KSPI

Kaspi.kz AO

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Advanced Chart

86.260

-1.74(-1.977%)1D

Overview
Forecast
Valuation
Earnings

Line

Candle

YTD

High

87.110

Open

87.110

VWAP

86.03

Vol

641.15K

Mkt Cap

16.39B

Low

85.000

Amount

55.16M

EV/EBITDA(TTM)

6.61

Total Shares

189.33M

9.22T

EV/OCF(TTM)

11.43

P/S(TTM)

4.64

Kaspi.kz AO (Joint Stock Company Kaspi.kz), formerly Aktsionernoe obshchestvo kaspi, is a Kazakhstan-based financial technology company, which provide a range of services such as online payments, e-commerce, and digital banking. The Company operates as holding company for Kaspi Group AO and Kaspi Magazin TOO. The Company operates through two segments. Mass retail offers a wide range of products and financial services to retail customers through a network of branches, offices, and automated teller machine (ATM). These products include savings and current accounts, credit cards, car loans and commodity loans, as well as a wide range of insurance policies. Financial services for corporate, middle, and small, and other businesses segment, including deposits, overdrafts, loans and other credit services and currency exchange.

Market Estimates

Earnings Estimates

Revenue

YoY Chg

EPS

YoYChg

FY2026Q1

FY2025Q4

FY2025Q3

1.03T

+25.7%

1568.708

+18.75%

1.07T

+46.81%

1884.610

+15.98%

936.88B

+44.19%

1612.722

+14.46%

Estimates Revision

The market is revising Upward the revenue expectations for Joint Stock Company Kaspi.kz (KSPI) for FY2025, with the revenue forecasts being adjusted by 3.23% over the past three months. During the same period, the stock price has changed by 8.20%.

Revenue Estimates for FY2025

Revise Upward

+3.23%

In Past 3 Month

EPS Estimates for FY2025

Revise Downward

-1.79%

In Past 3 Month

Stock Price

Go Up

+8.20%

In Past 3 Month

1 Analyst Rating

Wall Street analysts forecast KSPI stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for KSPI is 96.00 USD with a low forecast of 96.00 USD and a high forecast of 96.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

0 Buy

1 Hold

0 Sell

Hold

Current: 86.260

Low

96.00

Averages

96.00

High

96.00

Current: 86.260

Low

96.00

Averages

96.00

High

96.00

JPMorgan

Overweight -> Neutral

downgrade

$96

2025-08-20

Reason

JPMorgan

Price Target

$96

2025-08-20

downgrade

Overweight -> Neutral

Reason

JPMorgan downgraded Kaspi.kz to Neutral from Overweight with an unchanged price target of $96. The shares have rallied over 20% following the "better than feared" Q2 results, the analyst tells investors in a research note. However, the firm believes Kaspi.kz's organic growth remains pressured by macro and regulatory headwinds that could persist at least through year-end.

Morgan Stanley

Nida Iqbal

Overweight

maintain

$127 -> $115

2025-06-18

Reason

Morgan Stanley

Nida Iqbal

Price Target

$127 -> $115

2025-06-18

maintain

Overweight

Reason

Morgan Stanley analyst Nida Iqbal lowered the firm's price target on Kaspi.kz to $115 from $127 and keeps an Overweight rating on the shares after having hosted an investor trip to Kazakhstan, Uzbekistan and Turkey last week. The firm came away positive post the trip and maintains an Overweight rating on Kaspi, but its 2025 group net income forecast is lowered by 6%, primarily driven by incorporation of losses in Turkey, and it acknowledges "patience is required given near-term headwinds."

Susquehanna

James Friedman

downgrade

$140 -> $130

2025-05-13

Reason

Susquehanna

James Friedman

Price Target

$140 -> $130

2025-05-13

downgrade

Reason

Susquehanna analyst James Friedman lowered the firm's price target on Kaspi.kz to $130 from $140. The firm said although 1Q demonstrated very impressive in-quarter upside organically, the final few weeks of March, along with April, appear to have set the stage for much more tempered expectations going forward. Susquehanna said various macro headwinds cause them to trim estimates, and price target.

JP Morgan

Reginald Smith

Buy

Maintains

$154 → $137

2024-12-02

Reason

JP Morgan

Reginald Smith

Price Target

$154 → $137

2024-12-02

Maintains

Buy

Reason

JPMorgan lowered the firm's price target on Kaspi.kz to $137 from $154 and keeps an Overweight rating on the shares. The firm updated financial technology price targets heading into 2025. Looking to 2025, lower benchmark rates and an improved third party funding environment should spur increased loan origination volume and healthier margins for fintech lenders, the analyst tells investors in a research note. JPMorgan views Shopify (SHOP) and Affirm (AFRM) as core holdings, saying both are growing revenue and volume at or above pandemic levels, "defying broader e-commerce trends." Kaspi.kz (KSPI) is JPMorgan's top pick for 2025.The company's underlying fundamentals "are as strong as ever and low hanging fruit on the investor messaging side should drive improved stock sentiment," it contends.

Citigroup

Ygal Arounian

Strong Buy

Initiates

$140

2024-11-04

Reason

Citigroup

Ygal Arounian

Price Target

$140

2024-11-04

Initiates

Strong Buy

Reason

Citi analyst Ygal Arounian initiated coverage of Kaspi.kz with a Buy rating and $140 price target. The firm sees a continued "strong growth runway domestically and now internationally." Kaspi.kz has a "Super App" in Kazakhstan that has essentially dominated its home market and is "very deeply engrained" in the retail economy in Kazakhstan, the analyst tells investors in a research note. The firm says the company operates a payments business, a marketplace business, and fintech business, all within two core apps, one consumer facing and one merchant facing.

See All Ratings

Valuation Metrics

The current forward P/E ratio for Kaspi.kz AO (KSPI.O) is 6.88, compared to its 5-year average forward P/E of 6.73. For a more detailed relative valuation and DCF analysis to assess Kaspi.kz AO 's fair value, click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

Fair

5Y Average PE

6.73

Current PE

6.88

Overvalued PE

9.98

Undervalued PE

3.49

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

N/A

5Y Average EV/EBITDA

4.33

Current EV/EBITDA

0.00

Overvalued EV/EBITDA

6.11

Undervalued EV/EBITDA

2.55

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

N/A

5Y Average PS

3.68

Current PS

0.00

Overvalued PS

5.07

Undervalued PS

2.30