Goldman Sachs Upgrade Could Be a Game Changer for Kaspi.kz (KSPI)

• On October 7, 2025, Goldman Sachs analyst Mikhail Butkov upgraded Joint Stock Company Kaspi.kz (NASDAQ:KSPI) to Buy, highlighting the company’s attractive valuation after a year of regulatory and interest rate challenges.
• This upgrade draws investor attention to Kaspi.kz’s upcoming third-quarter earnings call on November 10, 2025, where the market looks for further insights into the company’s future outlook.
• We’ll explore how Goldman Sachs’ recognition of Kaspi.kz’s perceived undervaluation could impact its investment narrative and business outlook.

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Kaspi.kz Investment Narrative Recap

To be a Kaspi.kz shareholder, you need to believe in the company’s ability to translate rapid digital adoption and super-app engagement in Kazakhstan into consistent long-term profit growth. While the Goldman Sachs upgrade draws fresh attention, the most important short-term catalyst remains the November 10 earnings call, which is still expected to be the key event where management could address the company’s path beyond recent regulatory hurdles. For now, the upgrade itself does not materially change the largest risk: regulatory and market challenges in Kazakhstan and Turkey that can disrupt growth or pressure margins.

A particularly relevant recent announcement is Kaspi.kz’s partnership with Alipay+ for international QR payments, introduced in August 2025. This move positions the company to benefit from higher cross-border transaction volumes and reinforces its payments ecosystem, a major catalyst for revenue growth, just as investors focus on earnings momentum and operational resilience ahead of the next results.

Yet, against these positives, investors should watch for...

Read the full narrative on Kaspi.kz (it's free!)

Kaspi.kz's narrative projects KZT 5,094.9 billion revenue and KZT 1,669.2 billion earnings by 2028. This requires 17.0% yearly revenue growth and a KZT 578.2 billion earnings increase from the current earnings of KZT 1,091.0 billion.

Uncover how Kaspi.kz's forecasts yield a $111.40 fair value, a 52% upside to its current price.

Exploring Other Perspectives

Seventeen Simply Wall St Community members estimate fair value for Kaspi.kz between US$95 and US$215.61 per share. This range reflects how much ongoing regulatory shifts may shape future performance and invites you to compare your own view.

Explore 17 other fair value estimates on Kaspi.kz - why the stock might be worth over 2x more than the current price!

Build Your Own Kaspi.kz Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Kaspi.kz research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Kaspi.kz research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Kaspi.kz's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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