Kaspi.kz (NasdaqGS:KSPI): Evaluating Valuation Following Goldman Sachs Upgrade and Upcoming Earnings Call

Goldman Sachs recently upgraded Kaspi.kz (NasdaqGS:KSPI), highlighting the company’s current valuation discount despite regulatory hurdles and higher interest rates. Investors are watching closely ahead of the upcoming earnings call.

See our latest analysis for Kaspi.kz.

Kaspi.kz has weathered a volatile year, with its share price dropping 26.4% since January and a one-year total shareholder return of -35.3%. This reflects the market’s caution amid regulatory and interest rate headwinds. Still, the company’s strong long-term track record and an analyst upgrade this month are rekindling some optimism about future growth potential.

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With shares still trading at a notable discount to analyst price targets, investors face a key question: is Kaspi.kz genuinely undervalued, or is the market already factoring in the anticipated rebound in growth?

Most Popular Narrative: 34.2% Undervalued

With a narrative fair value of $111.40 and Kaspi.kz’s last close at $73.32, the perceived discount signals a dramatic valuation gap. The discussion is driven by expectations for recovery and expansion, even as investors remain wary of lingering challenges.

Successful international entry into Turkey (Hepsiburada) and ongoing investments in banking capabilities demonstrate the company's long-term strategy to tap underpenetrated markets and leverage its platform expertise. This approach offers potential for new revenue streams, geographic diversification, and higher long-term earnings growth.

Read the complete narrative.

Want to uncover what powers this bullish forecast? The factors include multi-region revenue bets, margin playbooks, and unique assumptions about future profit levels. Don’t miss the surprising details behind the numbers that drive this bold valuation.

Result: Fair Value of $111.40 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, ongoing regulatory pressures and fierce competition in both Kazakhstan and Turkey could still undermine Kaspi.kz’s recovery and future earnings growth.

Find out about the key risks to this Kaspi.kz narrative.

Build Your Own Kaspi.kz Narrative

If you see things differently or want to dive deeper into your own research, you can build a custom narrative in just a few minutes. Do it your way

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.

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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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