Free Preview — Full live KSPI analysis. Sign up for the exact buy prices + your own stocks.
Start Free
KS

Joint Stock Company Kaspi.kz

KSPI

Technology · Software - Infrastructure · NASDAQ

$92.56

P/E 8.5×

Is Joint Stock Company Kaspi.kz (KSPI) Undervalued? Valuation & Fair Price

At $92.56, the frameworks are split on Joint Stock Company Kaspi.kz today — Warren Buffett and Peter Lynch rate it Buy, Phil Town (Rule #1) rates it Avoid, and Benjamin Graham rates it Hold. Each model calculates its own fair value and margin of safety; create a free account to see the exact buy price behind every verdict.

Valuo fair-value verdict

Joint Stock Company Kaspi.kz looks 198% undervalued

KSPI trades at $92.56 versus a blended fair value of $275.77 across 4 investor frameworks. That's a 198% margin of safety to our estimate — the exact buy-below price from each framework is below.

The four investor lenses

See how each legend judges KSPI

Pick a lens — the fair-value rail and its checklist update. The exact prices unlock with a free account.

Buffett: Wonderful businesses at a fair price — moat, high returns on capital, owner earnings.

The Value RailUndervalued· +120% upside
1 of 1 fair values are above today's price of $93.
← Lower priceHigher price →
Buffett

Where Buffett marks fair value — the exact price is in the full analysis.

Buffett's checklist

Return on Equity

ROE Consistency

ROE Quality (Low Leverage)

Debt Levels

The full checklist, the exact fair value, and all four lenses side by side

Unlock free →

The six questions · KSPI

signal free · score locked

  • Is it cheap enough?Strong

    A great business at the wrong price is still a bad buy.

    Price score — free account

    P/E · PEG

  • Is this a good business?Strong

    Returns on capital, margins, and the cash they throw off.

    Quality score — free account

    ROIC · margins

  • Can it survive a bad year?Strong

    Debt, liquidity, and balance-sheet resilience.

    Safety score — free account

    Debt · liquidity

  • Are the numbers honest?Weak

    Whether reported profit is backed by real cash.

    Integrity score — free account

    Cash-backed profit

  • Is it getting better?Strong

    Revenue, earnings, and cash-flow trajectory.

    Growth score — free account

    Revenue · earnings

  • Who runs it — and are they buying?Mixed

    Capital allocation, dilution, and insider conviction.

    Stewardship score — free account

    Dilution · insiders

Strong on Price, Quality, Safety, Growth; weak on Integrity.

Inside · Price

Price is what you pay for the cash a business earns. Roughly under ~15× earnings is cheap; over ~30× the market is already pricing in strong growth, so you need that growth to show up.

The exact number, the reference bands, and each legend's take unlock free.

See the numbers — free account

Insider & congress activity

Are insiders buying KSPI?

Over recent SEC Form 4 filings, KSPI insiders bought $0 and sold $0 of stock across 100 open-market trades. Insiders sell for many reasons, but they buy for one.

Bought $0Sold $0
Recent open-market insider trades for KSPI
InsiderActionSharesValueDate
Kim VyacheslavdirectorSell2,989$0Oct 29, 2026
Kim VyacheslavdirectorSell7,850$0Oct 29, 2026
Kim VyacheslavdirectorSell6,632$0Oct 29, 2026
Kim VyacheslavdirectorSell13,449$0Oct 28, 2026
Kim VyacheslavdirectorSell515$0Oct 28, 2026

Source: SEC Form 4 filings. Open-market buys & sells only. Not investment advice.

See the interactive insider chart & every trade

Bear · base · bull

Three ways KSPI could play out

A fair-value target for each scenario, with the assumptions behind it.

Bear case

Bear case price target — free account

Growth disappoints and the multiple compresses — the downside if things go wrong.

Base case

Base case price target — free account

The most likely path given current fundamentals — the scenario to anchor on.

Bull case

Bull case price target — free account

Execution beats expectations and growth holds — the upside if things go right.

See all three price targets — free account

Company financials

5-Year Financials

Income statement highlights — annual, USD

Metric20252024202320222021
Revenue$8.7B
$5.6B
$4.2B
$2.8B
$2.0B
Rev. Growth+56.1%+33.4%+48.9%+43.3%—
Net Income$2.3B$2.3B$1.9B$1.3B$952M
Net Margin26.4%41.2%44.5%46.1%48.8%
EPS (Diluted)$12.04$12.07$9.77$6.72$4.95

About Joint Stock Company Kaspi.kz

CEO

Mikheil N. Lomtadze

Sector

Technology

Industry

Software - Infrastructure

Joint Stock Company Kaspi.kz, established in 2008 and based in Almaty, Kazakhstan, operates alongside its subsidiaries to deliver a comprehensive suite of digital services encompassing payments, e-commerce, and financial technology. These offerings cater to both individual consumers and a diverse range of merchants. The company's operations are structured around three core platforms: Payments, Marketplace, and Fintech. The Payments Platform is designed to streamline transactions between customers and businesses. For consumers, it facilitates shopping payments, routine bill settlements, and peer-to-peer money transfers. For merchants, it enables them to accept payments both online and in-store, generate and manage invoices, pay suppliers, and monitor their sales performance. This platform also leverages proprietary data to inform strategic business decisions across various operational areas. The Marketplace Platform functions as an integrated hub, connecting online and physical retailers with consumers. Its primary goal is to boost merchant sales through a robust omnichannel strategy while providing shoppers with access to a vast selection of products and services. Key features include m-commerce, a mobile solution for in-person shopping, and e-commerce capabilities that allow users to shop anywhere, anytime, often with complimentary delivery. The platform also incorporates Kaspi Travel for booking domestic and international flights, holiday packages, and rail tickets. Furthermore, it enhances merchant revenues by integrating payment and fintech products, advertising solutions, and various delivery services. Finally, the Fintech Platform offers a range of financial products, primarily accessed through its Kaspi.kz Super App. Consumers can utilize Buy Now, Pay Later (BNPL) schemes, various lending options, and savings accounts, while merchants benefit from specialized financing services. Beyond these, Kaspi.kz's activities extend to traditional banking, the management of non-performing assets, real estate operations, payment processing, online travel services, and information storage and management.

You've seen KSPI. Now the ones you own.

Run this on a stock you actually hold

The full Buffett, Graham, Lynch & Rule #1 breakdown — exact buy prices, margin of safety, and the number behind every one of the six questions — on any ticker. Free account, 3 full analyses a month, no card.

Free right now

  • The verdict + the six-question shape
  • Today's price vs. four fair-value marks
  • Insider & congress activity
  • 5-year financials

With a free account

  • Every pillar's number + reference bands
  • All four exact buy prices & margin of safety
  • Reverse-DCF implied growth + bear/base/bull
  • Analyze any stock · watchlist · buy-zone alerts

More Technology stocks

Data as of Oct 24, 2026 · price updated Nov 3, 2026. Sourced from SEC filings & Financial Modeling Prep.

Educational Use Only · Not Financial Advice

Analysis, scores, valuations, and buy zones are derived from publicly documented investor frameworks (Buffett, Lynch, Benjamin Graham, Phil Town) for learning purposes only. They are not recommendations from licensed financial advisors. Past performance does not guarantee future results. Prices may be delayed up to 15 minutes. Always conduct your own research before making any investment decisions.