Joint Stock Company Kaspi.kz American Depository Shares (KSPI)

FairStock Score: 84/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At $96.07 on 2026-10-13, Kaspi.kz looks statistically cheap: FairStock calculates a 7.91 P/E, a 0.01 P/B, a 44.78% ROE, and a 5.88% dividend yield. The Graham Number is $1,947.70, implying a 95.07% margin of safety, but that extreme gap makes me want to verify the accounting and share count rather than celebrate. The business itself—payments, marketplace, and fintech across Kazakhstan, Azerbaijan, and Ukraine—appears to have real network effects and earns high returns on equity with modest leverage, D/E 0.22. In the latest fiscal Q2 2026, revenue was $1.1T and net income was $256.7B, a 23.25% margin. The supplied growth figures show revenue up 57.84% but profit down 8.82%; that divergence is the key issue. Growth without profit growth can be low-quality or investment-heavy. The Piotroski F-Score is a middling 5/9, and the Altman Z-Score of 0.79, negative EV/EBITDA, and enormous 5,846.9% FCF yield look anomalous—perhaps unit distortions—so I would not take them at face value. The low beta of 0.10 and FairStock Score of 84/100 are positives, but FairStock assigns no Lynch category because only 0 years of filed results are available and 3 are needed. Overall, this is a high-return, low-debt, statistically cheap candidate, but not one I could underwrite confidently without cleaner financial history and a reversal in profit growth.

In plain English: Kaspi.kz runs payment, shopping and financial apps in Kazakhstan, Azerbaijan and Ukraine. The business earns high returns and pays a solid dividend, but profit has fallen even as sales jumped. Based on the given numbers, the shares look cheap compared with earnings, though some reported figures look unusual and deserve caution.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer