Wondering whether Kaspi.kz stock is a hidden bargain or just fairly priced? You are not alone, and we are about to unpack the numbers behind its valuation together.
The stock has shown a roller-coaster of movement lately, shooting up 9.1% over the past week, yet remains down 22.4% for the year so far.
Recent headlines spotlight Kaspi.kz’s expansion into new financial services and digital payment initiatives, which have helped fuel investor speculation, especially as regional fintech adoption accelerates. Notably, announcements of partnerships with major retailers have stoked optimism despite ongoing concerns over volatility.
Kaspi.kz currently holds a 5/6 valuation score, meaning it passes 5 out of 6 checks for being undervalued based on key metrics. Next, we will break down what this means by looking at standard valuation approaches. In addition, we will reveal a more insightful method at the end of the article you will not want to miss.
Find out why Kaspi.kz’s -27.3% return over the last year is lagging behind its peers.
The Excess Returns valuation model measures how efficiently a company uses its invested capital to generate returns above the required cost of equity. It is especially useful for financial institutions like Kaspi.kz, where return on equity drives shareholder value over time.
For Kaspi.kz, the key numbers are compelling. The company has a reported Book Value of $11,908.49 per share and a Stable EPS of $11,197.89 per share, calculated by taking the median return on equity over the past five years. Kaspi.kz’s average Return on Equity is an exceptionally strong 72.95%, while the Cost of Equity sits much lower at $1,525.22 per share. This creates an impressive Excess Return of $9,672.68 per share, indicating the business regularly outpaces its required return to shareholders.
Future growth is also anticipated, with a Stable Book Value projected at $15,350.06 per share, based on consensus estimates from two analysts. This supports the case that Kaspi.kz can sustain strong profitability through effective capital allocation.
Based on these metrics, the Excess Returns model estimates that Kaspi.kz trades at an intrinsic discount of roughly 75.3%, suggesting the stock is significantly undervalued relative to its fundamental value.
Result: UNDERVALUED
Our Excess Returns analysis suggests Kaspi.kz is undervalued by 75.3%. Track this in your watchlist or portfolio, or discover 921 more undervalued stocks based on cash flows.
KSPI Discounted Cash Flow as at Nov 2025
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Kaspi.kz.
For profitable companies like Kaspi.kz, the Price-to-Earnings (PE) ratio is often the most reliable valuation measure. The PE ratio captures how much investors are willing to pay for each dollar of company earnings, making it particularly useful for firms with steady profit generation. A “normal” or “fair” PE ratio accounts not only for expected growth rates but also for risk factors such as market volatility, industry dynamics, and profitability.
Kaspi.kz currently trades at a PE ratio of 6.87x. This is substantially below both the Consumer Finance industry average of 9.80x and the peer group average of 27.69x. This indicates the market values Kaspi.kz’s current earnings more conservatively than its competitors. However, such comparisons only provide a partial view, as they overlook company-specific growth prospects and risks.
This is where Simply Wall St’s “Fair Ratio” comes in. The Fair Ratio, in this case 17.44x, is calculated to reflect factors unique to Kaspi.kz, including its earnings growth, industry position, profit margins, market capitalization, and specific risk profile. Unlike basic peer or industry benchmarks, it adjusts for what matters most to long-term investors.
Comparing the Fair Ratio of 17.44x to Kaspi.kz’s actual PE of 6.87x, the stock appears meaningfully undervalued by this measure, reinforcing the findings of earlier valuation models.
Result: UNDERVALUED
NasdaqGS:KSPI PE Ratio as at Nov 2025
PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1438 companies where insiders are betting big on explosive growth.
Earlier, we mentioned that there is an even better way to understand valuation, so let us introduce Narratives. Narratives are your opportunity to attach a story—your perspective of Kaspi.kz’s future—to the numbers you see, including your own fair value, revenue, earnings, and margin assumptions. Rather than relying solely on ratios and models, Narratives connect the company’s journey to a tailored financial forecast and a fair value that accounts for both qualitative and quantitative information.
On Simply Wall St’s Community page, used by millions of investors, anyone can easily build and update their own Narrative for Kaspi.kz. This takes advantage of live data and input from other users. Narratives help clarify investment decisions by comparing your fair value to the latest market price, updating automatically as new news or earnings emerge so your viewpoint stays relevant and informed.
For example, Kaspi.kz’s current analyst price targets span from KZT86.54 on the bearish side to KZT130.73 on the bullish end. Each target reflects a different Narrative based on expectations for regulatory risks, revenue growth, and margins, and your own assumptions could land anywhere in between.
Do you think there’s more to the story for Kaspi.kz? Head over to our Community to see what others are saying!
NasdaqGS:KSPI Community Fair Values as at Nov 2025
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include KSPI.
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