Kaspi.kz JSC Sponsored ADR RegS (KSPI) AI Stock Analysis

• Market Cap: $16.75B
• Dividend Yield: 8.49%
• Average Volume (3M): 351.37K
• Price to Earnings (P/E): 7.3
• Beta (1Y): 0.71
• Revenue Growth: 28.55%
• EPS Growth: 19.93%
• Country: US
• Employees: 7,802
• Sector: General
• Sector Strength: N/A
• Industry: Software - Infrastructure
• EPS (TTM): 11.63
• Shares Outstanding: 190,015,730
• 10 Day Avg. Volume: 421,658
• 30 Day Avg. Volume: 351,374
• PEG Ratio: 0.37
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): N/A
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $133.00
• Price Target Upside: 55.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

Kaspi.kz is performing well financially, with strong revenue and profitability growth, and maintains a robust balance sheet. Valuation metrics are attractive, suggesting the stock might be undervalued. However, technical indicators are bearish, indicating potential short-term challenges. The recent earnings call highlighted significant growth and strategic expansion, although macroeconomic factors pose risks.

Kaspi.kz JSC Sponsored ADR RegS Business Overview & Revenue Model

Company Description

Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan. It operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment facilities transactions between customers and merchants. This segment offers shopping transactions, regular household bills, and peer to peer payments for consumers; accepts payment online and in store, issue and settle invoices, pay suppliers and monitor merchant turnover. It also provides proprietary data facilities informed decision making across multiple areas of business. Its Marketplace Platform segment connects online, and offline merchants and consumers enabling merchants to enhance its sales through an omni channel strategy and enable consumers to buy products and services from various merchants. This segment also operates marketplace through m-commerce, a mobile solution for shopping in person which consumers can use e-commerce to shop anywhere, anytime with free delivery; Kaspi Travel allows consumers to book domestic and international flights and package holidays, domestic rail tickets. It also enhances merchants sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with BNPL, finance, and savings products and merchants with merchant finance services through super apps and Kapsi.kz Super app. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; and storage and processing of information services. The company was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.

How the Company Makes Money

Kaspi.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 shows strong financial performance with impressive growth in revenue and profitability. The balance sheet reflects solid financial health with low leverage and high return on equity. Despite the decline in operating cash flow, free cash flow remains healthy, supporting the company's cash position. Continued focus on cash flow improvements will further strengthen financial stability.

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.

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.

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.

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

• Technical Analysis Sentiment: Negative
• Last Price: 85.58
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 85.58 is below the 20-day moving average (MA) of 89.24, below the 50-day MA of 96.23, and below the 200-day MA of 107.09, indicating a bearish trend. The MACD of -3.50 indicates Positive momentum. The RSI at 42.18 is Neutral, neither overbought nor oversold. The STOCH value of 55.52 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 Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KSPI	79 Outperform	$16.75B	7.34	83.96%	8.49%	28.55%	19.93%
TOST	76 Outperform	$19.72B	―	1.46%	―	28.33%	―
FFIV	76 Outperform	$14.91B	25.73	19.51%	―	3.02%	31.36%
CPAY	74 Outperform	$21.69B	22.08	31.34%	―	5.77%	6.37%
OKTA	69 Neutral	$17.68B	1,737.54	0.46%	―	15.33%	―
IOT	64 Neutral	$21.36B	―	-15.61%	―	33.26%	47.73%
Sector *	55 Neutral	$3.89B	-11.96	-15.29%	5.24%	19.71%	-42.97%