Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
/
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
JSC Kaspi.kz American Depositary Receipt represents ownership in JSC Kaspi.kz, a Kazakhstan-based technology-driven financial services company. The firm operates an integrated ecosystem built around three core platforms: a payments platform, a marketplace platform, and a fintech platform. Through its payments platform, Kaspi.kz enables cashless, digital transactions between consumers and merchants, supporting everyday payments and bill settlement across the economy. Its marketplace platform connects a broad network of merchants with consumers, facilitating online commerce and helping merchants increase sales while offering customers a wide selection of goods and services. The fintech platform allows users to manage personal finances digitally, providing access to consumer lending and deposit products through the Kaspi.kz Super App. Headquartered in Kazakhstan, JSC Kaspi.kz today serves as a central digital infrastructure player in its domestic market, combining financial services, e-commerce, and payments into a single, app-based ecosystem that is widely used by both individuals and businesses.
KZT 87.18
+KZT 0.33 (+0.38%)
Live · 02:13 PM · Twelve Data
Margins and capital returns are both well above average: 32.61% operating margin, ROIC at 43.28%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 59.8%, still solid. Margins contracted 17.8pp, which offsets some of the top-line progress.
ROIC dropped from 67.16% to 43.28%, capital efficiency is deteriorating. Operating margin contracted 17.8pp YoY, cost discipline may be slipping.
7.6x earnings, 11.6x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
KZT 4.29T
▲ +59.8% YoY
Net Income (TTM)
KZT 1.07T
▲ +1.0% YoY
Op. Margin
36.15%
▼ -17.8pp YoY
ROIC
43.28%
▼ -23.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
KZT 696.14B
▲ +1.0% YoY
Op. Cash Flow (TTM)
KZT 826.19B
▲ +15.9% YoY
Net Debt
-KZT 1.59T
Net Cash Position
Cash & Equiv.
KZT 2.06T
3Y CAGR: +47.5%
3Y CAGR: -20.1%
Continue Research
At a P/E of 7.6 and a price-to-free-cash-flow of 11.6, JSC Kaspi.kz American Depositary Receipt (KSPI) trades below a two-stage DCF intrinsic value of about KZT 192,645.54 per share, so at KZT 87.18 the stock looks undervalued (220,874.5% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, JSC Kaspi.kz American Depositary Receipt scores 69/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about KZT 192,645.54 per share for KSPI, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around KZT 144,484.15. At today's KZT 87.18, that puts the stock about 220,874.5% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
JSC Kaspi.kz American Depositary Receipt scores 69 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 36.2% operating margin and a 43.3% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. KSPI currently trades below its estimated intrinsic value and scores 69/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.