Joint Stock Company Kaspi.kz (KSPI)
Technology · NMS
Price as at 17 Aug 2026, 22:47 UTC. Quotes are delayed.
Fundamentals
Valuation and ratings
Joint Stock Company Kaspi.kz trades at USD99.05, which is 98% below the USD196.22 our fair value estimate puts on the business. On that measure alone it screens as undervalued, though a valuation model is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 91 out of 100, which is a wide moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 8.0 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
KSPI dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | USD3.56 | 2 |
| 2024 | USD7.31 | 4 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
KSPI earnings and analyst estimates
Recommendation mix, 7 published ratings
Estimates are the published analyst consensus and move often. An earnings date is scheduled, not certain, and a share tends to reprice most violently on the day itself.
About Joint Stock Company Kaspi.kz
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
Company profile, industry and headcount are as reported by our data provider and can lag a company's own filings by a reporting period. The annual report is the authority.
KSPI passes 6 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Super investor ownership
14 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Baillie Gifford, BAILLIE GIFFORD & CO$500.71M · 0.5% of book
- Richard Pzena, PZENA INVESTMENT MANAGEMENT LLC$266.15M · 0.8% of book
- Dodge & Cox, DODGE & COX$21.90M · 0.0% of book
- Mason Hawkins, SOUTHEASTERN ASSET MANAGEMENT INC/TN/$18.45M · 1.0% of book
- Prem Watsa, FAIRFAX FINANCIAL HOLDINGS LTD/ CAN$9.18M · 0.3% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Joint Stock Company Kaspi.kz (KSPI) undervalued?
Against our fair value estimate of USD196.22, KSPI at USD99.05 is 98% below fair value. That is one model's answer, not a recommendation. It is built from normalized earning power with growth capped deliberately low, which understates companies whose value is mostly future growth.
Which funds own KSPI?
14 of the institutions we track reported a position in KSPI in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is KSPI's P/E ratio?
KSPI trades at 8.0 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does Joint Stock Company Kaspi.kz (KSPI) pay a dividend?
Yes. Joint Stock Company Kaspi.kz yields 4.05% at the current share price. It has paid USD3.56 per share over the trailing twelve months. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
Where does SteadyShares get its KSPI data?
Fundamentals for KSPI come from company filings and exchange data, as listed on NMS; institutional ownership comes from SEC 13F filings. The share price shown was last refreshed on 17 Aug 2026, 22:47 UTC and is delayed. Our data quality score for this company is 100/100, which is the share of the inputs behind our scores that were actually available rather than assumed. Metrics we do not hold are left out of the page rather than estimated.
The full research page for KSPI, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.