Added to YB: 2025-05-14
Pitch date: 2025-05-13
KSPI [neutral]
Joint Stock Company Kaspi.kz
-10.46%
current return
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
$7.4T
Pitch Price
$45.0K
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.27
P/E
6.79
EV/Sales
2.03
Sector
Consumer Finance
Category
growth
Q1 Update Kaspi
KSPI trimmed position: Q1 sales +47% (+21% ex-Hepsiburada), profit +14% (+17% ex-acquisition). Missed revenue forecast, met profit target. Growth less impressive accounting for 20% tenge depreciation vs euro. Higher take rates drove growth, not volumes. Fintech NPL ratio up to 5.6%, cost of risk 0.6%, coverage down to 89%. Valuation remains favorable despite reduced guidance.
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