Added to YB: 2025-12-13
Pitch date: 2025-10-26
KSPI [bullish]
Joint Stock Company Kaspi.kz
-4.3%
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
$42.0K
Price Target
125.00 (-100%)
Dividend
N/A
EV/EBITDA
3.27
P/E
6.79
EV/Sales
2.03
Sector
Consumer Finance
Category
value
Joint Stock Company Kaspi.kz - $KSPI
KSPI: Kazakhstan super app w/ 60% adult population using daily, trading at 5.5x 2026E vs 10x historical avg. Paused dividends/buybacks for Turkey expansion (HEPS acquisition) but resuming capital returns Q4 2025/Q1 2026. 32% float, company can buyback entire float in 2-3yrs w/ FCF. 2026-27 EPS reacceleration expected. $125 target (67% upside).
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