Kaspi.kz (NasdaqGS:KSPI) Valuation Check After Q3 2025 Revenue Jump and 5% Post-Results Share Price Gain

Kaspi.kz (NasdaqGS:KSPI) just delivered Q3 2025 results showing 20% year over year revenue growth, and the stock has nudged about 5% higher as investors digest its Payments, Marketplace, and Fintech momentum.

See our latest analysis for Kaspi.kz.

The upbeat reaction to Q3, including the roughly 5% move since results, sits against a weaker backdrop, with a year to date share price return of minus 22.33% and a 1 year total shareholder return of minus 29.31%, suggesting sentiment is still rebuilding even though the 3 year total shareholder return of 20.14% shows long term holders are still ahead.

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With shares still well below analysts’ price targets and valuation screens flagging a steep intrinsic discount, are investors overlooking Kaspi.kz’s earnings power, or is the market already pricing in the next leg of its growth story?

Most Popular Narrative: 28.6% Undervalued

With the narrative fair value sitting well above Kaspi.kz’s last close of $77.36, the current discount is framed as an opportunity grounded in detailed forecasts.

The analysts have a consensus price target of KZT112.839 for Kaspi.kz based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of KZT130.73, and the most bearish reporting a price target of just KZT86.54.

Read the complete narrative.

Want to see what powers that upside case? The narrative leans on compound revenue gains, resilient margins, and a future earnings multiple that challenges today’s sentiment. Curious?

Result: Fair Value of $108.32 (UNDERVALUED)

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

However, sustained regulatory pressure and prolonged higher interest rates could delay margin recovery and limit the potential upside implied by today’s discounted valuation.

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

Build Your Own Kaspi.kz Narrative

If you see the story differently or want to dig into the numbers yourself, you can build a custom view in just a few minutes: Do it your way

A great starting point for your Kaspi.kz research is our analysis highlighting 4 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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