Sep. 23 at 10:27 PM
$KSPI at
$84 with a P/E of 7 is a no-brainer. The company is highly profitable (ROE >50%, net margins >40%), growing double digits, and dominates payments, lending, and e-commerce in Kazakhstan with a wide moat. If it were listed in the US or EU, it would likely trade at P/E 20–25, which implies
$250–300 per share even without EPS growth. The discount exists due to country risk, low liquidity, geopolitics, and FX exposure. Still, with strong fundamentals and expansion abroad, a rerating is likely. Maybe not straight to
$300, but a move to
$150–170 in the next years is realistic, with upside beyond if growth continues.
