Added to YB: 2026-04-03
Pitch date: 2026-03-31
KSPI [neutral]
Joint Stock Company Kaspi.kz
+0.21%
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
$6.6T
Pitch Price
$35.5K
Price Target
N/A
Dividend
9.76%
EV/EBITDA
2.66
P/E
6.23
EV/Sales
1.53
Sector
Consumer Finance
Category
value
Kaspi: Pennies in front a steamroller?
KSPI (pass): Kazakhstan super-app at 6x NTM P/E looks cheap but isn't vs 15% gov bond yield (only 2pp equity risk premium). Regulatory risks underpriced: NBK forcing unified QR by Jul 2026 to break payment monopoly, reserve requirements raised to 5% KZT/15% FX hurting margins. Chairman's personal Alatau City Bank purchase creates conflict w/ no enforceable contracts.
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