Stock KSPI KASPI BANK
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Financials Kaspi Bank Kazakhstan S.E.

Equities

KSPI

KZ1C00001536

Financial Technology (Fintech)

End-of-day quote Kazakhstan S.E.
Other stock markets
 23:00:00 15/07/2024 BST 		5-day change 1st Jan Change
64,105 KZT +0.95% Intraday chart for Kaspi Bank -0.46% +40.58%
12:00am Certain Common Shares of Joint Stock Company Kaspi.kz are subject to a Lock-Up Agreement Ending on 17-JUL-2024. CI
05-23 Joint Stock Company Kaspi.kz Approves Dividend for the First Quarter of 2024, Payable on 22 May 2024 CI

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,353,731 11,739,136 5,799,096 7,954,923 12,501,026 - -
Enterprise Value (EV) 1 4,353,731 11,739,136 5,799,096 7,954,923 11,352,423 10,759,780 9,997,988
P/E ratio - - - 9.57 x 12 x 9.63 x 7.81 x
Yield - - - 7.63% 5.43% 6.36% 8.21%
Capitalization / Revenue 6.79 x 12.5 x 4.41 x 4.16 x 5.62 x 4.57 x 3.62 x
EV / Revenue 6.79 x 12.5 x 4.41 x 4.16 x 5.11 x 3.93 x 2.9 x
EV / EBITDA 13.7 x - - 7.78 x 6.89 x 5.17 x 3.94 x
EV / FCF - - - - 10.7 x 8.32 x 6.48 x
FCF Yield - - - - 9.37% 12% 15.4%
Price to Book - - - 9.71 x 8.02 x 5.91 x 4.55 x
Nbr of stocks (in thousands) 191,805 192,187 190,899 189,685 190,009 - -
Reference price 2 22,699 61,082 30,378 41,938 65,792 65,792 65,792
Announcement Date 01/03/21 28/02/22 27/02/23 26/02/24 - - -
1KZT in Million2KZT
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 513,914 641,437 936,803 1,315,552 1,913,490 2,223,568 2,734,454 3,451,258
EBITDA 1 - 317,824 - - 1,022,004 1,648,053 2,079,617 2,539,230
EBIT 1 - 317,824 528,802 720,574 1,022,004 1,301,938 1,636,732 1,957,771
Operating Margin - 49.55% 56.45% 54.77% 53.41% 58.55% 59.86% 56.73%
Earnings before Tax (EBT) 1 - 317,824 528,802 720,574 1,022,004 1,202,743 1,502,888 1,748,900
Net income 1 - 260,964 435,214 588,844 848,770 1,063,871 1,313,827 1,576,812
Net margin - 40.68% 46.46% 44.76% 44.36% 47.85% 48.05% 45.69%
EPS 2 - - - - 4,381 5,474 6,832 8,419
Free Cash Flow 1 - - - - - 1,064,000 1,293,000 1,544,000
FCF margin - - - - - 47.85% 47.29% 44.74%
FCF Conversion (EBITDA) - - - - - 64.56% 62.17% 60.81%
FCF Conversion (Net income) - - - - - 100.01% 98.41% 97.92%
Dividend per Share 2 - - - - 3,200 3,572 4,184 5,398
Announcement Date 20/02/20 01/03/21 28/02/22 27/02/23 26/02/24 - - -
1KZT in Million2KZT
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 289,157 264,321 275,842 337,529 405,901 404,258 439,257 508,436 571,353 552,814 557,616 634,996 705,520 711,158 715,916
EBITDA 1 - - - - - - - - - 472,410 547,000 611,000 661,000 - -
EBIT 1 170,059 140,939 161,693 201,557 230,769 211,356 233,694 279,563 301,141 509,058 302,022 350,542 388,875 353,848 361,768
Operating Margin 58.81% 53.32% 58.62% 59.72% 56.85% 52.28% 53.2% 54.98% 52.71% 92.08% 54.16% 55.2% 55.12% 49.76% 50.53%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1 - - - - - - - - 247,993 223,440 241,267 292,130 312,507 293,914 300,569
Net margin - - - - - - - - 43.4% 40.42% 43.27% 46.01% 44.29% 41.33% 41.98%
EPS 2 - - - - - - - - - 1,151 1,263 1,492 1,633 1,537 1,572
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 28/02/22 25/04/22 25/07/22 24/10/22 27/02/23 24/04/23 24/07/23 23/10/23 26/02/24 22/04/24 - - - - -
1KZT in Million2KZT
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - - - - - 1,148,604 1,741,246 2,503,039
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - - - - 1,064,000 1,293,000 1,544,000
ROE (net income / shareholders' equity) - 76% 97.7% 89.3% 89.5% 75% 70.8% 65%
ROA (Net income/ Total Assets) - - 13.6% 13.5% 14.2% 14.5% 15% 15.2%
Assets 1 - - 3,207,343 4,364,782 5,971,786 7,342,611 8,750,679 10,395,646
Book Value Per Share 2 - - - - 4,319 8,201 11,134 14,452
Cash Flow per Share - - - - - - - -
Capex 1 - - - - - 54,000 60,000 60,000
Capex / Sales - - - - - 2.43% 2.19% 1.74%
Announcement Date 20/02/20 01/03/21 28/02/22 27/02/23 26/02/24 - - -
1KZT in Million2KZT
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
65,792 KZT
Average target price
68,496 KZT
Spread / Average Target
+4.11%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Financial Technology (Fintech) (NEC)
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