Joint Stock Company Kaspi.kz

NasdaqGS:KSPI Rapport sur les actions

Capitalisation boursière : US$18.8b

Kaspi.kz Résultats passés

Passé contrôle des critères 3/6

Kaspi.kz a connu une croissance annuelle moyenne de ses bénéfices de 21.8%, tandis que le secteur Consumer Finance a vu ses bénéfices augmenter de en baisse à 2% par an. Les revenus ont augmenté de en hausse à un taux moyen de 35% par an. Le rendement des capitaux propres de Kaspi.kz est 39% et ses marges nettes sont de 24.2%.

Informations clés

21.80%

Taux de croissance des bénéfices

21.99%

Taux de croissance du BPA

Consumer Finance Croissance de l'industrie7.20%
Taux de croissance des recettes34.98%
Rendement des fonds propres39.03%
Marge nette24.15%
Dernière mise à jour des bénéfices30 Jun 2026

Mises à jour récentes des performances passées

Recent updates

Seeking Alpha • Sep 16

Kaspi.kz: Strong, Growing, And Underappreciated

Summary Kaspi operates a dominant Super App ecosystem in Kazakhstan, integrating payments, e-commerce, and fintech with substantial transaction and lending scale. Türkiye expansion via Hepsiburada and Rabobank A.Ş. offers a long-term growth option, leveraging existing scale to replicate Kaspi’s integrated model. Loan portfolio mix is shifting toward longer-duration, higher-value loans; NPL coverage decline is offset by stable delinquency metrics, supporting continued profitability. Read the full article on Seeking Alpha
Mise à jour du récit • Sep 03

KSPI: Turkey Execution And Dividend Momentum Will Support Future Confidence

Kaspi.kz's updated analyst price target moves to $124.18 from $117.74, as analysts factor in revised assumptions on growth, margins and future P/E, following recent sector research that cited healthy U.S. consumer trends and a possible shift in Turkey from an investment phase toward acceleration. Analyst Commentary Bullish analysts point to Kaspi.kz as a beneficiary of healthier U.S. consumer spending and credit trends in the payments and consumer finance space.
Mise à jour du récit • Aug 18

KSPI: Turkey Expansion And Margin Reset Will Shape Upcoming Shareholder Decisions

Kaspi.kz's analyst fair value has shifted from $96.96 to $101.47 as analysts factor in updated profit margin and valuation assumptions alongside a Street price target move to $100, supported by expectations that the Turkey expansion could be moving from an investment phase toward acceleration. What's in the News Kaspi.kz reported Q2 2026 results that management described as strong, with 15% revenue growth driven by e commerce and expansion of its fintech loan portfolio.
Article d’analyse • Aug 15

Analyst Estimates: Here's What Brokers Think Of Joint Stock Company Kaspi.kz (NASDAQ:KSPI) After Its Second-Quarter Report

It's been a good week for Joint Stock Company Kaspi.kz ( NASDAQ:KSPI ) shareholders, because the company has just...
Mise à jour du récit • Aug 04

KSPI: 2026 Shareholder Meeting And Margin Reset Will Shape Future Returns

Kaspi.kz's analyst price target has been adjusted from $94.64 to $96.96 as analysts factor in updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News Kaspi.kz has scheduled a special or extraordinary shareholders meeting for June 11, 2026, which may address key corporate matters or approvals.
Mise à jour du récit • Jul 21

KSPI: Turkish Expansion And Lower Margin Assumptions Will Shape Future P/E Potential

Analysts have raised their Kaspi.kz price target by $1.78, citing updated assumptions on fair value, revenue growth, profit margins, and future P/E that are reflected in the latest Street research. What's in the News Kaspi.kz has completed its acquisition of Rabobank A.Ş., a fully licensed Turkish bank, after receiving prior regulatory approval from Türkiye’s Banking Regulation and Supervision Agency, according to recent company announcements.
Mise à jour du récit • Jul 07

KSPI: Turkey Bank Acquisition And Resilient Margins Will Frame Future Returns

Kaspi.kz's analyst price target has been raised by $8, with analysts pointing to updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E to support the change. What’s in the News for Kaspi.kz Kaspi.kz received regulatory approval from Türkiye’s Banking Regulation and Supervision Agency (BDDK) to acquire Rabobank A.Ş., a fully licensed Turkish bank, subject to customary closing conditions, according to recent news reports.
Mise à jour du récit • Jun 23

KSPI: Dividend Momentum And Earnings Resilience Will Support Future Confidence

Kaspi.kz's analyst price target has been adjusted slightly higher by $8. Analysts point to updated assumptions on the discount rate, revenue growth, profit margin, and future P/E to support the change.
Article d’analyse • Jun 16

Kaspi.kz (NasdaqGS:KSPI) Stock Could Be 16% Undervalued After Dividend Affirmation

Kaspi.kz dividend and governance moves come into focus Kaspi.kz (NasdaqGS:KSPI) has drawn fresh attention after affirming a KZT 850 dividend per common share, with payments starting on 11 June 2026, following an extraordinary general meeting. At that meeting, shareholders also approved three members to Kaspi.kz’s Counting commission with an unlimited term of powers. This governance detail sits alongside the dividend decision as investors reassess the stock’s risk and income profile. See our...
Mise à jour du récit • Jun 07

KSPI: Execution And Earnings Resilience Will Support Confidence After Susquehanna Upgrade

Analysts now estimate Kaspi.kz’s fair value at about $118, down from roughly $128, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E in light of recent research, including the Susquehanna price target revision. What's in the News Analysts incorporate the Susquehanna price target revision into updated fair value work, linking the new US$118 estimate to recent research coverage.
Mise à jour du récit • May 24

KSPI: Lower Margin Assumptions Will Pressure Future P/E Driven Return Potential

Kaspi.kz's analyst price target has shifted to $81.95 from $83.27 as analysts factor in updated views on revenue growth, profit margins and future P/E. Recent Street research such as Susquehanna's $8 price target adjustment adds context to the new outlook.
Nouveau récit • May 20

Kaspi.kz represents a high-quality, high-growth fintech/e-commerce platform

Below is a structured Investment Memo for Joint Stock Company Kaspi.kz , based primarily on official Investor Relations financial information and supporting official disclosures. This is followed by a SWOT (DAFO) analysis with referenced insights.
Mise à jour du récit • May 04

KSPI: Future P/E Framework And Dividend Payout Will Guide Balanced Return Potential

Analysts have lifted their Kaspi.kz price target by about $3 to reflect updated views on fair value, revenue growth, profit margins and future P/E following recent research, including Susquehanna's $8 price target increase. Analyst Commentary Even with the recent upward move in fair value estimates, some bearish analysts are still flagging risks that could cap upside for Kaspi.kz if things do not go to plan.
Mise à jour du récit • Apr 20

KSPI: Dividend Support And Resilient Margins Will Drive Future Upside

Analysts have trimmed their Kaspi.kz price target by roughly $1.55 per share. Slightly lower fair value and profit margin assumptions outweighed higher modeled revenue growth and a modestly lower future P/E, with the recent downgrade from Susquehanna cited as reinforcing a more cautious stance.
Mise à jour du récit • Apr 06

KSPI: Future P/E Reset And Dividend Policy Are Expected To Shape Returns

Analysts have trimmed their price target on Kaspi.kz from $87.52 to $79.97, citing updated assumptions for revenue growth, profit margins and a lower future P/E multiple, along with a recent downgrade from Susquehanna that reflects a more cautious stance on the shares. Analyst Commentary Bearish analysts are signaling that the latest cut in the Kaspi.kz price target to $79.97 reflects growing concern about how current assumptions on revenue growth, profit margins and the future P/E multiple compare with execution risks.
Mise à jour du récit • Mar 23

KSPI: Higher Margins And Dividend Policy Will Support Future Upside

Analysts have trimmed their price target on Kaspi.kz from $107.59 to $99.47, citing more cautious revenue growth assumptions, a slightly lower discount rate, a modestly higher profit margin outlook, and a lower future P/E, in line with the recent downgrade and a softer stance in Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the reduced discount rate and slightly higher profit margin outlook as signs that Kaspi.kz is still seen as capable of supporting solid profitability over time, even with a lower price target.
Mise à jour du récit • Mar 08

KSPI: Execution And Earnings Resilience Will Support Confidence After Susquehanna Downgrade

Analysts have trimmed their price target on Kaspi.kz from about $136 to $128, citing lower projected revenue growth, a slightly adjusted discount rate, and a more conservative future P/E assumption, partly reflected in the recent downgrade from Susquehanna. Analyst Commentary While some research has turned more cautious on Kaspi.kz, there are still clear areas that bullish analysts highlight when they look at the story, especially around execution, growth potential, and how those factors could feed into valuation over time.
Mise à jour du récit • Feb 22

KSPI: Execution And Profitability Will Underpin Confidence After Recent Downgrade

Analysts have trimmed their Kaspi.kz price target from about $142 to roughly $136, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, along with a recent downgrade from Susquehanna that has contributed to a more cautious stance. Analyst Commentary Bullish Takeaways Bullish analysts point to Kaspi.kz's current P/E assumptions as still leaving room for upside if the company can deliver on its planned execution and maintain its profitability profile.
Mise à jour du récit • Feb 08

KSPI: Updated Fair Value Will Support Confidence Despite Recent Downgrade

Analysts have lifted their fair value estimate for Kaspi.kz from US$130.73 to US$142.24, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, even as some firms have turned more cautious in recent research. Analyst Commentary Despite the recent downgrade from one research house, the overall Street discussion around Kaspi.kz still includes some constructive angles that many retail investors focus on when weighing the name against its updated fair value of US$142.24.
Mise à jour du récit • Jan 25

KSPI: Stable Profitability And Lower P/E Will Support Future Upside Potential

Kaspi.kz's updated analyst price target now reflects a fair value of about $107.59, slightly below the prior $108.16, as analysts fine tune their assumptions on the discount rate, revenue growth, profit margin and forward P/E to align more closely with recent inputs. Valuation Changes Fair Value: The price target was adjusted slightly from about $108.16 to about $107.59, a small downward move in the modeled fair value.
Mise à jour du récit • Jan 11

KSPI: Slightly Lower Fair Value Will Support Future Upside Potential

Analysts have trimmed their fair value estimate for Kaspi.kz from US$108.57 to US$108.16, reflecting updates to their assumptions on the discount rate, revenue growth, profit margin, and forward P/E. Valuation Changes Fair value estimate trimmed slightly from US$108.57 to US$108.16 per share.
Mise à jour du récit • Dec 23

KSPI: Forward Earnings Discount Is Expected To Drive Future Upside

Analysts have raised their price target on Kaspi.kz to $107 from $114, citing the stock's 25% decline over the past year and its current significant discount to historical forward earnings multiples despite ongoing regulatory and macro headwinds. Analyst Commentary Analyst sentiment on Kaspi.kz has turned more constructive at the margin, with the latest price target adjustment to $107 reflecting both recognition of the company’s resilient fundamentals and acknowledgement of persistent headwinds.
Mise à jour du récit • Dec 09

KSPI: Discounted Entry After 25% Pullback Will Drive Future Upside

Analysts have nudged their fair value estimate for Kaspi.kz slightly higher from approximately $108.32 to $108.57, citing the stock's recent 25% pullback and its current significant discount to historical forward earnings multiples, despite ongoing regulatory and macro headwinds. Analyst Commentary Analyst sentiment around Kaspi.kz has turned more constructive following the recent share price correction, with upgraded ratings reflecting a view that current levels undervalue the company relative to its historical fundamentals and earnings power.
Mise à jour du récit • Nov 25

KSPI: Discounted Price Will Offer Upside As Regulatory Headwinds Fade

Analysts have slightly reduced their price target for Kaspi.kz from $114 to $107, citing continued regulatory challenges and a higher monetary policy environment. They also noted the stock's current discounted valuation.
Mise à jour du récit • Nov 06

KSPI: Upgraded Buy Rating Will Drive Upside Amid Regulatory Pressures

Analysts lowered their price target for Kaspi.kz from $111.40 to $109.68, citing recent regulatory headwinds and persistent monetary policy pressures. They also noted the stock's current discounted valuation despite improved revenue growth prospects.
Mise à jour du récit • Oct 23

Analysts Weigh Attractive Valuation and Risks as Kaspi.kz Faces Regulatory and Market Headwinds

Analysts have reduced their price target for Kaspi.kz from $114 to $107, citing ongoing regulatory costs and a challenging monetary policy environment. However, they note that the stock's recent decline leaves it trading at a significant discount to historical earnings multiples.
Mise à jour du récit • Oct 08

Kazakhstan And Turkey Markets Will Unlock Digital Opportunity

Kaspi.kz's analyst price target has been revised downward from $114 to $107, as analysts cite regulatory headwinds, persistent monetary policy challenges, and recent stock underperformance as contributing factors. Analyst Commentary Analysts have issued updated perspectives on Kaspi.kz following recent developments and share price movements.
Mise à jour du récit • Aug 27

Kazakhstan And Turkey Markets Will Unlock Digital Opportunity

Kaspi.kz’s valuation outlook has shifted as analysts significantly lowered both future P/E and revenue growth expectations, yet the consensus price target only edged up slightly from $111.07 to $112.84. What's in the News Kaspi.kz and Alipay+ have enabled international cross-border QR payments in Kazakhstan, allowing users of 12 Alipay+-enabled apps to pay via Kaspi QR at a wide range of merchants.
Seeking Alpha • Jan 15

Kaspi: A High-Quality Technology Business Trading On A Dirt Cheap Multiple

Summary Kaspi is a dominant market leader in Kazakhstan across payments, e-commerce, and fintech, boasting 41% net income margins in Q3 2024. 70% of the Kazakhstan population use Kaspi on a monthly basis and engagement across their suite of services is very high. The company has a proven track record of launching and scaling new services, such as online travel and groceries, and is expanding internationally into markets like Turkey. Kaspi's very high insider ownership (73%) and visionary CEO, Mikheil Lomtadze, ensure strong alignment with shareholder interests and ambitious growth plans. Despite geopolitical risks, Kaspi's current valuation (7x forward P/E) offers a compelling investment opportunity with potential for significant returns and geographic portfolio diversification. Read the full article on Seeking Alpha
Seeking Alpha • Jan 09

Kaspi.kz Has Flourished With Growth, But Long-Term Future May Depend On Overseas Expansion

Summary Kaspi (NASDAQ: KSPI) is a high-growth fintech company in Kazakhstan, offering essential apps like Kaspi Super App and Kaspi Pay with strong user and merchant bases. Despite high price/book ratios, Kaspi's low P/E multiples and strong dividend policy make it an attractive investment, especially given its impressive revenue and earnings growth. Kaspi's expansion efforts, including the acquisition of Hepsiburada in Turkey, are crucial for future growth beyond Kazakhstan, though they come with inherent risks. Investors should monitor Kazakhstan's economic conditions and Kaspi's international ventures, as these factors will significantly impact the company's future performance. Read the full article on Seeking Alpha
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Nouveau récit • Nov 07

Kaspi's Expansion In Turkey Promises Long-Term Growth Despite Economic Headwinds

Strategic acquisition in Turkey and advanced service integration are expected to drive long-term revenue and earnings growth through technology leverage and operational efficiencies.
Seeking Alpha • Oct 27

Hepsiburada Changes Everything For Kaspi

Summary Kaspi's acquisition of Hepsiburada aims to expand its market presence beyond Kazakhstan, targeting Turkey's growing eCommerce sector despite competition and valuation challenges. Hepsiburada's innovative culture aligns with Kaspi's, offering BNPL loans, payment services, and logistics, and boasts high customer satisfaction with an NPS of 75. Turkish market risks include Chinese competition and fluctuating inflation, complicating Hepsiburada's valuation, but Kaspi's strategic move could yield significant long-term growth. Kaspi's Q3 results showed solid growth despite inflation, and the company's response to short-seller criticisms reinforces confidence in its transparency and systemic importance. Read the full article on Seeking Alpha
Seeking Alpha • Sep 24

Kaspi.kz: Look Beyond The Short Seller Report, But Hold For Now (Downgrade)

Summary Kaspi faces allegations of money laundering and Russian business ties, but it's unclear if they violated sanctions or were complicit. Kaspi's valuation is questioned, with comparisons to competitors and concerns about high value per user. Kaspi's response to the allegations is vague, but Fitch's BBB- rating provides some credibility. Despite Kaspi's strengths, I recommend holding off on investments until the next earnings call for more clarity. Read the full article on Seeking Alpha
Seeking Alpha • Jul 10

Kaspi.kz: The Super App Remains Super

Summary Kaspi.kz stock has seen a 31.6% total return in recent months. Investors are becoming more aware of the company's growth potential. Strong performance is expected to continue in the near future. Read the full article on Seeking Alpha
Seeking Alpha • May 17

Kaspi.kz: Kazakh Super App Offers Hypergrowth At Value Prices

Summary Kaspi.kz is Kazakhstan's most valuable listed company, offering a super app with features like payments, e-commerce, travel, and government services. The company has a dominant market position and is growing rapidly, with a low valuation and a policy of returning capital to shareholders. Kaspi.kz's revenue and net income quality is improving due to marketplace and payments growth. Kaspi is also expanding internationally. We rate the stock a BUY with a conservative target price of $129. Read the full article on Seeking Alpha
Seeking Alpha • Feb 23

Kaspi.kz: Dominant Business With More Room To Grow

Summary Kaspi is a super app in Kazakhstan, offering ecommerce, payments, and fintech services. The company's growth potential lies in increasing usage within its active user base and potential international expansion. Despite the risk associated with investing in a frontier market, Kaspi's strong financials and growth trajectory make it an attractive investment opportunity. Read the full article on Seeking Alpha

Ventilation des recettes et des dépenses

Comment Kaspi.kz gagne et dépense de l'argent. Sur la base des derniers bénéfices déclarés, sur une base LTM.

Historique des gains et des recettes

NasdaqGS:KSPI Recettes, dépenses et bénéfices (KZT Millions )
DateRecettesLes revenusDépenses G+ADépenses de R&D
30 Jun 264,429,8621,069,921267,508228,539
31 Mar 264,296,9221,070,515253,827216,854
31 Dec 254,043,3281,073,177235,744198,872
30 Sep 253,656,0781,100,697189,920168,656
30 Jun 253,181,4791,090,972139,681140,842
31 Mar 252,803,5131,072,196107,945118,509
31 Dec 242,544,1391,039,73983,922103,839
30 Sep 242,370,679972,12179,686103,267
30 Jun 242,223,509933,58472,70798,474
31 Mar 242,061,394887,84764,29892,806
31 Dec 231,902,598841,35156,52684,758
30 Sep 231,722,373784,21747,19777,923
30 Jun 231,559,341718,30444,28071,058
31 Mar 231,408,004656,18742,97664,811
31 Dec 221,269,215585,02653,98857,559
30 Sep 221,151,798534,24547,71954,527
30 Jun 221,053,118492,83145,37750,718
31 Mar 22970,264459,76543,16447,783
31 Dec 21885,478431,91432,38744,388
30 Sep 21753,756373,8199,66341,442
30 Jun 21675,046318,18618,65937,019
31 Mar 21611,752272,70523,45332,836
31 Dec 20602,869260,96428,92729,183
30 Sep 20611,615244,43256,48422,905
30 Jun 20586,148233,52462,56525,562
31 Mar 20569,537225,29347,60819,634
31 Dec 19513,914193,79043,19218,891
30 Sep 19467,463158,29338,44017,435
30 Jun 19433,061133,01722,51812,371
31 Mar 19400,437114,15931,51215,975
31 Dec 18375,331105,54028,11414,719
30 Sep 18347,96292,42525,77213,941
30 Jun 18316,93476,46323,28213,306
31 Mar 18282,87277,7979,045379
31 Dec 17275,75349,01520,68212,503
31 Dec 16223,3034,15915,16711,120
31 Dec 1587,583-8,1531,4630

Des revenus de qualité: KSPI a des bénéfices de haute qualité.

Augmentation de la marge bénéficiaire: Les marges bénéficiaires nettes actuelles de KSPI sont inférieures à celles de l'année dernière KSPI. (24.2%) sont inférieures à celles de l'année dernière (34.3%).

Analyse des flux de trésorerie disponibles par rapport aux bénéfices

Analyse de la croissance passée des bénéfices

Tendance des revenus: Les bénéfices de KSPI ont augmenté de manière significative de 21.8% par an au cours des 5 dernières années.

Accélération de la croissance: KSPI a connu une croissance négative de ses bénéfices au cours de l'année écoulée, elle ne peut donc pas être comparée à sa moyenne sur 5 ans.

Bénéfices par rapport au secteur d'activité: KSPI a enregistré une croissance négative de ses bénéfices ( -1.9% ) au cours de l'année écoulée, ce qui rend difficile la comparaison avec la moyenne du secteur Consumer Finance ( 15.5% ).

Rendement des fonds propres

ROE élevé: Le retour sur capitaux propres de KSPI ( 39% ) est considéré comme élevé.

Rendement des actifs

Rendement des capitaux employés

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Analyse de l'entreprise et données financières

DonnéesDernière mise à jour (heure UTC)
Analyse de l'entreprise2026/09/16 17:31
Cours de l'action en fin de journée2026/09/16 00:00
Les revenus2026/06/30
Revenus annuels2025/12/31

Sources de données

Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.

PaquetDonnéesCadre temporelExemple de source américaine *
Finances de l'entreprise10 ans
  • Compte de résultat
  • Tableau des flux de trésorerie
  • Bilan
Estimations consensuelles des analystes+3 ans
  • Prévisions financières
  • Objectifs de prix des analystes
Prix du marché30 ans
  • Cours des actions
  • Dividendes, scissions et actions
Propriété10 ans
  • Actionnaires principaux
  • Délits d'initiés
Gestion10 ans
  • L'équipe dirigeante
  • Conseil d'administration
Principaux développements10 ans
  • Annonces de l'entreprise

* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.

Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.

Modèle d'analyse et flocon de neige

Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github ; nous proposons également des guides sur la façon d’utiliser nos rapports et des tutoriels sur YouTube.

Découvrez l' qui a conçu et construit le modèle d'analyse Simply Wall St.

Indicateurs de l'industrie et du secteur

Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.

Sources des analystes

Joint Stock Company Kaspi.kz est couverte par 12 analystes. 3 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.

AnalysteInstitution
Maksim NekrasovCitigroup Inc
Ronald JoseyCitigroup Inc
Ronak GadhiaEFG-Hermes Research