Jul. 27 at 3:36 PM
$KSPI In Kazakhstan, when you pay, they ask “cash or Kaspi?”, a clear sign of dominant position and user loyalty. In FY 2024, revenue was
$5.32 billion, up 32% YoY, with net income up 25%, net margin around 41–45%, and operating margin over 50%. Annual EPS was about
$11.41, growing ~18% YoY, while the March 2025 TTM EPS is
$11.52 (+127% YoY). These extraordinary margins confirm a capital-light business, with operating costs <10% of revenue. The integrated ecosystem (payments, marketplace, fintech) creates a strong moat and continuous cross-selling, I don’t see how anyone could challenge this position. With a current P/E around 10× and ROE over 80%, if growth continues and the market reassesses country risk, it’s realistic for the stock to reach at least
$300 per share within five years, thanks to regional expansion, EPS growth, and a likely P/E re-rating. (Even using their internal EPS projection of
$17 for 2027, at the current P/E of 10, the price would be
$170. No brainer.
