Growth PotentialThe short-term risks are already priced in, while its medium-term growth trajectory and some potential positive catalysts in 2026-27 are underappreciated.
Market PositioningKaspi trades at an attractive 5.5x/4.5x P/E on 2026E/27E, a significant discount to the 3-year historical 12m forward P/E of 8.1x.
ValuationKaspi trades at an attractive risk/reward with a significant discount to the 3-year historical P/E, leading to an upgrade to Buy.