Professional
Added to YB: 2024-09-20
Pitch date: 2024-09-19
KSPI [bearish]
Joint Stock Company Kaspi.kz
+25.82%
current return
Author Info
Culper Research seeks to expose companies which have misrepresented their operations, failed to disclose significant risks, misused capital, possess accounting irregularities, or otherwise deceived investors. Sign up for the newsletter.
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
$103.36
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.27
P/E
6.79
EV/Sales
2.03
Sector
Consumer Finance
Category
value
Culper Research is short Kaspi.kz (KSPI)
KSPI short: Kaspi misled investors on Russian exposure. Systematic ties to Russia across all segments. Shadowy deals with sanctioned oligarchs/mobsters. Non-resident deposits up 338% since 2022, potentially 29% of Kaspi's. Raiffeisen connection for Russian transfers. Ex-shareholder guilty of laundering. Risk of secondary sanctions. Overvalued at 11x P/E vs Halyk at 3x.
Read full article (7 min)