Joint Stock Company Kaspi.kz - KSPI
107.95 USD (+17.5%)
7 analysts
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Kaspi.kz is a leading fintech and e-commerce group in Kazakhstan, operating a superapp integrating payments, marketplace, and financial services for consumers and merchants.
Key points
from its scores- ✓Attractive dividend8.7
- ✓Good share-price trend8.7
- ✓Favourable backdrop8.4
- ✕Fragile balance sheet4.6
- !Moderate growth5.9
AI analysis
bottom line, main risk, context and newsThe cheap valuation and high dividend offset weak growth, but the jurisdictional risk of Kazakhstan warrants caution.
Kaspi.kz shows a very attractive valuation (P/E 8.42, EV/EBITDA 3.14) and a dividend yield of 6.25%, backed by an ROE of 44.78% and a gross margin of 69.44%. However, earnings growth is flat (0.20%) and free cash flow conversion is negative, which tempers optimism.
The main risk is dependence on the regulatory and economic environment of Kazakhstan, an emerging market with weak institutional governance and possible state interference, which could affect operations and minority shareholder protection.
Context and risks
Kaspi.kz operates in Kazakhstan, an emerging market with weak institutional governance and significant state control in key sectors. Although the company is private and listed in the US, its business depends on the local regulatory and economic environment, introducing a material jurisdictional risk not captured by financial metrics.
Is Joint Stock Company Kaspi.kz - stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 79% below the Technology median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 8.4 | 31.3 | −73% |
| EV / EBITDA | 3.1 | 20.4 | −85% |
| Price / book | 3.1 | 6.3 | −50% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 8.2 out of 10 (median for Technology: 5.3).
Average analyst target: 107.95 USD, +17.5% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 4.6 (sector 6.9), Growth 5.9 (sector 7.5).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- P/E
- 8.4
- Forward P/E
- 0.0
- EV / EBITDA
- 3.1
- Price / book
- 3.1
- PEG
- 0.07
- Market cap
- 17.5B USD
- Enterprise value
- 7.80T KZT
Profitability
- ROE
- 44.8%
- ROA
- 13.5%
- Gross margin
- 69.4%
- Operating margin
- 0.0%
- Net margin
- 24.2%
- Free cash flow
- −612.4B KZT
- FCF yield
- −7.8%
- Cash conversion
- −25%
Solvency
- EBITDA
- 2.48T KZT
- Debt / equity
- 22.17
- Current ratio
- 6.51
- Quick ratio
- 6.10
Growth
- Revenue growth
- +13.6%
- Earnings growth
- +0.2%
- EPS (TTM)
- 10.91 USD
- EPS (forward)
- 6,803.44 USD
Dividend
- Dividend yield
- 6.2%
- Payout
- 33.1%
Risk and market
- Beta
- 0.18
- Analyst consensus
- Buy (7)
- Target price
- 107.95 USD
- 52-week range
- 68.59 – 109.94
Recent news
All KSPI news →Compare it with its sector
All 283 in Technology →Frequently asked questions about Joint Stock Company Kaspi.kz -
Is Joint Stock Company Kaspi.kz - stock cheap or expensive?
On P/E and EV / EBITDA, it trades 79% below the Technology median on average. Valuation score: 8.2 out of 10 (median for Technology: 5.3). Average analyst target: 107.95 USD, +17.5% versus the price. This is not investment advice.
What score does Joint Stock Company Kaspi.kz - get on MeridIAn Screener?
It scores 7.1 out of 10, rank 169 of 2,130 (better than 91% of the companies analysed). Its strongest category is Dividend (8.7) and its weakest, Financial health (4.6). Analysis of 08/10/2026.
What is Joint Stock Company Kaspi.kz -'s P/E ratio?
Its P/E is 8.4: the share price equals 8.4 times earnings per share over the last 12 months. The Technology median is 31.3. Based on the earnings analysts expect, the forward P/E is 0.0.
How much is Joint Stock Company Kaspi.kz - worth on the stock market?
Its market capitalisation is 17.5B USD and its enterprise value, debt included, is 7.80T USD.
Does Joint Stock Company Kaspi.kz - pay a dividend?
Yes: its dividend yield is 6.25% and it pays out 33% of its earnings.
How has Joint Stock Company Kaspi.kz - stock performed over the last year?
It has risen 33.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 68.59 and 109.94 USD. Past performance does not guarantee future results.
What do analysts think of Joint Stock Company Kaspi.kz -?
7 analysts cover it; their average recommendation is “Buy” and their average target is 107.95 USD (+17.5% versus the price). It is an estimate, not market data.