Joint Stock Company Kaspi.kz - American Depository Shares (KSPI)
UndervaluedFundamental
54
Price
$91.84
Market Cap
$17.63B
Part 1 · What the company is worth
Overview
Kaspi.kz runs Kazakhstan's leading consumer super-app, used by most of the country's adults to pay merchants, shop online and manage money in a single application. It grew from an online payments service into three connected businesses — payments, an e-commerce marketplace, and consumer lending and deposits — all sharing the same customer base and technology. In 2025 the company began exporting that model abroad, buying Turkish online marketplace Hepsiburada and a Turkish banking license to replicate its Kazakhstan playbook in a much larger market.
How it makes money
Kaspi earns a small fee or spread on each transaction across its three platforms: a merchant fee on payments, a commission and advertising revenue on marketplace sales, and interest income on consumer loans plus fees on deposits. Because all three run on the same app and customer base, acquiring a user once lets Kaspi sell them several products at low incremental cost. Growth now depends on how much Kazakh consumers borrow and spend, and on whether the Hepsiburada and Turkish banking deals reproduce that same economics abroad.
Revenue by segment
Consumer loans, buy-now-pay-later, instalment credit and savings deposits offered directly to users through the Kaspi super-app.
Newly acquired Turkish e-commerce marketplace and banking operations, the first large-scale test of the Kaspi model outside Kazakhstan.
E-commerce platform connecting merchants and consumers, plus delivery, advertising and classifieds services built around it.
The original business: processing payments between consumers and merchants, including the newer Kaspi Alaqan pay-by-palm service.
Competitive moat
Network effects · WideNearly every adult in Kazakhstan already uses Kaspi to pay, shop or borrow, and merchants join the marketplace because that is where the customers already are. Each side of the network reinforces the other, and a rival would need to build both a critical mass of shoppers and of merchants at the same time to compete, which is far harder than matching any single feature.
What drives demand
Moderately cyclicalPayments and marketplace usage track everyday household spending, which holds up reasonably well through the cycle, but the fintech arm lends money and its results move with Kazakh interest rates, wages and how comfortable people feel taking on debt. A slowdown in the domestic economy would show up first in loan demand and credit losses rather than in payment volumes.
Key risks
- Concentration in Kazakhstan — Until the Türkiye expansion, essentially all revenue came from one country, so Kazakh regulation, taxation and macroeconomic conditions move the entire business at once.
- Bank taxes and rate environment — The company has flagged higher Kazakh bank taxes, increased reserve requirements and a high interest-rate environment as headwinds that compress profitability in its lending business.
- Türkiye integration risk — The Hepsiburada acquisition and roughly $300 million planned investment in a Turkish banking unit are a large, unproven bet on repeating the Kazakh model in a bigger, more competitive market.
- Regulatory and political risk — As a systemically important payments and banking group, Kaspi is exposed to sudden regulatory changes and to the broader political and macroeconomic uncertainty of operating across Kazakhstan and Türkiye.
The case for
Buyers argue that a super-app already used by nearly all Kazakh adults has pricing power and cross-selling potential few payment or lending companies can match, and that Hepsiburada gives Kaspi a credible second growth engine in a market many times the size of Kazakhstan.
The case against
Sellers worry that growth is running out of room in a small home market already saturated by Kaspi itself, that the Fintech segment's loan book is more exposed to a Kazakh downturn than the story of a payments app suggests, and that the Türkiye expansion could prove an expensive distraction rather than a repeatable playbook.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$4.40T
Trailing 12 months (through 6/30/2026)
Net Income
$1.07T
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-612.42B
Total Equity
$2.26T
Total Liabilities
-
Current Ratio
6.51
Interest Coverage
-
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$262.12
Current Price
$91.84
Margin of Safety
+65.0%
Fair Value Range
$170.38 - $353.86
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
7.71
ROE
44.8%
P/B Ratio
0.01
P/FCF
-
Gross Margin
69.4%
ROIC
-
Profitability Radar
Value Creation (Economic Moat)
ROIC
-
WACC
10.6%
ROIC − WACC
-
Fundamental Analysis Criteria
Passed (6)
- Gross Margin 69.4%
- P/B Ratio 0.01
- Current Ratio
- ROE 42.5%
- Analyst Consensus 73% Buy
- PEG Ratio 0.24
Failed (6)
- Price CAGR -0.45%
- Positive Free Cash Flow
- DCF valuation (Unknown)
- Earnings Surprise avg -5.5%
- Net Margin Trend 26.4% vs 41.7%
- Piotroski F-Score 0/9
Unavailable (15)
- EPS data insufficient
- ROIC NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Operating Margin NaN%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Revenue Growth 5Y (Finnhub)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Mikheil N. Lomtadze | Co-Founder, Executive Director, Chairman of the Management Board & CEO | 50 |
| Mr. Tengiz Mosidze | Deputy Chairman of the Management Board & CFO | 51 |
| Mr. Yuri Didenko | Deputy Chairman of the Management Board & Capital Markets | 51 |
| Mr. Pavel Mironov | COO & Deputy Chairman of the Management Board | 46 |
| Ms. Nailya A. Ualibekova | Chief Accountant | - |
| Mr. David Ferguson | Head of Investor Relations | 46 |
| Mr. Sabyrzhan Berkinbaev | Head of Local Legal | 44 |
| Mr. Arseniy Kochetkov | Head of Kaspi Marketing Services | - |
| Mr. Oleg Bakhmutov | Head of People | 43 |
| Mr. Kanat Aitenov | Head of Network | 40 |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for KSPI, sourced from Markets Gazette.
- 3/2/2026NEUTRALKaspi.kz (KSPI) Q4 2025 Earnings Call Transcript
The market is keenly awaiting a detailed analysis of the Kaspi.kz (KSPI) Q4 2025 earnings call transcript. While the document is now available, specific details regarding the company's financial performance, future outlook, and any strategic announcements have not yet been processed for in-depth analysis. Investors will closely monitor key data points such as revenue, profits, and guidance for the upcoming fiscal year to assess the trajectory of the Kazakh fintech giant. Currently, in the absence of concrete information on the content, market reaction remains pending, suggesting a neutral stance until clearer details emerge.
via Markets Gazette