Joint Stock Company Kaspi.kz is a leading fintech and digital services provider in Kazakhstan, specializing in digital banking, e-commerce, and payment processing solutions. Leveraging advanced technology, the company is committed to enhancing financial inclusion and delivering tailored services to millions of users in the region. Its strategic positioning within a rapidly growing market and the increasing demand for innovative financial solutions in Central Asia make Kaspi.kz a compelling investment opportunity for institutional investors seeking to tap into high-growth emerging markets.
| Revenue (TTM) | $3.64T |
| Gross Profit (TTM) | $2.70T |
| EBITDA | $2.48T |
| Operating Margin | 0.00% |
| Return on Equity | 44.80% |
| Return on Assets | 13.50% |
| Revenue/Share (TTM) | $19088.87 |
| Book Value | $11908.49 |
| Price-to-Book | 3.21 |
| Price-to-Sales (TTM) | 1.94 |
| EV/Revenue | 1.402 |
| EV/EBITDA | 4.15 |
| Quarterly Earnings Growth (YoY) | 0.20% |
| Quarterly Revenue Growth (YoY) | 13.60% |
| Shares Outstanding | $190.03M |
| Float | $104.75M |
| % Insiders | 20.38% |
| % Institutions | 47.24% |
Volatility is currently expanding
Kaspi's (KSPI) 14% adjusted earnings yield looks cheap for a business with strong competitive advantages. With 15.7 million monthly users, Kaspi's super-app has become embedded in Kazakhstan's economy. My five-year valuation suggests 26% upside, even after assuming 3% annual currency depreciation.
Kaspi maintains a Buy rating, supported by stable or accelerating segment metrics, and a dividend raise ahead of possible Hepsi inflection in 2027. Fintech loan growth is strong, with a positive shift toward longer-duration, revenue-generating loans and improved credit quality. A recent rate cut in Kazakhstan reduces funding costs, enhancing margins in KSPI's interest-dependent segments.
Kaspi operates a dominant Super App ecosystem in Kazakhstan, integrating payments, e-commerce, and fintech with substantial transaction and lending scale. Türkiye expansion via Hepsiburada and Rabobank A.Ş. offers a long-term growth option, leveraging existing scale to replicate Kaspi's integrated model. Loan portfolio mix is shifting toward longer-duration, higher-value loans; NPL coverage decline is offset by stable delinquency metrics, supporting continued profitability.
ALMATY, Kazakhstan, Sept. 10, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announces that the following resolutions were duly passed at its Extraordinary General Meeting on 09 September 2026: 1.
Joint Stock Company Kaspi.kz NASDAQ: KSPI reported second-quarter revenue growth of 15% and adjusted EBITDA growth of 5%, as gains in e-commerce and fintech were partly offset by higher funding costs and investments in Türkiye.
ALMATY, Kazakhstan, Aug. 10, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of JSC Kaspi.kz (Nasdaq: KSPI) hereby announces the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz will be held on 09 September 2026 at 10:00 Astana time at: 154 “А”, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013.
ALMATY, Kazakhstan, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) (Nasdaq:KSPI) today published its unaudited consolidated IFRS financial results for the quarter and first half ended 30 June 2026 (“2Q and 1H 2026”).
Kaspi.kz: Kazakhstan Is The Moat, Türkiye Is The Test
ALMATY, Kazakhstan, July 15, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) (Nasdaq: KSPI) today announced that it has completed the acquisition of Rabobank A.Ş., a fully licensed bank in Türkiye.
Kaspi.kz presents its vision to bring a personal AI assistant to every customer Kaspi.kz presents its vision to bring a personal AI assistant to every customer
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