Joint Stock Company Kaspi.kz

NasdaqGS:KSPI Stock Report

Market Cap: US$20.9b

Kaspi.kz Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 KSPI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KSPI ($110.21) is trading below our estimate of fair value ($240.75)

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


Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for KSPI. This is calculated by dividing KSPI's market cap by their current earnings.
What is KSPI's PE Ratio?
PE Ratio10.7x
Earnings₸972.12b
Market Cap₸10.37t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for KSPI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average29.5x
SOFI SoFi Technologies
82x35.8%US$14.8b
SYF Synchrony Financial
8x-8.4%US$25.3b
DFS Discover Financial Services
14x3.8%US$44.2b
ALLY Ally Financial
14x28.4%US$11.0b
KSPI Kaspi.kz
10.7x23.7%US$20.9b

Price-To-Earnings vs Peers: KSPI is good value based on its Price-To-Earnings Ratio (10.7x) compared to the peer average (29.5x).


Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
YRD Yiren Digital
1.8xn/aUS$507.70m
XYF X Financial
1.7xn/aUS$302.56m
No more companies available in this PE range
KSPI 10.7xIndustry Avg. 12.3xNo. of Companies4PE0816243240+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KSPI is good value based on its Price-To-Earnings Ratio (10.7x) compared to the US Consumer Finance industry average (12.3x).


Price to Earnings Ratio vs Fair Ratio

What is KSPI'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.

KSPI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.7x
Fair PE Ratio24.4x

Price-To-Earnings vs Fair Ratio: KSPI is good value based on its Price-To-Earnings Ratio (10.7x) compared to the estimated Fair Price-To-Earnings Ratio (24.4x).


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 KSPI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$110.21
US$139.13
+26.2%
18.2%US$175.00US$90.37n/a9
Nov ’25US$108.83
US$141.36
+29.9%
18.8%US$174.06US$92.40n/a8
Oct ’25US$103.62
US$152.40
+47.1%
14.9%US$181.00US$109.68n/a7
Sep ’25US$130.93
US$150.39
+14.9%
16.7%US$180.66US$100.47n/a7
Aug ’25US$124.32
US$148.52
+19.5%
15.0%US$174.21US$101.80n/a7
Jul ’25US$128.64
US$147.31
+14.5%
12.6%US$171.97US$108.12n/a7
Jun ’25US$126.40
US$150.12
+18.8%
13.2%US$173.42US$109.03n/a6
May ’25US$115.46
US$151.04
+30.8%
6.3%US$160.31US$135.00n/a4
Apr ’25US$130.98
US$155.53
+18.7%
1.6%US$159.07US$153.53n/a3

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.


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