Added to YB: 2026-04-14
Pitch date: 2026-04-10
KSPI [neutral]
Joint Stock Company Kaspi.kz
-0.56%
current return
Author Info
Stone Mountain Research helps investors find compelling opportunities that build long-term wealth through deep research and education. 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
$6.7T
Pitch Price
$36.3K
Price Target
N/A
Dividend
9.59%
EV/EBITDA
2.71
P/E
6.34
EV/Sales
1.55
Sector
Consumer Finance
Category
value
Kaspi: A Fintech Monopoly Most Investors Have Never Heard Of (Part 1/2)
KSPI (deep dive): Kazakhstan fintech monopoly w/ 78% population penetration, 15.7M MAU, 10.7M DAU, 77 txns/mo/user. Trades 6.8x P/E, 50% ROE, 10% div yield. Payments 65.7% margin (41% NI on 16% rev). Marketplace 12.7% take rate vs Amazon's 48%, only 7% merchant ad adoption. Fintech $24.4B vol, 99.9% auto-approved <6s. Founder-led: CEO owns 22.6%, Chair 20.8%, mgmt paid $1.4M total. KZ-only NI $2.4B (+10% reported, +13-18% normalized). Turkey acq Hepsiburada -$177M loss. Risks: rate sensitivity, gov regulation, related-party (Chair owns Magnum supplier), country risk.
Read full article (18 min)