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

• Market Cap: $14.17B
• Dividend Yield: 2.22%
• Average Volume (3M): 541.25K
• Price to Earnings (P/E): 6.9
• Beta (1Y): 1.05
• Revenue Growth: 36.40%
• EPS Growth: 1.10%
• Country: US
• Employees: 7,802
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 2.70
• Shares Outstanding: 190,015,730
• 10 Day Avg. Volume: 563,556
• 30 Day Avg. Volume: 541,249
• PEG Ratio: 0.39
• Price to Book (P/B): 6.22
• Price to Sales (P/S): 3.74
• P/FCF Ratio: 19.41
• Enterprise Value/Market Cap: 1.11
• Enterprise Value/Revenue: <0.01
• Enterprise Value/Gross Profit: <0.01
• Enterprise Value/Ebitda: <0.01
• 1Y Price Target: $107.00
• Price Target Upside: 46.96% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 10.99
• Revenue Forecast (FY): $6.54B

• Rating: 72 Outperform
• Price Target: $79.00 ▲(8.50% Upside)

Kaspi.kz JSC's overall stock score is driven by its strong financial performance and optimistic earnings call guidance, which highlight robust growth and strategic initiatives. However, the technical analysis indicates bearish momentum, which tempers the overall score. The attractive valuation with a low P/E ratio and high dividend yield provides additional support, making the stock appealing for value and income-focused investors.

Positive Factors

Revenue Growth

The consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term financial stability.

Innovative Services

Innovative service offerings enhance customer engagement and competitive positioning, driving future growth and market expansion.

Cash Flow Generation

Robust cash flow generation supports reinvestment in growth initiatives and provides financial flexibility for strategic opportunities.

Negative Factors

Smartphone Supply Disruption

Supply disruptions can hinder sales growth and operational efficiency, potentially affecting short-term performance and customer satisfaction.

Regulatory Challenges

New regulatory taxes can pressure profit margins and require strategic adjustments to maintain financial performance.

Cost Pressures

Rising costs can erode profitability, necessitating efficiency improvements to sustain margins and shareholder value.

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

Company Description

Kaspi.kz JSC Sponsored ADR RegS (KSPI) is a leading technology and financial services company based in Kazakhstan. Operating primarily in the fintech sector, it provides a range of services including digital banking, e-commerce, and payment processing through its innovative platform. The company focuses on offering consumer and merchant services, enabling users to conduct transactions seamlessly while enhancing financial inclusion across the region.

How the Company Makes Money

Kaspi.kz generates revenue through several key streams. Primarily, it earns income from its digital banking services, which include fees from transactions, account maintenance, and loan interest. The e-commerce segment contributes significantly through commissions on sales made through its marketplace platform, as well as advertising fees from merchants. Additionally, the company benefits from payment processing fees charged to businesses using its payment solutions. Strategic partnerships with local and international firms enhance its offerings and customer reach, further driving revenue growth.

Kaspi.kz JSC Sponsored ADR RegS Financial Statement Overview

Summary

Kaspi.kz JSC exhibits a robust financial position with strong revenue growth and profitability metrics. The company maintains a healthy balance sheet with effective leverage management and high return on equity. Cash flow generation is solid, although there is room for improvement in cash flow efficiency. Overall, the company is well-positioned for continued growth, albeit with some areas to monitor for potential cost pressures and cash flow optimization.

Income Statement

Kaspi.kz JSC demonstrates strong revenue growth with a 13.52% increase in TTM, supported by robust gross and net profit margins of 64.85% and 38.56%, respectively. The EBIT and EBITDA margins are also impressive at 52.37%, indicating efficient operational management. However, the slight decline in net profit margin from the previous year suggests potential cost pressures.

Balance Sheet

The balance sheet is solid with a manageable debt-to-equity ratio of 0.36, reflecting prudent leverage. The return on equity is notably high at 74.52%, showcasing effective use of shareholder funds. However, the equity ratio is moderate, suggesting room for improvement in asset financing.

Cash Flow

Cash flow performance is strong, with a 27.32% growth in free cash flow, indicating healthy cash generation. The free cash flow to net income ratio of 0.84 suggests efficient conversion of earnings into cash. However, the operating cash flow to net income ratio is relatively low, indicating potential areas for cash flow optimization.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.63T	2.52T	1.89T	1.27T	885.48B	647.52B
Gross Profit	2.33T	1.57T	1.22T	1.17T	812.11B	448.21B
EBITDA	1.60T	1.27T	998.80B	1.02T	713.63B	325.95B
Net Income	1.10T	1.04T	841.35B	585.03B	431.91B	260.96B
Balance Sheet
Total Assets	10.35T	8.38T	6.82T	5.12T	3.61T	2.81T
Cash, Cash Equivalents and Short-Term Investments	501.52B	2.11T	2.20T	615.36B	948.56B	1.20T
Total Debt	438.05B	221.46B	222.16B	224.42B	310.46B	233.09B
Total Liabilities	8.01T	6.80T	5.72T	4.30T	3.10T	2.41T
Stockholders Equity	2.27T	1.52T	1.08T	819.16B	499.73B	391.12B
Cash Flow
Free Cash Flow	502.03B	486.17B	1.06T	961.52B	45.45B	599.54B
Operating Cash Flow	611.33B	581.89B	1.11T	1.02T	70.35B	617.73B
Investing Cash Flow	-157.04B	-108.36B	-218.36B	-487.16B	289.75B	-364.71B
Financing Cash Flow	107.62B	-709.77B	-675.97B	-275.91B	-352.58B	-177.49B

Kaspi.kz JSC Sponsored ADR RegS Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 72.81
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KSPI, the sentiment is Positive. The current price of 72.81 is below the 20-day moving average (MA) of 73.97, below the 50-day MA of 75.67, and below the 200-day MA of 85.65, indicating a neutral trend. The MACD of 0.28 indicates Negative momentum. The RSI at 61.75 is Neutral, neither overbought nor oversold. The STOCH value of 77.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	72 Outperform	$14.17B	6.87	61.74%	2.22%	36.40%	1.10%
FFIV	68 Neutral	$13.86B	20.21	20.60%	―	9.66%	23.87%
GEN	67 Neutral	$16.19B	28.72	25.03%	1.84%	15.97%	-6.65%
OKTA	62 Neutral	$14.22B	95.08	2.96%	―	12.12%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NTNX	60 Neutral	$12.78B	62.96	―	―	17.45%	―
RBRK	48 Neutral	$13.70B	―	―	―	47.72%	61.95%

Kaspi.kz JSC Sponsored ADR RegS Corporate Events

Kaspi.kz Reports Strong Financial Performance for Nine Months Ending September 2025

On November 13, 2025, Kaspi.kz JSC released its unaudited interim condensed consolidated financial information for the nine months ending September 30, 2025. The company reported a significant increase in revenue and net income compared to the previous year, indicating strong operational performance. This financial update underscores Kaspi.kz’s robust market position and its ability to effectively manage growth and technological advancements, which are crucial for maintaining its competitive edge in the evolving financial services sector.

Kaspi.kz Reports Strong Q3 2025 Financial Results Amidst Market Challenges

On November 10, 2025, Kaspi.kz released its financial results for the third quarter and first nine months of 2025, reporting a 20% year-over-year increase in revenue and a 12% rise in net income for Q3. The company faced challenges from smartphone supply disruptions and regulatory changes, impacting growth. However, excluding these factors, underlying revenue and net income showed strong growth. The company has launched new initiatives like Kaspi Alaqan, a pay-by-palm service, and expanded its advertising services, indicating a focus on innovation and market expansion. Despite external challenges, Kaspi.kz expects continued growth in its core business and has announced a $100 million ADS repurchase program, reflecting confidence in its long-term prospects.