Fintech Super App With 68% Margins Sells at Emerging Market Discount: The Kaspi.kz Question

Fintech Super App With 68% Margins Sells at Emerging Market Discount: The Kaspi.kz Question

Quick Read Kaspi (KSPI) trades at 6.89x earnings despite 73% revenue growth and 59.6% ROE. The stock fell 15.7% over the past year. Kaspi’s Q3 revenue reached $2.5B with marketplace take rate at 10.3% and fintech loans growing 30% year-over-year. Kazakhstan raised its base rate from 15.25% to 16.5%, costing Kaspi 4% of consolidated net income. Investors rethink ‘hands off’ investing and decide to start making real money You’re looking at a c…