Financial Technology / Digital Payments / E-Commerce
Strategic Profile
The company maintains market dominance with strong pricing power, customer stickiness, and operating leverage, supported by a reported ROE of 67.7% and ROIC estimates above 40%. Kaspi is expanding internationally by acquiring controlling stakes in Turkey's Hepsiburada and Rabobank Turkey to replicate its super-app model and increase its total addressable market.
Cyborg Score Rationale
The company is exceptionally profitable with consistent net margins around 45%, driven by its powerful market position and shows a strong history of rapid revenue and earnings growth. The stock trades at a strikingly low 7x PE and 5.95x forward 2026 earnings, implying a potential mispricing. However, significant geopolitical and concentration risks limit the score.
Top Insights
Over 14 million monthly active users in a country of 19 million people
Projected EPS growth of 31% year-over-year through 2026
2024 revenue of 2.54 trillion (34% increase year-over-year)
Kazakhstani tenge volatility and currency devaluation present material downside risks for global investors
Named Competitors
MercadoLibre — Latin American fintech and e-commerce platform
Sea Ecosystem — Southeast Asian super-app with payments, gaming, and e-commerce
Block Ecosystem — Global digital payments and fintech infrastructure
Recent Developments
(March 2025) Signed share purchase agreement with Rabobank Group for controlling stake in Rabobank Turkey