KSPI

Kaspi.kz BATS-CHIXE:KSPIL Stock Report

Last Price

US$57.90

Market Cap

US$10.9b

7D

1.3%

1Y

-48.8%

Updated

17 Sep, 2022

Data

Company Financials +
KSPIL fundamental analysis
Snowflake Score
Valuation6/6
Future Growth6/6
Past Performance4/6
Financial Health6/6
Dividends3/6

KSPIL Stock Overview

Joint Stock Company Kaspi.kz provides financial services primarily through the online mobile app in the Republic of Kazakhstan.

Kaspi.kz Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Kaspi.kz
Historical stock prices
Current Share PriceUS$57.90
52 Week HighUS$147.00
52 Week LowUS$24.80
Beta0
1 Month Change3.95%
3 Month Change14.43%
1 Year Change-48.76%
3 Year Changen/a
5 Year Changen/a
Change since IPO-20.14%

Recent News & Updates

Shareholder Returns

KSPILGB ITGB Market
7D1.3%-0.1%-1.6%
1Y-48.8%-40.6%-10.6%

Return vs Industry: KSPIL underperformed the UK IT industry which returned -40.6% over the past year.

Return vs Market: KSPIL underperformed the UK Market which returned -10.6% over the past year.

Price Volatility

Is KSPIL's price volatile compared to industry and market?
KSPIL volatility
KSPIL Average Weekly Movement6.6%
IT Industry Average Movement5.4%
Market Average Movement5.3%
10% most volatile stocks in GB Market11.0%
10% least volatile stocks in GB Market2.6%

Stable Share Price: KSPIL is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: KSPIL's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
20087,700Mikheil Lomtadzehttps://ir.kaspi.kz

Joint Stock Company Kaspi.kz provides financial services primarily through the online mobile app in the Republic of Kazakhstan. The company operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment connects its customers comprising consumer and merchants to facilitate cashless and digital payment transactions.

Kaspi.kz Fundamentals Summary

How do Kaspi.kz's earnings and revenue compare to its market cap?
KSPIL fundamental statistics
Market CapUS$10.93b
Earnings (TTM)US$1.04b
Revenue (TTM)US$2.22b

10.5x

P/E Ratio

4.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
KSPIL income statement (TTM)
Revenue₸1.05t
Cost of Revenue₸87.86b
Gross Profit₸965.85b
Other Expenses₸473.02b
Earnings₸492.83b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)2.57k
Gross Margin91.66%
Net Profit Margin46.77%
Debt/Equity Ratio32.3%

How did KSPIL perform over the long term?

See historical performance and comparison

Dividends

3.6%

Current Dividend Yield

38%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

KSPIL 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/Revenue4.7x
Enterprise Value/EBITDA5.9x
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

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

KSPIL PE Ratio vs Peers
The above table shows the PE ratio for KSPIL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average73.5x
WISE Wise
176.1x35.6%UK£5.8b
NETW Network International Holdings
25.2x32.9%UK£1.6b
IBPO iEnergizer
14.1xn/aUK£917.4m
WPS W.A.G payment solutions
78.6x58.3%UK£647.6m
KSPIL Kaspi.kz
10.5x29.9%US$10.9b

Price-To-Earnings vs Peers: KSPIL is good value based on its Price-To-Earnings Ratio (10.5x) compared to the peer average (73.5x).


Price to Earnings Ratio vs Industry

How does KSPIL's PE Ratio compare vs other companies in the GB IT Industry?

Price-To-Earnings vs Industry: KSPIL is good value based on its Price-To-Earnings Ratio (10.5x) compared to the UK IT industry average (28.7x)


Price to Earnings Ratio vs Fair Ratio

What is KSPIL'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.

KSPIL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.5x
Fair PE Ratio56x

Price-To-Earnings vs Fair Ratio: KSPIL is good value based on its Price-To-Earnings Ratio (10.5x) compared to the estimated Fair Price-To-Earnings Ratio (56x).


Share Price vs Fair Value

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

Below Fair Value: KSPIL ($57.9) is trading below our estimate of fair value ($83.44)

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


Analyst Price Targets

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

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Kaspi.kz forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


29.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KSPIL's forecast earnings growth (29.9% per year) is above the savings rate (0.9%).

Earnings vs Market: KSPIL's earnings (29.9% per year) are forecast to grow faster than the UK market (8.8% per year).

High Growth Earnings: KSPIL's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: KSPIL's revenue (23.4% per year) is forecast to grow faster than the UK market (4.4% per year).

High Growth Revenue: KSPIL's revenue (23.4% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KSPIL's Return on Equity is forecast to be very high in 3 years time (77.7%).


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Past Performance

How has Kaspi.kz performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


41.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: KSPIL has a high level of non-cash earnings.

Growing Profit Margin: KSPIL's current net profit margins (46.8%) are lower than last year (47.1%).


Past Earnings Growth Analysis

Earnings Trend: KSPIL's earnings have grown significantly by 41.8% per year over the past 5 years.

Accelerating Growth: KSPIL's earnings growth over the past year (54.9%) exceeds its 5-year average (41.8% per year).

Earnings vs Industry: KSPIL earnings growth over the past year (54.9%) exceeded the IT industry 31.1%.


Return on Equity

High ROE: KSPIL's Return on Equity (70.1%) is considered outstanding.


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Financial Health

How is Kaspi.kz's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: KSPIL's short term assets (KZT3,071.8B) exceed its short term liabilities (KZT738.5B).

Long Term Liabilities: KSPIL's short term assets (KZT3,071.8B) exceed its long term liabilities (KZT2,657.9B).


Debt to Equity History and Analysis

Debt Level: KSPIL has more cash than its total debt.

Reducing Debt: KSPIL's debt to equity ratio has reduced from 156.6% to 32.3% over the past 5 years.

Debt Coverage: KSPIL's debt is well covered by operating cash flow (137.8%).

Interest Coverage: KSPIL's interest payments on its debt are well covered by EBIT (4x coverage).


Balance Sheet


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Dividend

What is Kaspi.kz current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.57%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: KSPIL's dividend (3.57%) is higher than the bottom 25% of dividend payers in the UK market (2.03%).

High Dividend: KSPIL's dividend (3.57%) is low compared to the top 25% of dividend payers in the UK market (5.61%).


Stability and Growth of Payments

Stable Dividend: KSPIL has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: KSPIL's dividend payments have increased, but the company has only paid a dividend for 2 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (37.7%), KSPIL's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (66.7%), KSPIL's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?


CEO

Mikheil Lomtadze (45 yo)

no data

Tenure

Mr. Mikheil N. Lomtadze was a Partner at Baring Vostok Capital Partners Limited. Mr. Lomtadze serves as Co-Founder at Joint Stock Company Kaspi.kz. which he joined in 2007.Prior to this, Mr. Lomtadze was...


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 98.25% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
28.79%
Baring Vostok Capital Partners Limited
55,176,952KZT3.2b0%79.73%
24.19%
V. Kim
46,374,777KZT2.7b0%no data
23.36%
Mikheil Lomtadze
44,779,623KZT2.6b0%no data
9.05%
JSC "Caspian Financial Group
17,347,729KZT1.0b0%no data
4%
Goldman Sachs Group, Investment Banking and Securities Investments
7,672,200KZT444.2m0%0.28%
2.25%
Fidelity International Ltd
4,303,516KZT249.2m0%0.12%
1.63%
Capital Research and Management Company
3,119,265KZT180.6m0.01%0.01%
1.32%
BlackRock, Inc.
2,526,255KZT146.3m-0.27%no data
0.47%
Schroder Investment Management Limited
895,630KZT51.9m0%0.04%
0.39%
Sands Capital Management, LLC
754,175KZT43.7m-11.75%0.12%
0.34%
Mawer Investment Management Ltd.
644,692KZT37.3m-3.3%0.1%
0.32%
Nikko Asset Management Co., Ltd.
605,597KZT35.1m0%0.01%
0.29%
Affiliated Managers Group, Inc.
564,327KZT32.7m0%1.4%
0.25%
Baillie Gifford & Co.
473,985KZT27.4m1.04%0.01%
0.24%
abrdn plc
460,748KZT26.7m-0.47%0.02%
0.23%
Van Eck Associates Corporation
449,380KZT26.0m0%0.05%
0.22%
Strategic Advisers LLC
425,676KZT24.6m0%0.02%
0.15%
Boston Partners Global Investors, Inc.
283,517KZT16.4m0%0.01%
0.14%
FMR LLC
272,308KZT15.8m0%no data
0.12%
TT International Investment Management LLP
231,535KZT13.4m0%0.49%
0.11%
ARK Investment Management LLC
209,161KZT12.1m-1.52%0.07%
0.11%
East Capital Asset Management AB
205,195KZT11.9m0%3.56%
0.1%
J.P. Morgan Asset Management, Inc.
194,919KZT11.3m-34.59%no data
0.096%
Bessemer Investment Management LLC
183,572KZT10.6m-28.82%0.02%
0.095%
Columbia Management Investment Advisers, LLC
181,524KZT10.5m0%no data

Company Information

Joint Stock Company Kaspi.kz's employee growth, exchange listings and data sources


Key Information

  • Name: Joint Stock Company Kaspi.kz
  • Ticker: KSPIL
  • Exchange: BATS-CHIXE
  • Founded: 2008
  • Industry: Data Processing and Outsourced Services
  • Sector: Software
  • Implied Market Cap: US$10.926b
  • Shares outstanding: 191.68m
  • Website: https://ir.kaspi.kz

Number of Employees


Location

  • Joint Stock Company Kaspi.kz
  • 154 A Nauryzbai Batyr Street
  • Almaty
  • 50013
  • Kazakhstan


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KSPIKAS (Kazakhstan Stock Exchange)Common SharesKZKZTJul 2018
KAKZ.FOTCPK (Pink Sheets LLC)YesSPON GDR REG SUSUSDJun 2019
KSPILSE (London Stock Exchange)YesSPON GDR REG SGBUSDJun 2019
KKSDB (Deutsche Boerse AG)YesSPON GDR REG SDEEURJun 2019
KSPIDKAS (Kazakhstan Stock Exchange)YesSPON GDR REG SKZUSDJun 2019
KSPILBATS-CHIXE (BATS 'Chi-X Europe')YesSPON GDR REG SGBUSDJun 2019
80TELSE (London Stock Exchange)GDR EACH REPR 1 ORD SHS SPON 144AGBUSDOct 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/17 00:00
End of Day Share Price2022/09/16 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.