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

• Market Cap: $17.76B
• Dividend Yield: 8.12%
• Average Volume (3M): 322.28K
• Price to Earnings (P/E): 7.9
• Beta (1Y): 0.84
• Revenue Growth: 28.65%
• EPS Growth: 6.05%
• Country: US
• Employees: 7,802
• Sector: General
• Sector Strength: N/A
• Industry: Software - Infrastructure
• EPS (TTM): 2.52
• Shares Outstanding: 190,015,730
• 10 Day Avg. Volume: 245,375
• 30 Day Avg. Volume: 322,283
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: <0.01
• Enterprise Value/Gross Profit: <0.01
• Enterprise Value/Ebitda: 0.01
• 1Y Price Target: $105.33
• Price Target Upside: 16.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 81 Outperform
• Price Target: $105.00 ▲(16.45% Upside)

Kaspi.kz's overall stock score is driven by its strong financial performance and attractive valuation, with a low P/E ratio and high dividend yield. The company's robust growth across various segments, as highlighted in the earnings call, further supports the positive outlook. Technical indicators suggest a neutral trend, while challenges such as regulatory impacts and high interest rates are areas to monitor.

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 streams, primarily driven by its three core business segments. The Kaspi.kz Marketplace generates income by facilitating e-commerce transactions and charging merchants a commission on sales. The Payments segment earns revenue from processing fees on transactions conducted through its payment platform, which includes mobile and online payments. The Fintech segment contributes to earnings by offering financial products such as loans and installment plans, earning interest and fees from these services. The company's revenue model is further supported by strategic partnerships with retailers and financial institutions, enhancing its service offerings and expanding its customer base.

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	3.16T	2.52T	1.89T	1.25T	889.57B	647.52B
Gross Profit	1.98T	1.57T	1.22T	870.60B	644.71B	448.21B
EBITDA	1.56T	1.27T	998.80B	704.19B	533.55B	325.95B
Net Income	1.09T	1.04T	841.35B	585.03B	431.91B	260.96B
Balance Sheet
Total Assets	10.05T	8.38T	6.82T	5.12T	3.61T	2.81T
Cash, Cash Equivalents and Short-Term Investments	2.25T	2.11T	2.20T	1.69T	948.56B	1.20T
Total Debt	591.47B	221.46B	222.16B	267.06B	310.46B	233.09B
Total Liabilities	8.02T	6.80T	5.72T	4.30T	3.10T	2.41T
Stockholders Equity	1.95T	1.52T	1.08T	819.16B	499.73B	391.12B
Cash Flow
Free Cash Flow	665.46B	486.17B	1.06T	961.52B	45.45B	599.54B
Operating Cash Flow	807.08B	581.89B	1.11T	1.02T	70.35B	617.73B
Investing Cash Flow	-279.55B	-108.36B	-218.36B	-487.16B	289.75B	-364.71B
Financing Cash Flow	-55.10B	-709.77B	-675.97B	-275.91B	-352.58B	-177.49B

Kaspi.kz JSC Sponsored ADR RegS Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 90.17
• 50DMA: Positive
• 100DMA: Positive
• 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 90.17 is below the 20-day moving average (MA) of 93.19, above the 50-day MA of 87.83, and below the 200-day MA of 92.96, indicating a neutral trend. The MACD of 1.05 indicates Positive momentum. The RSI at 48.22 is Neutral, neither overbought nor oversold. The STOCH value of 41.03 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	81 Outperform	$17.76B	7.93	69.34%	8.12%	28.65%	6.05%
GEN	73 Outperform	$18.60B	30.79	27.54%	1.69%	10.34%	0.68%
FFIV	68 Neutral	$17.99B	27.05	20.58%	―	8.94%	22.30%
OKTA	64 Neutral	$16.36B	109.39	2.61%	―	12.68%	―
NTNX	59 Neutral	$18.02B	104.97	6.85%	―	18.11%	―
Sector *	55 Neutral	$6.15B	-2.31	-24.71%	6.04%	15.14%	1.34%
RBRK	49 Neutral	$17.30B	―	218.28%	―	43.89%	49.74%