstan, offering essential apps like Kaspi Super App and Kaspi Pay with strong user and merchant bases. Despite high price/book ratios, Kaspi's low P/E multiples and strong dividend policy make it an attractive investment, especially given its impressive revenue and earnings growth. Kaspi's expansion efforts, including the acquisition of Hepsiburada in Turkey, are crucial for future growth beyond Kazakhstan, though they come with inherent risks. Investors should monitor Kazakhstan's economic conditions and Kaspi's international ventures, as these factors will significantly impact the company's future performance. Read the full article on Seeking Alpha
New Narrative • Nov 07
Kaspi's Expansion In Turkey Promises Long-Term Growth Despite Economic Headwinds
Strategic acquisition in Turkey and advanced service integration are expected to drive long-term revenue and earnings growth through technology leverage and operational efficiencies.Seeking Alpha • Oct 27
Hepsiburada Changes Everything For Kaspi
Summary Kaspi's acquisition of Hepsiburada aims to expand its market presence beyond Kazakhstan, targeting Turkey's growing eCommerce sector despite competition and valuation challenges. Hepsiburada's innovative culture aligns with Kaspi's, offering BNPL loans, payment services, and logistics, and boasts high customer satisfaction with an NPS of 75. Turkish market risks include Chinese competition and fluctuating inflation, complicating Hepsiburada's valuation, but Kaspi's strategic move could yield significant long-term growth. Kaspi's Q3 results showed solid growth despite inflation, and the company's response to short-seller criticisms reinforces confidence in its transparency and systemic importance. Read the full article on Seeking AlphaSeeking Alpha • Sep 24
Kaspi.kz: Look Beyond The Short Seller Report, But Hold For Now (Downgrade)
Summary Kaspi faces allegations of money laundering and Russian business ties, but it's unclear if they violated sanctions or were complicit. Kaspi's valuation is questioned, with comparisons to competitors and concerns about high value per user. Kaspi's response to the allegations is vague, but Fitch's BBB- rating provides some credibility. Despite Kaspi's strengths, I recommend holding off on investments until the next earnings call for more clarity. Read the full article on Seeking AlphaSeeking Alpha • Jul 10
Kaspi.kz: The Super App Remains Super
Summary Kaspi.kz stock has seen a 31.6% total return in recent months. Investors are becoming more aware of the company's growth potential. Strong performance is expected to continue in the near future. Read the full article on Seeking AlphaSeeking Alpha • May 17
Kaspi.kz: Kazakh Super App Offers Hypergrowth At Value Prices
Summary Kaspi.kz is Kazakhstan's most valuable listed company, offering a super app with features like payments, e-commerce, travel, and government services. The company has a dominant market position and is growing rapidly, with a low valuation and a policy of returning capital to shareholders. Kaspi.kz's revenue and net income quality is improving due to marketplace and payments growth. Kaspi is also expanding internationally. We rate the stock a BUY with a conservative target price of $129. Read the full article on Seeking AlphaSeeking Alpha • Feb 23
Kaspi.kz: Dominant Business With More Room To Grow
Summary Kaspi is a super app in Kazakhstan, offering ecommerce, payments, and fintech services. The company's growth potential lies in increasing usage within its active user base and potential international expansion. Despite the risk associated with investing in a frontier market, Kaspi's strong financials and growth trajectory make it an attractive investment opportunity. Read the full article on Seeking AlphaShareholder Returns
| KSPI | US Consumer Finance | US Market | |
|---|---|---|---|
| 7D | -1.3% | 0.8% | -2.4% |
| 1Y | -6.7% | 2.6% | 21.5% |
Return vs Industry: KSPI underperformed the US Consumer Finance industry which returned 2.6% over the past year.
Return vs Market: KSPI underperformed the US Market which returned 21.5% over the past year.
Price Volatility
| KSPI volatility | |
|---|---|
| KSPI Average Weekly Movement | 5.6% |
| Consumer Finance Industry Average Movement | 6.6% |
| Market Average Movement | 7.3% |
| 10% most volatile stocks in US Market | 16.7% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: KSPI has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: KSPI's weekly volatility (6%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2008 | 14,008 | Mikheil Lomtadze | ir.kaspi.kz |
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers.
Joint Stock Company Kaspi.kz Fundamentals Summary
| KSPI fundamental statistics | |
|---|---|
| Market cap | US$14.93b |
| Earnings (TTM) | US$2.20b |
| Revenue (TTM) | US$8.82b |
7.1x
P/E Ratio1.8x
P/S RatioIs KSPI overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| KSPI income statement (TTM) | |
|---|---|
| Revenue | ₸4.30t |
| Cost of Revenue | ₸1.32t |
| Gross Profit | ₸2.98t |
| Other Expenses | ₸1.90t |
| Earnings | ₸1.07t |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 5.63k |
| Gross Margin | 69.24% |
| Net Profit Margin | 24.91% |
| Debt/Equity Ratio | 11.9% |
How did KSPI perform over the long term?
See historical performance and comparisonDividends
8.5%
Current Dividend Yield30%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/11 04:13 |
| End of Day Share Price | 2026/06/11 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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 world class team 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. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Maksim Nekrasov | Citigroup Inc |
| Ronald Josey | Citigroup Inc |
| Ronak Gadhia | EFG-Hermes Research |