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Kaspi.kz JSC Sponsored ADR RegS (KSPI)
NASDAQ:KSPI
RESEARCH TOOLSreports
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Kaspi.kz JSC Sponsored ADR RegS
(NASDAQ:KSPI)
79Outperform
Kaspi.kz JSC Sponsored ADR RegS (KSPI) vs. S&P 500 (SPY)
Market Cap
$18.76B
Dividend Yield7.65%
Average Volume (3M)402.09K
Price to Earnings (P/E)8.1
Beta (1Y)0.58
Revenue Growth28.55%
EPS Growth19.93%
CountryUS
Employees7,802
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)11.63
Shares Outstanding190,015,730
10 Day Avg. Volume383,043
30 Day Avg. Volume402,092
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$133.00Price Target Upside37.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Kaspi.kz JSC Sponsored ADR RegS Business Overview & Revenue Model
Company DescriptionKaspi.kz JSC Sponsored ADR RegS (KSPI) is a leading financial technology company in Kazakhstan, operating primarily in the digital payments, e-commerce, and financial services sectors. The company offers a diverse range of services including mobile payments, marketplace solutions, and consumer lending, leveraging its comprehensive digital ecosystem to cater to the needs of consumers and businesses across Kazakhstan.
How the Company Makes MoneyKaspi.kz generates revenue through multiple channels, primarily driven by its three core business segments: Payments, Marketplace, and Fintech. The Payments segment earns money by processing transactions through its mobile wallet and payment solutions, charging fees for both consumers and merchants. The Marketplace segment profits from commissions on goods and services sold through its e-commerce platform, where it connects buyers and sellers. The Fintech segment generates income through interest and fees associated with consumer loans and other financial products offered to its customer base. Additionally, Kaspi.kz benefits from strategic partnerships with banks and financial institutions, enhancing its service offerings and expanding its customer reach.
Kaspi.kz JSC Sponsored ADR RegS Financial Statement Overview
Summary
Kaspi.kz exhibits strong financial performance with notable revenue and profitability growth. The balance sheet is healthy with low leverage and high return on equity. However, a decline in operating cash flow suggests room for improvement in cash conversion efficiency.Income Statement
Kaspi.kz has demonstrated impressive growth in revenue, with a significant increase from 2023 to 2024. The gross profit margin improved to 62.3% in 2024 from 64.5% in 2023, indicating strong cost management. The net profit margin also increased to 41.2%, showcasing excellent profitability. However, the absence of EBIT data for 2024 limits a complete profitability analysis.90
Very Positive
Balance Sheet
The company maintains a healthy equity ratio of 18.1% in 2024, reflecting sound financial stability. The debt-to-equity ratio remains low at 0.15, indicating prudent leverage management. Return on equity is robust at 68.5%, signifying efficient use of shareholder funds. Nevertheless, the relatively low equity proportion of total assets could be a concern if liabilities increase unexpectedly.85
Very Positive
Cash Flow
Kaspi.kz experienced a decline in operating cash flow from 2023 to 2024, though free cash flow remains positive and significant at 486.2 billion. The operating cash flow to net income ratio is 0.56, suggesting moderate cash flow generation relative to net income. The free cash flow to net income ratio is 0.47, indicating good cash conversion but room for improvement in cash generation efficiency.75
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 2.52T | 1.89T | 1.25T | 889.57B | 647.52B | Gross Profit |
| 1.57T | 1.22T | 870.60B | 644.71B | 448.21B | EBIT |
| 0.00 | 998.80B | 720.57B | 528.80B | 317.82B | EBITDA |
| 1.27T | 998.80B | 704.19B | 533.55B | 325.95B | Net Income Common Stockholders |
| 1.04T | 841.35B | 585.03B | 431.91B | 260.96B |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 2.11T | 2.20T | 1.69T | 948.56B | 1.20T | Total Assets |
| 8.38T | 6.82T | 5.12T | 3.61T | 2.81T | Total Debt |
| 221.46B | 222.16B | 267.06B | 310.46B | 233.09B | Net Debt |
| -398.01B | -598.31B | -348.30B | -31.64B | -97.32B | Total Liabilities |
| 6.80T | 5.72T | 4.30T | 3.10T | 2.41T | Stockholders Equity |
| 1.52T | 1.08T | 819.16B | 499.73B | 391.12B |
| Cash Flow | Free Cash Flow | |||
| 486.17B | 1.06T | 961.52B | 45.45B | 599.54B | Operating Cash Flow |
| 581.89B | 1.11T | 1.02T | 70.35B | 617.73B | Investing Cash Flow |
| -108.36B | -218.36B | -487.16B | 289.75B | -364.71B | Financing Cash Flow |
| -709.77B | -675.97B | -275.91B | -352.58B | -177.49B |
Kaspi.kz JSC Sponsored ADR RegS Technical Analysis
Negative
96.40
Price Trends
98.58
Negative
101.65
Negative
110.25
Negative
Market Momentum
-1.35
Positive
43.35
Neutral
33.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KSPI, the sentiment is Negative. The current price of 96.4 is below the 20-day moving average (MA) of 98.98, below the 50-day MA of 98.58, and below the 200-day MA of 110.25, indicating a bearish trend. The MACD of -1.35 indicates Positive momentum. The RSI at 43.35 is Neutral, neither overbought nor oversold. The STOCH value of 33.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KSPI.
Kaspi.kz JSC Sponsored ADR RegS Risk Analysis
Kaspi.kz JSC Sponsored ADR RegS disclosed 68 risk factors in its most recent earnings report. Kaspi.kz JSC Sponsored ADR RegS reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kaspi.kz JSC Sponsored ADR RegS Peers Comparison
Overall Rating
UnderperformOutperform
Sector (55)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $18.76B | 8.14 | 83.96% | 7.65% | 28.55% | 19.93% | |
78 Outperform | $74.37B | 173.29 | 5.93% | ― | 28.46% | 185.04% | |
76 Outperform | $106.22B | 56.62 | 51.50% | ― | 43.56% | 91.72% | |
74 Outperform | $69.43B | 17.75 | 20.00% | ― | 7.10% | 4.45% | |
73 Outperform | $38.77B | 13.75 | 14.50% | ― | 10.06% | 38060.98% | |
72 Outperform | $193.64B | 69.29 | 19.58% | ― | 27.85% | 1400.97% | |
55 Neutral | $4.58B | -19.70 | -4.70% | 5.70% | 27.38% | -68.17% |
* General Sector Average
Performance Comparison
KSPI
Kaspi.kz JSC Sponsored ADR RegS
96.40
-19.96
-17.15%
MELI
Mercadolibre
2,134.31
596.85
38.82%
PYPL
PayPal Holdings
70.86
4.19
6.28%
XYZ
Block
62.58
-21.22
-25.32%
SE
Sea
130.30
74.74
134.52%
TSE:SHOP
Shopify
156.83
50.29
47.20%
Kaspi.kz JSC Sponsored ADR RegS Earnings Call Summary
Earnings Call Date: Feb 24, 2025 | % Change Since: -5.63% | Next Earnings Date: Apr 28, 2025
Earnings Call Sentiment Positive
Kaspi reported robust growth across its primary business segments with particularly strong performance in the marketplace and successful strategic expansion with the acquisition of Hepsiburada. However, macroeconomic challenges, including interest rate hikes and currency volatility, present potential hurdles.Highlights
Strong Growth Across All Platforms
Kaspi reported strong growth across its platforms. Payments TPV grew 30%, marketplace GMV grew 39%, and fintech financing volumes grew 21%. Consolidated revenue grew 28% with net income up 28% in Q4.
Marketplace Segment Success
The marketplace segment was the fastest-growing business for Kaspi, with GMV increasing by 39% and revenue by 43%. Notably, e-Grocery showed a very strong growth with 97% GMV increase.
Introduction of New Products
Kaspi introduced several new products, including Buy-Inventory-Now-Pay-Later and business deposits which saw rapid adoption, with 77,000 merchants using the deposit service.
Hepsiburada Acquisition
Kaspi completed its acquisition of Hepsiburada, expanding its market reach to Turkey, a market with over 85 million people, and a strong e-commerce foundation with 12 million active consumers.
Lowlights
Interest Rate and Macro Environment Challenges
Interest rates unexpectedly increased at the end of 2024, impacting fintech's bottom line growth. Additionally, the macro outlook in Kazakhstan remains mixed with potential challenges in 2025.
Currency Volatility
The Kazakhstani tenge experienced volatility and was 6% weaker against the dollar compared to 2024, affecting financial reporting in dollar terms.
Regulatory Discussions and Challenges
There are ongoing regulatory discussions in Kazakhstan about VAT and national payment networks, which could impact Kaspi's operations.
Company Guidance
During the Kaspi financial results webinar for the fourth quarter and full year 2024, the company reported strong performance across its platforms. Payment TPV grew by 30%, with net income increasing by 22% and revenue by 19%. The marketplace was the fastest-growing segment, with GMV rising 39%, revenue 43%, and net income 32%. The fintech business also showed significant growth, with financing volumes up 21% and net income increasing by 28%. Kaspi's consolidated net income for Q4 grew by 28%, while annual net income rose 25% year-over-year, driven by a 32% increase in revenue. The company emphasized its focus on transactions, boasting 73 monthly transactions per active consumer. Kaspi also highlighted its strategic acquisition of Hepsiburada, aiming to tap into Turkey's sizeable market with over 85 million people. For 2025, Kaspi provided a guidance of around 20% bottom line growth, excluding Turkey, reflecting the scale and complexity of its expanding operations.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.