Added to YB: 2026-07-03
Pitch date: 2026-07-01
KSPI [neutral]
Joint Stock Company Kaspi.kz
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
$8.0T
Pitch Price
N/A
Price Target
N/A
Dividend
8.09%
EV/EBITDA
3.14
P/E
7.53
EV/Sales
1.76
Sector
Consumer Finance
Category
growth
The Ultimate Value Proposition: Kaspi
KSPI (overview): Kazakhstan super-app dominating payments (78% network share), marketplace & fintech via closed-loop network, network effects, AI credit (99.9% loans <6s). 77 txns/mo/user, 79% brand awareness. Risks: NBK unified QR mandate by Jul 2026 dismantling monopoly, 18% rates squeezing lending funding, Hepsiburada Türkiye integration/FX. Responding w/ Alaqan pay-by-palm & QR interop. Valuation deep-dive to follow.
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