Added to YB: 2026-08-18
Pitch date: 2026-08-15
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
$8.7T
Pitch Price
N/A
Price Target
110.00
Dividend
8.73%
EV/EBITDA
3.37
P/E
8.21
EV/Sales
1.89
Sector
Consumer Finance
Category
value
Kaspi.Kz ($KSPI) - Q2 2026
KSPI (earnings): Q2'26 rev KZT1,112B (+15% YoY), e-comm GMV +28% cc; but adj EBITDA +5%, flat net income (margin 23.3% vs 26.7%) on high Kazakh funding costs. NPL up 6.1%→7%. First deposit rate cut in 2yrs; div raised 18%. Trades ~3x EV/EBITDA, 7.1x fwd P/E, 8% yield, ROE 45%+. Turkey/Kasper optionality unpriced. Re-rate awaits 2027 estimates. 7/10.
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