Kaspi.kz: Betting On A Proven Playbook In A Much Larger Market

Kaspi trades at a forward P/E of 7.6x despite robust profitability and a dominant fintech ecosystem in Kazakhstan. KSPI's expansion into Turkey is currently dilutive but offers potential for outsized revenue growth and eventual margin recovery as fintech products scale. My valuation implies more than 75% upside to a $163 price target. Risks include regulatory shifts, high interest rates, inflation, and currency volatility, but KSPI's historical resilience and growth reinforce a compelling long-term entry point. Kaspi ( KSPI ) is trading at a forward P/E of 7.6, which looks dirt cheap on closer inspection. The business has consistently generated net margins and return on equity above 40% for more than.