"You're looking at a company trading at 6.89 times earnings with 59.6% return on equity, 68% gross margin, and 73% revenue growth. If this were a U.S. tech company, the multiple would be 40x, not 7x. But this is Kaspi.kz, Kazakhstan's fintech super app, and the market is pricing in every emerging market risk. The stock has fallen 15.7% over the past year, dropping from $91.83 to $77.40. Analysts see 41% upside to their $108.49 consensus target, yet the discount persists."
"Kaspi operates a super app combining payments, e-commerce, and fintech in Kazakhstan. Think Alipay meets Amazon meets a digital bank. In Q3 2025, the company generated 1.11 trillion KZT in revenue ($2.5 billion) with 278 billion KZT in net income. The payments platform grew 18% in volume, the marketplace expanded its take rate to an all-time high of 10.3%, and the fintech platform grew loans 30% year-over-year."
"Strip out those factors, and revenue growth was 23%. The advertising business is exploding, up 56% in Q3 and 76% for the nine-month period. Lomtadze noted: "Merchants provide positive feedback, and we're optimistic that advertising will experience faster growth than the rest of our revenue." The company is launching Kaspi AI in January 2026 to help merchants create product content, having already enriched over 500,000 products."
Kaspi.kz is a Kazakhstan-based fintech super app combining payments, e-commerce, and digital banking services with high profitability and rapid growth. The company trades at 6.89 times earnings despite a 59.6% return on equity, 68% gross margin, and 73% revenue growth. Q3 2025 revenue reached 1.11 trillion KZT with 278 billion KZT in net income; payments volume grew 18%, marketplace take rate hit 10.3%, and fintech loans grew 30% year-over-year. Advertising revenue rose 56% in Q3 and 76% year-to-date, and Kaspi plans to launch Kaspi AI in January 2026 to support merchants. Analysts project 41% upside to a $108.49 consensus target while markets price in emerging-market and regulatory risks.
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