Added to YB: 2022-06-10
Pitch date: 2022-06-09
KSPI [bullish]
Joint Stock Company Kaspi.kz
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
$8.2T
Pitch Price
N/A
Price Target
N/A
Dividend
7.88%
EV/EBITDA
3.23
P/E
7.73
EV/Sales
1.82
Sector
Consumer Finance
Category
growth
Rocket growth and extremely cheap company
KSPI: Kazakhstan's Amazon+Visa+Alibaba super app serving 11.4M users (60% of pop). Q1 profit +49% YoY despite 20-30% guidance. 3 segments: Marketplace (60% margin), Payments (70% market share, 50% margin), Fintech (49% of profit). 85% ROE, 55% ROIC. Trading 8.75x PE on $1.2B est 2025 profit, ~4x PE by 2025 at 30% CAGR. 7.5% div yield (suspended 2022). Expansion to Ukraine+Central Asia (60M pop). Risks: Russia sanctions spillover, currency depreciation, political instability. 36-45% annual return potential at 10x PE by 2025.
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