Kaspi.kz JSC - ADR
KSPI
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+ FollowMarket Cap$20.68B
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Earnings Call Q1 2026
May 11, 2026 - AI Summary
Strong top-line growth, profitability intact (Q1 2026 on track): Consolidated revenue +31% YoY and adjusted EBITDA +9% YoY; management says results are in line with expectations. Net income ~flat (-1% YoY) due to higher funding costs and higher COGS from Hepsiburada consolidation timing.
E-commerce momentum is the key engine (and monetization is accelerating): E-commerce GMV +41% YoY (constant currency, pro forma); transactions +43% YoY; quarterly purchase frequency reached 15% (+44% YoY). Monetization improving: e-commerce take rate +90 bps YoY to 15.8% and value-added services revenue +73% YoY (advertising + delivery are growing faster than GMV; e-commerce revenue +58% YoY vs GMV +41%).
Marketplace growth supported by Hepsiburada; transition offline→online still strong: Marketplace GMV +19% YoY (constant currency, pro forma). Hepsiburada is now consolidated for 3 months in Q1 2026 vs ~2 months in Q1 2025, which helps explain why EBITDA growth lags revenue growth (aim remains to keep broader group around/near EBITDA breakeven for Hepsiburada in 2026). Kazakhstan + Turkey remain the core, with e-commerce ~60% of marketplace GMV.
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Share Statistics
| Market cap | $20.68 Billion |
|---|---|
| Enterprise Value | $63.86 Billion |
| Dividend Yield | $3.59 (4.46%) |
| Earnings per Share | $5464.06 |
| Beta | 0.08 |
| Outstanding Shares | 190,013,000 |
Return
| Return on Equity | 42.46% |
|---|---|
| Return on Assets | 9.55% |
| Return on Invested Capital | 13.84% |
Valuation & Multiples
| P/E Ratio | 7.19 |
|---|---|
| PEG | -51.05 |
| Price to Sales | 0.0 |
| Price to Book Ratio | 0.01 |
| Enterprise Value to Revenue | 0.02 |
| Enterprise Value to EBIT | 0.04 |
| Enterprise Value to Net Income | 0 |
| Total Debt to Enterprise | 5.45 |
| Debt to Equity | 0.14 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
May 18, 2026
EPS Estimate
$2.42
Average shareholder expectationRevenue Estimate
$2.34 B
Average shareholder expectationNext Earnings Call
Expected Date
July 27, 2026
EPS Estimate
$2.86
Average shareholder expectationRevenue Estimate
$2.35 B
Average shareholder expectationInstitutional Sentiment (Put/Call)
No data available for the latest quarter.
Institutional Ownership
No data available for the latest quarter.
ESG Score
No data
About Kaspi.kz JSC
CEO: Mikhail Lomtadze Kaspi.kz JSC provides retail financial and investment services. It offers online loans, deposits, and money transfers. The company was founded on October 16, 2008 and is headquartered in Almaty, Kazakhstan.