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Kaspi.kz (KSPI) Stock Analysis

This is a peer-relative look at Kaspi.kz (KSPI): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Financial Services peers, so every number reads in context rather than in isolation.

Company Profile

Kaspi.kz (KSPI) trades as an ADR rather than ordinary local shares — read it with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile fields for Kaspi.kz (KSPI)
Profile ItemKSPI
NameKaspi.kz JSC ADR
Country/RegionKazakhstan
GICS SectorFinancials
GICS Industry GroupFinancial Services
GICS IndustryConsumer Finance
GICS Sub-IndustryConsumer Finance
Market Capitalization17.42 billion USD
CurrencyUSD
ExchangeNasdaq
Listing DateJanuary 19, 2024
Security TypeADR

Price Performance

Cumulative Growth

KSPI
GSPC
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Kaspi.kz (KSPI) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Kaspi.kz (KSPI) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Kaspi.kz (KSPI) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Kaspi.kz (KSPI) metric values compared with Financial Services industry-group medians
MetricCurrent stock: KSPIIndustry group median
Total Return (1Y)34.75%1.90%
Total Return (3Y, Annualized)--12.71%
Total Return (5Y, Annualized)--2.81%

Risk Profile

Drawdown History

KSPI
GSPC
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Kaspi.kz (KSPI) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Kaspi.kz (KSPI) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Kaspi.kz (KSPI) metric values compared with Financial Services industry-group medians
MetricCurrent stock: KSPIIndustry group median
Volatility (1Y, Annualized)34.36%36.24%
Beta (5Y)1.051.04
Max Drawdown (5Y)-48.88%-48.56%

Risk-Adjusted Performance

Risk-Return Positioning

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Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. KSPI is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Kaspi.kz (KSPI) metric values compared with Financial Services industry-group medians
MetricCurrent stock: KSPIIndustry group median
Sharpe Ratio (1Y)0.89-0.09
Sortino Ratio (1Y)1.47-0.13

Profitability

ROE (TTM)

Kaspi.kz (KSPI) posts ROE of 44.78%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

KSPI

Financial Services industry group

44.78%

Group distribution
KSPI
44.78%
Max
44.78%
Q3
21.85%
Median
12.91%
Q1
4.48%
Min
-18.71%
Largest peers
MA
231.37%
V
63.51%
KSPI
44.78%
MS
18.04%
GS
17.71%
BRK.A
12.12%
BRK.B
12.12%
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Where Kaspi.kz (KSPI) stands on ROE within its Financial Services peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Kaspi.kz (KSPI) keeps 24.15% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

KSPI

Financial Services industry group

24.15%

Group distribution
Max
62.84%
Q3
28.05%
KSPI
24.15%
Median
15.36%
Q1
4.82%
Min
-28.52%
Largest peers
V
51.20%
MA
46.73%
GS
31.21%
MS
25.63%
KSPI
24.15%
BRK.A
22.30%
BRK.B
22.30%
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Where Kaspi.kz (KSPI) stands on net margin within its Financial Services peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Kaspi.kz (KSPI) turns 0.00% of revenue into operating profit, in the lower peer quartile for operating margin. Operating costs are taking a larger share of sales than they do at most peers.

KSPI

Financial Services industry group

0.00%

Group distribution
Max
107.33%
Q3
55.90%
Median
30.09%
Q1
14.60%
KSPI
0.00%
Min
-44.34%
Largest peers
V
63.73%
MA
60.53%
MS
39.00%
GS
38.37%
BRK.A
32.56%
BRK.B
32.56%
KSPI
0.00%
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Where Kaspi.kz (KSPI) stands on operating margin within its Financial Services peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Kaspi.kz (KSPI) metric values compared with Financial Services industry-group medians
MetricCurrent stock: KSPIIndustry group median
ROE (TTM)44.78%12.91%
ROA (TTM)13.54%3.60%
Net Margin (TTM)24.15%15.36%
Operating Margin (TTM)0.00%30.09%
Gross Margin (TTM)----

Growth

Revenue Growth

Kaspi.kz (KSPI) grew revenue 59.78%, in the upper peer quartile. The top line is expanding faster than at most industry peers, which points to share gains or stronger pricing.

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Kaspi.kz (KSPI): Revenue Growth across different time periods, set against Financial Services industry-group medians.

EPS Growth

Kaspi.kz (KSPI) grew earnings per share 2.96%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

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Kaspi.kz (KSPI): EPS Growth across different time periods, set against Financial Services industry-group medians.

Growth Metrics

Kaspi.kz (KSPI) metric values compared with Financial Services industry-group medians
MetricCurrent stock: KSPIIndustry group median
Revenue Growth (YoY)59.78%9.46%
Revenue Growth (3Y CAGR)47.54%10.90%
EPS Growth (YoY)2.96%7.46%
EPS Growth (3Y CAGR)22.85%13.04%

Financial Strength

Current Ratio (MRQ)

current ratio is set aside for Kaspi.kz (KSPI) in Financial Services: these balance sheets are not best read through a current/non-current split, so regulatory, funding, or liquidity-coverage measures usually matter more.

Debt / Equity (MRQ)

debt-to-equity ratio is set aside for Kaspi.kz (KSPI) in Financial Services: leverage is part of the business model itself, so capital adequacy, funding mix, and regulatory measures are usually better risk gauges.

Financial Strength Metrics

Kaspi.kz (KSPI) metric values compared with Financial Services industry-group medians
MetricCurrent stock: KSPIIndustry group median
Current Ratio (MRQ)----
Debt / Equity (MRQ)----
Net Debt / EBITDA----

Dividends

Dividend Yield (TTM)

Kaspi.kz (KSPI) pays no dividend, leaving dividend yield at 0.00% this period. Shareholders may still receive value through reinvestment or buybacks, but there is no dividend income to compare here.

KSPI

Financial Services industry group

0.00%

Group distribution
Max
9.77%
Q3
3.92%
Median
1.09%
KSPI
0.00%
Q1
0.00%
Min
0.00%
Largest peers
MS
2.40%
GS
2.07%
V
0.66%
MA
0.53%
KSPI
0.00%
BRK.A
0.00%
BRK.B
0.00%
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Where Kaspi.kz (KSPI) stands on dividend yield within its Financial Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Kaspi.kz (KSPI) has payout ratio of 33.12%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

KSPI

Financial Services industry group

33.12%

Group distribution
Max
241.07%
Q3
97.36%
KSPI
33.12%
Median
25.77%
Q1
0.00%
Min
0.00%
Largest peers
KSPI
33.12%
MS
32.91%
GS
25.88%
V
21.75%
MA
17.63%
BRK.A
0.00%
BRK.B
0.00%
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Where Kaspi.kz (KSPI) stands on payout ratio within its Financial Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Kaspi.kz (KSPI) metric values compared with Financial Services industry-group medians
MetricCurrent stock: KSPIIndustry group median
Dividend Yield (TTM)0.00%1.09%
Dividend Payout Ratio (TTM)33.12%25.77%

Valuation

P/E Ratio (TTM)

Kaspi.kz (KSPI) trades at P/E ratio of 8.40, in the cheaper earnings-multiple quartile for its industry. Investors are paying less for each dollar of TTM earnings than they usually pay for comparable businesses.

KSPI

Financial Services industry group

8.40

Group distribution
Max
45.85
Q3
24.64
Median
15.37
Q1
9.68
KSPI
8.40
Min
0.16
Largest peers
V
34.31
MA
34.15
MS
14.39
BRK.A
14.36
BRK.B
14.36
GS
12.45
KSPI
8.40
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Where Kaspi.kz (KSPI) stands on P/E ratio within its Financial Services peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

No usable P/S ratio is available for Kaspi.kz (KSPI) this period, so the revenue-based valuation read is skipped.

KSPI

Financial Services industry group

--

Group distribution
Max
9.23
Q3
4.57
Median
2.72
Q1
1.28
Min
-0.55
KSPI
--
Largest peers
V
17.18
MA
15.67
MS
3.55
GS
3.52
BRK.A
3.18
BRK.B
3.18
KSPI
--
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Kaspi.kz (KSPI) doesn’t report P/S ratio this period; the box shows the Financial Services group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Kaspi.kz (KSPI) trades at 0.01 on P/B ratio, in the lower book-value quartile for its industry. Investors are paying less for the balance-sheet equity than they pay for most peers, with returns on that equity still central to the read.

KSPI

Financial Services industry group

0.01

Group distribution
Max
7.79
Q3
3.63
Median
1.57
Q1
0.81
KSPI
0.01
Min
-0.39
Largest peers
MA
84.30
V
22.05
MS
2.65
GS
2.36
BRK.A
1.72
KSPI
0.01
BRK.B
0.00
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Where Kaspi.kz (KSPI) stands on P/B ratio within its Financial Services peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Kaspi.kz (KSPI) metric values compared with Financial Services industry-group medians
MetricCurrent stock: KSPIIndustry group median
P/E Ratio (TTM)8.4015.37
P/S Ratio (TTM)--2.72
P/B Ratio (MRQ)0.011.57
Free Cash Flow Yield (TTM)----