Added to YB: 2025-10-13
Pitch date: 2025-10-09
KSPI [neutral]
Joint Stock Company Kaspi.kz
-10.08%
current return
Author Info
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
$44.7K
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.27
P/E
6.79
EV/Sales
2.03
Sector
Consumer Finance
Category
value
[Holding Update] New Turkish Chapter in Kaspi $KSPI - Expanding TAM, New Acquisition
KSPI (update): Kazakhstan fintech down 33% since pitch, now 7x earnings. Acquired 65% of Turkish e-commerce Hepsiburada for $1.1B (0.75x FY25 revenue) + Rabobank Turkish banking license to recreate SuperApp in Turkey. Suspended dividends for intl expansion. Investment-grade ratings from Fitch/Moody's but geopolitical risks persist.
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