Kaspi.kz Valuation

Is KKS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of KKS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KKS (€103) is trading below our estimate of fair value (€230.67)

Significantly Below Fair Value: KKS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KKS?

Key metric: As KKS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for KKS. This is calculated by dividing KKS's market cap by their current earnings.
What is KKS's PE Ratio?
PE Ratio	10.7x
Earnings	₸972.12b
Market Cap	₸10.37t

KKS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.2x
Enterprise Value/EBITDA	5.5x
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

How does KKS's PE Ratio compare to its peers?

The above table shows the PE ratio for KKS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	12.2x
OT8 Eleving Group	9.8x	n/a	€190.9m
DB1 Deutsche Börse	20.8x	4.6%	€38.5b
DBK Deutsche Bank	8x	13.4%	€31.2b
E4I Multitude	10.1x	18.3%	€104.0m
KKS Kaspi.kz	10.7x	23.7%	€20.9b

Price-To-Earnings vs Peers: KKS is good value based on its Price-To-Earnings Ratio (10.7x) compared to the peer average (12.2x).

Price to Earnings Ratio vs Industry

How does KKS's PE Ratio compare vs other companies in the European Consumer Finance Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: KKS is expensive based on its Price-To-Earnings Ratio (10.7x) compared to the European Consumer Finance industry average (9.2x).

Price to Earnings Ratio vs Fair Ratio

What is KKS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KKS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.7x
Fair PE Ratio	24.6x

Price-To-Earnings vs Fair Ratio: KKS is good value based on its Price-To-Earnings Ratio (10.7x) compared to the estimated Fair Price-To-Earnings Ratio (24.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst KKS forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€103.00	€131.03 +27.2%	18.2%	€164.82	€85.11	n/a	9
Nov ’25	€99.00	€130.94 +32.3%	18.8%	€161.23	€85.59	n/a	8
Oct ’25	€92.00	€136.87 +48.8%	14.9%	€162.56	€98.50	n/a	7
Sep ’25	€116.00	€136.07 +17.3%	16.7%	€163.46	€90.91	n/a	7
Aug ’25	€114.00	€137.63 +20.7%	15.0%	€161.44	€94.34	n/a	7
Jul ’25	€118.00	€135.16 +14.5%	12.6%	€157.78	€99.20	n/a	7
Jun ’25	€115.00	€138.99 +20.9%	13.2%	€160.57	€100.95	n/a	6
May ’25	€111.00	€141.11 +27.1%	6.3%	€149.77	€126.12	n/a	4
Apr ’25	€118.00	€143.67 +21.8%	1.6%	€146.93	€141.81	n/a	3

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

Exor

€20.1b

Engages in the luxury goods, automotive, agricultural and construction equipment, commercial vehicles, and professional football businesses worldwide.

EYX

€94.05

-1.6%

10.8%

Mutares SE KGaA

€456.9m

A private equity firm specializing in investments in secondary direct, special situations, bridge financing, recapitalization, distressed/vulture, management succession, reorganization, carve-outs, turnarounds, spin-offs and re-funding.

MUX

€22.15

-2.9%

-32.5%

Merchants Bancorp

US$1.8b

Operates as the diversified bank holding company in the United States.

3KD

US$38.00

3.8%

25.8%