Joint Stock Company Kaspi.kz
KSPITechnology · 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.
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 accountP/E · PEG
- Is this a good business?Strong
Returns on capital, margins, and the cash they throw off.
Quality score — free accountROIC · margins
- Can it survive a bad year?Strong
Debt, liquidity, and balance-sheet resilience.
Safety score — free accountDebt · liquidity
- Are the numbers honest?Weak
Whether reported profit is backed by real cash.
Integrity score — free accountCash-backed profit
- Is it getting better?Strong
Revenue, earnings, and cash-flow trajectory.
Growth score — free accountRevenue · earnings
- Who runs it — and are they buying?Mixed
Capital allocation, dilution, and insider conviction.
Stewardship score — free accountDilution · 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.
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.
| Insider | Action | Shares | Value | Date |
|---|---|---|---|---|
| Kim Vyacheslavdirector | Sell | 2,989 | $0 | Oct 29, 2026 |
| Kim Vyacheslavdirector | Sell | 7,850 | $0 | Oct 29, 2026 |
| Kim Vyacheslavdirector | Sell | 6,632 | $0 | Oct 29, 2026 |
| Kim Vyacheslavdirector | Sell | 13,449 | $0 | Oct 28, 2026 |
| Kim Vyacheslavdirector | Sell | 515 | $0 | Oct 28, 2026 |
Source: SEC Form 4 filings. Open-market buys & sells only. Not investment advice.
See the interactive insider chart & every tradeBear · 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 accountGrowth disappoints and the multiple compresses — the downside if things go wrong.
Base case
Base case price target — free accountThe most likely path given current fundamentals — the scenario to anchor on.
Bull case
Bull case price target — free accountExecution beats expectations and growth holds — the upside if things go right.
Company financials
5-Year Financials
Income statement highlights — annual, USD
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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 Margin | 26.4% | 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
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.
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- Insider & congress activity
- 5-year financials
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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.