Joint Stock Company Kaspi.kz (KSPI) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Joint Stock Company Kaspi.kz $193, price $93.86, upside +105.5%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Joint Stock Company Kaspi.kz for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $34.64 – $128.73 · fair‑value band $95.00 – $609.03 · the $93.86 price screens below the $192.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
Follow Joint Stock Company Kaspi.kz in your weekly email
Every Wednesday you see whether Joint Stock Company Kaspi.kz is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech.
Show more
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
Stock analysis
Joint Stock Company Kaspi.kz (KSPI) currently trades at $93.86, while our model-based Fair Value estimate is $192.90, implying the stock looks roughly 51.3% undervalued today.
Show more
Valuation
How firm this estimate is: it rests on 20 models at a data quality of 93/100, which puts the evidence level at medium.
Scenario range: $95.00 (bear) to $609.03 (bull), the price of $93.86 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Joint Stock Company Kaspi.kz reported revenue of 3.9T KZT in FY2025 versus 885B KZT in FY2021, a compound +45.2%/yr. Reported net income was 1.0T KZT in FY2025, compounding +24.5%/yr from FY2021.
Key figures
Market cap $17.8B · P/E ratio 8.5 · P/S ratio 2.23 · EPS (TTM) $11.10 · Dividend yield 4.4% · Net margin 26.4% · Return on equity 46.8% · Return on assets (EBIT) 16.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at 106%, KSPI screens cheaper than that median.
Fair Value models
Bear $95.00Fair Value $192.90Bull $609.03
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($8.12 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+56.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+43.5%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+39.9%
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+36.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.3%
Dividend (yield on the price)4.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.49% → 33%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+17.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in KZT, Kazakhstan: IMF forecast 8.6% a year to 2030, 9.7% from 2016 to 2025) that is about −10.3% a year for the price and +7.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (89 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Joint Stock Company Kaspi.kz with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 377 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+106% · Top 25%
Profitability
Return on equity (TTM)47% · Top 25%
Return on assets14% · Top 25%
Net margin (TTM)25% · Top 25%
Operating margin (TTM)0% · Below median
Growth and dividend
Revenue growth31% · Top 25%
Dividend yield (TTM)4.4% · Top 25%
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Joint Stock Company Kaspi.kz Fair Value". https://www.fairvalue-calculator.com/stock/KSPI
Frequently asked questions
Is Joint Stock Company Kaspi.kz (KSPI) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $192.90 versus a price of $93.86, about +106% upside (undervalued).
What is the fair value of KSPI?
Our model-based fair value for Joint Stock Company Kaspi.kz is $192.90 (as of Sep 23, 2026), built from audited fundamentals. The current price: $93.86.
What is the quality score of KSPI?
Joint Stock Company Kaspi.kz has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Joint Stock Company Kaspi.kz (KSPI)?
Our model-based price target is the fair value of $192.90 (as of Sep 23, 2026) from 10 valuation models. Cautious scenario $95.00, optimistic scenario $609.03. It is a calculation from audited fundamentals, not an analyst target.
What is the Joint Stock Company Kaspi.kz stock forecast for 2026?
Our models put fair value at $192.90, about +106% upside versus a price of $93.86 (undervalued). Cautious scenario $95.00, optimistic scenario $609.03. The calculation is refreshed regularly with new filings.
What is the revenue of Joint Stock Company Kaspi.kz (KSPI)?
Joint Stock Company Kaspi.kz reported trailing-twelve-month revenue of about 3.6T KZT (latest available figure, as of Sep 23, 2026).
Does Joint Stock Company Kaspi.kz pay a dividend?
Joint Stock Company Kaspi.kz currently shows a dividend yield of about 4.37% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Joint Stock Company Kaspi.kz (KSPI)?
For today's price to be fair in a discounted-cash-flow model, Joint Stock Company Kaspi.kz would have to grow free cash flow by -2.6 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +43.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of KSPI use?
Our models discount Joint Stock Company Kaspi.kz at 8.1 %: a base by market capitalisation (large), damped by beta 0.08, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Joint Stock Company Kaspi.kz that is -2.6 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Joint Stock Company Kaspi.kz (KSPI) delivered so far?
Over the past 5 years revenue at Joint Stock Company Kaspi.kz grew +43.5 % a year. The price currently implies -2.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Joint Stock Company Kaspi.kz (KSPI) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Joint Stock Company Kaspi.kz (-2.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Joint Stock Company Kaspi.kz (KSPI)?
The free-cash-flow yield on the price is 6.19 %: that much free cash flow Joint Stock Company Kaspi.kz produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Joint Stock Company Kaspi.kz (KSPI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Joint Stock Company Kaspi.kz it is $192.90 per share (as of Sep 23, 2026), against a price of $93.86. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Joint Stock Company Kaspi.kz stock overvalued or undervalued in 2026?
As of Sep 23, 2026, KSPI trades below its calculated fair value: price $93.86, fair value $192.90, a gap of about +106% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KSPI?
No. The price is what the market pays today ($93.86); the fair value is what the company's own numbers justify ($192.90). For Joint Stock Company Kaspi.kz the two are $99.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Joint Stock Company Kaspi.kz worth?
The market values Joint Stock Company Kaspi.kz at about $17.8B (market capitalisation, as of Sep 23, 2026). Per share that is $93.86; our models calculate a fair value of $192.90 per share.
What do the bullish and bearish scenarios say about KSPI?
Our models span a range for Joint Stock Company Kaspi.kz: cautious scenario $95.00, base $192.90, optimistic $609.03 per share (as of Sep 23, 2026, price $93.86). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KSPI?
Joint Stock Company Kaspi.kz trades at a price-to-earnings ratio of 8.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $192.90 is built from several models across several years. Other multiples: P/B 3.3, P/S 2.2, EV/EBITDA 3.1.
How solid is the balance sheet of Joint Stock Company Kaspi.kz (KSPI)?
Balance-sheet figures for Joint Stock Company Kaspi.kz (as of Sep 23, 2026): return on equity 46.8%, debt of 0.14 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is KSPI from its 52-week high?
Joint Stock Company Kaspi.kz trades at $93.86, about 14% below its 52-week high of $108.75 and 43% above the low of $65.81 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $192.90 is for.
Which stocks are comparable to Joint Stock Company Kaspi.kz?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Joint Stock Company Kaspi.kz stock attractive at the current price?
The data as of Sep 23, 2026: price $93.86, calculated fair value $192.90 (+106%), Quality Score 60/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KSPI calculated?
We run Joint Stock Company Kaspi.kz through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $192.90, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Joint Stock Company Kaspi.kz currently trades 106 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Joint Stock Company Kaspi.kz (KSPI)?
The closing price on Sep 23, 2026 was $93.86. Our model-based fair value is $192.90, about +106% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Joint Stock Company Kaspi.kz right now?
The model range is unusually wide ($95.00 to $609.03). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Joint Stock Company Kaspi.kz
How large is the market capitalisation of Joint Stock Company Kaspi.kz (KSPI)?
The market capitalisation of Joint Stock Company Kaspi.kz is $17.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Joint Stock Company Kaspi.kz (KSPI)?
The price-to-sales ratio of Joint Stock Company Kaspi.kz is 2.23 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Joint Stock Company Kaspi.kz (KSPI)?
Earnings per share at Joint Stock Company Kaspi.kz are $11.10 (price ÷ EPS = P/E 8.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Joint Stock Company Kaspi.kz (KSPI)?
The dividend yield of Joint Stock Company Kaspi.kz is 4.4% (payout 37.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Joint Stock Company Kaspi.kz (KSPI)?
The net margin of Joint Stock Company Kaspi.kz is 26.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Joint Stock Company Kaspi.kz (KSPI)?
The return on equity (ROE) of Joint Stock Company Kaspi.kz is 46.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Joint Stock Company Kaspi.kz (KSPI)?
On an EBIT basis the return on assets of Joint Stock Company Kaspi.kz is 16.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Joint Stock Company Kaspi.kz (KSPI)?
Revenue at Joint Stock Company Kaspi.kz is growing +31.3% versus a year earlier (3y avg +45.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Joint Stock Company Kaspi.kz (KSPI)?
Earnings per share at Joint Stock Company Kaspi.kz are growing −1.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Joint Stock Company Kaspi.kz (KSPI) hold?
Joint Stock Company Kaspi.kz holds more cash than debt, 433B KZT net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Joint Stock Company Kaspi.kz in the live analysis
One click puts Joint Stock Company Kaspi.kz on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Some data
Sep 23, 2026