Added to YB: 2025-10-15
Pitch date: 2025-10-12
KSPI [bullish]
Joint Stock Company Kaspi.kz
-9.04%
current return
Author Info
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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
$44.3K
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.27
P/E
6.79
EV/Sales
2.03
Sector
Consumer Finance
Category
value
Kaspi.kz - Kazakh Super app at a floor valuation (10%+ CAGR)
KSPI: Trades at 7.3x P/E, 3.58x EV/EBIT despite strong Kazakhstan core business. Floor valuation tolerates $2B Turkey expansion writeoff while still delivering 10% returns. Management forecasts 15% income growth from Kazakhstan alone. Super-app network effects, data advantages, owner-operator CEO (25% stake). Goldman upgraded to Buy. Turkey expansion upside optionality.
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