Added to YB: 2026-08-13
Pitch date: 2026-08-11
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
9.12%
EV/EBITDA
3.06
P/E
7.51
EV/Sales
1.72
Sector
Consumer Finance
Category
growth
Kaspi Q2 2026: Still a Buy After Earnings?
KSPI (earnings): Q2 rev +15% YoY to $2.3B; net income flat $539M (23.3% margin) despite Turkey investments & high KZ funding costs. E-com GMV +28% cc, fintech rev +23%, TPV +13%. Acquired Turkish bank license, launched Kaspar AI & pay-by-palm. 18% dividend hike (9.3% yield). FY26 guide reiterated. Aug 100bps rate cut to boost late-2026/2027 earnings.
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