Kaspi.kz Joint Stock Company

OTC

KAKZF

Stock

Yield per half year: 0%
Dividend yield: 0%
Sector: Technology

Reporting Kaspi.kz Joint Stock Company

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ₸					10.38	18.36	12.12	16.2	15.74	14.27	11.77
Выручка, млрд ₸	227.79	282.73	379.6	524.58	646.48	892.54	1 257.74	1 740.22	1 740.22	1012.31	27.10
Чистая прибыль, млрд ₸	5.27	65.28	105.54	193.79	260.96	431.91	585.03	784.22	784.22	451.18	32.26
EV, млрд ₸			59.28	-0.0149	-86.83	-13.27	6 236.37		12.57	1239.11	153.75
EBIT, млрд ₸	8.88	84.78	135.24	239.14	322.87	543.59	696.26			387.42	38.78
EBITDA, млрд ₸	13.37	91.76	139.51	249.8	324.9	545.47	699.1	709.97	1.54	505.85	23.23
OIBDA, млрд ₸				295.15	381.76	642.35	834.65			538.48	29.68
Баланс стоимость, млрд ₸	127.05	181.13	201.49	292.04	391.12	499.73	819.17	762.5	1.77	552.91	21.16
FCF, млрд ₸	69.44	136.35	24.67	279.42	599.54	45.45	961.52	1 017.23	1 017.23	580.63	29.49
Операционный денежный поток, млрд ₸	76.36	141.59	35.66	296.35	617.73	70.35	1 020.98	1 085.34	1 085.34	618.15	29.64
Операционная прибыль, млрд ₸	8.88	84.78	135.24	239.14	317.82	528.8	720.57	956.25	956.25	552.52	31.94
Операционные расходы, млрд ₸	102.49	60.93	95.41	100.59	124.3	111.16	166.41	783.97	783.97	257.29	50.78
CAPEX, млрд ₸	6.92	5.24	10.99	16.93	18.19	24.9	59.47	68.11	68.11	37.52	32.10

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Капитализация, млрд ₸		19.87	25.45	16.15	11.16	9.73	11.98	14.4	14.89	17.47	18.02	15.35	8.51
Выручка, млрд ₸	215.77	257.09	238.14	246.99	283.21	335.06	392.5	389.88	432.12	500.03		409.92	8.34
Чистая прибыль, млрд ₸	97.63	123.83	136.36	101.94	130.7	165.24	187.14	173.1	192.81	231.16		189.89	6.94
EV, млрд ₸	48.72	29.33	-6.18	-106.3	-247.83	-173.93	-336.23	5 981.42	6 467.09	8 621.95		4112.06	-318.30
EBIT, млрд ₸	122.26	162.05	170.62	126.56	158.45	199.09	230.36	207.61	233.69	271.15		228.38	6.37
EBITDA, млрд ₸	122.69	162.45	171.18	119.83	159.18	199.82	231.15	202.48	226.55	272.04		226.41	6.37
OIBDA, млрд ₸						236.13	274.78	236.99	267.43	312.04		265.47	5.73
Баланс стоимость, млрд ₸	399.85	449.87	499.73	588.6	702.88	759.97	819.17	987.34	916.44	999.5		896.48	5.63
FCF, млрд ₸	131.23	-95.87	-43.15	27.2	390.15	153.71	390.46	220.75	532.61	-126.59		234.19	-196.19
Операционный денежный поток, млрд ₸	136.49	-90.92	-32.09	33.38	404.84	167.49	415.28	227.94	554.45	-112.33		250.57	-192.32
Операционная прибыль, млрд ₸	118.82	151.05	170.06	126.56	161.69	201.56	230.77	207.61	233.69	271.15		228.96	6.11
Операционные расходы, млрд ₸	36.86	37.05	-0.571	54.8	35.38	33.89	42.34	43.13	49.18	56.93		45.09	10.93
CAPEX, млрд ₸	5.27	4.95	11.05	6.18	14.69	13.79	24.81	7.19	21.84	14.26		16.38	0.67

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ₸	157.39	304.84	168.47	239.14	330.41	342.1	615.36	615.36	1.33	428.47	20.81
Short Term Investments ₸					865.85	606.46	1 076.24			849.52	7.52
Total Receivables ₸	2.07	0.075	1 092.77	1 337.4	1 450.16	2 491.23	3 183.98			1911.11	23.85
Total Current Assets ₸	157.39	304.84	168.47	239.14	2 657.42	3 431.16	3 838.76		8.31	2066.99	86.87
Чистые активы, млрд ₸	27.79	25.43	28.95	52.78	60.19	70.96	116.54	819.17	8.63	223.93	73.05
Активы, млрд ₸	1 219.37	1 472.84	1 699.65	2 187.58	2 806.74	3 607.92	5 121.65	5 121.65	11.09	3769.11	18.55
Short Term Debt ₸		6.42		13.11	16.08	26.68	42.73		0.0925	21.00	46.10
Long Term Debt ₸		268.11	227.75	219.36	217.12	283.79	224.42		0.4858	234.49	-0.29
Задолженность, млрд ₸	1 082.15	1 281.99	1 485.73	1 891.96	2 412.08	3 103.23	4 295.96	4 295.96	9.3	3199.84	17.82
Чистый долг, млрд ₸	88.12	-30.31	59.28	-6.67	-97.21	-31.64	-348.21			-84.8900	-242.49
Долг, млрд ₸		274.53	0.5103	232.47	233.2	310.47	267.15			208.76	249.77
Амортизация, млрд ₸	4.49	6.98	4.27	10.66	2.04	1.88	2.85			4.34	-7.77
Себестоимость, млрд ₸	111.93	130.05	144.68	174.19	199.31	244.86	383.61	592.39	592.39	318.87	27.74
Товарно материальные запасы ₸	0.4193									0.4193	0.00

	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	5 quarters average	CAGR 5
Наличность, млрд ₸					202.62	235.72	342.1	420.5	508.52	517.66	615.36	520.58	527.28	528.52	541.88	0.42
Short Term Investments ₸					1 046.58	839.06	606.46	530.92	849.06	907.28	1 076.24	1 349.88	1 645.15	1 424.28	1280.57	9.44
Total Receivables ₸		41.71	44.26	46.78	1 743.46	2 109.73	2 491.23	2 406.17	2 520.15	2 861.79	3 183.98				2692.66	5.03
Total Current Assets ₸					3 041.82	3 215.73	3 431.16	3 392.64	3 882.36	4 288.87	3 838.76	5 188.03	5 573.67	5 819.16	4941.70	6.29
Чистые активы, млрд ₸		70.54	60.19	55.89	73.48	74.23	70.96	88.49	102.1	107.93	116.54				97.20	10.43
Активы, млрд ₸					3 203.82	3 387.08	3 607.92	3 607.09	4 104.62	4 518.4	5 121.65	5 441.02	5 828.06	6 079.28	5397.68	6.11
Short Term Debt ₸	9.46	9.83	16.08		14.97	16.56	26.68	19.61	20.88	24.16	42.73				26.81	9.88
Long Term Debt ₸					221.44	228.62	283.79	278.45	228.65	309.84	224.42	291.49	301.23	162.9	257.98	-12.07
Задолженность, млрд ₸					2 799.99	2 932.81	3 103.23	3 013.44	3 396.41	3 752.63	4 295.96	4 444.79	4 902.41	5 069.83	4493.12	6.20
Чистый долг, млрд ₸					33.79	9.46	-31.64	-122.45	-258.99	-183.66	-348.21	-229.09	-226.05	-365.62	-270.5260	14.76
Долг, млрд ₸					236.41	245.18	310.47	298.05	249.53	334	267.15	291.49	301.23	162.9	271.35	-13.38
Амортизация, млрд ₸					0.437	0.398	0.551	-6.73	0.73	0.73	0.788	-5.12	-7.14	0.891	-1.9702	4.07
Себестоимость, млрд ₸					58.58	62.5	67.69	72.35	89.38	102.08	119.8	144.27	156.38	171.94	138.89	10.99

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	2.03	2.03	13.72	7.99	11.53	388.21	1335.34	3015.73	1910.65			6.62	1332.29	177.89
Цена акции ао						54.1	142.36	74	92.5	110.12	110.12	110.12	105.82	-5.01
Число акций ао, млн			7677.26	67818.56	85106.15	191.81	192.19	193.99	191.51			0.4138	17175.13	-70.46
FCF/акцию			17.76	0.3637	3.28	3125.78	236.49	4956.49	5311.52			5029.46	2726.71	338.40

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	1.18	632.26	701	528.06	677	1.8	962	903	1005	1207				815.76	267.53
Цена акции ао				83.1	57.83	50.35	62.68	75.15	77.6	91.21	94.11	110.12	110.12	96.63	7.25
Число акций ао, млн		194.7	192.19	194.34	193.05	193.27	191.18	191.65	191.85	191.51	191.51			191.54	0.03
FCF/акцию	677.42	-492.41	-224.51	139.97	2020.92	795.3	2042.42	1151.79	2776.09	-661				1220.92	-196.37

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	4.15	36.04	52.38	66.36	66.72	86.43	88.71	88.71			88.71	19.19	79.39	5.98
ROA, %	0.4321	4.43	6.21	8.86	9.3	11.97	13.4	13.4			13.4	10.49	11.39	8.63
ROIC, %		17.65		55.57	69.89	95.32	101.11					15.55	67.91	41.78
ROS, %		23.09	27.8	36.94	40.37	48.39	46.51	45.06	45.06	45.06	45.06	21.93	46.02	-1.42
ROCE, %	6.47	44.42	63.22	80.89	81.81	107.71	64.67			0	0	23.55	79.66	0.45
Ebit margin, %				45.59	49.94	60.9	55.36			0	0		52.95	4.97
Рентаб EBITDA, %	5.87	32.45	36.75	47.62	50.26	61.11	55.58	56.45		0.0885	0.0885	33.50	44.70	-71.87
Чистая рентаб, %	2.31	23.09	27.8	36.94	40.37	48.39	46.51	45.06			45.06	21.93	43.45	4.05
Operation Margin, %		29.99	35.63	45.59	49.16	59.25	57.29	54.95	54.95	54.95	54.95	25.13	56.28	-1.50
Доходность FCF, %					5777.78	247.49	7935.2	6279.67					5060.03	2.10

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	24.42	27.53	27.29	17.32	18.59	21.74	22.85	17.53	22.84	25.66		19.19	22.12	3.37
ROA, %	3.05	3.66	3.78	2.83	3.18	3.66	3.65	3.18	3.42	3.88		10.49	3.56	1.17
ROIC, %	26.45	29.29	27.93	22.3	23.78	23.86	27.75	33.61	36.92	32.13		15.55	30.85	6.13
ROS, %		48.16	57.26	41.27	46.15	49.32	47.68	44.4	44.62	46.23	45.06	21.93	45.60	-1.12
ROCE, %	30.27	35.67	33.81	21.32	22.37	26	27.9	20.84	19.2	21.72		23.55	23.13	-3.53
Ebit margin, %						59.42	58.69	53.25	54.08	54.23			55.93	-1.81
Рентаб EBITDA, %		63.19	71.88	48.52	56.21	59.64	58.89	51.93	52.43	54.41	0.0885	33.50	43.55	-72.75
Чистая рентаб, %	45.25	48.16	57.26	41.27	46.15	49.32	47.68	44.4	44.62	46.23		21.93	46.45	-1.29
Operation Margin, %		58.75	71.41	51.24	57.09	60.16	58.8	53.25	54.08	54.23	54.95	25.13	55.06	-1.35
Доходность FCF, %	878.79	-482.4	-169.52	168.42	3494.78	1579.69	3258.36	1532.57	3577.64	-724.72			1844.71	-185.57

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E				0.0398	0.0425	11.26	0.0207			11.09	39.71	2.84	-15.08
P/BV				0.0265	0.0367	7.97	8.09			7.86	6.83	4.03	318.00
P/S				0.0161	0.0206	5.24	0.0093			5.16	8.78	1.32	-12.82
P/FCF				0.0173	0.404	0.0126	0.0159	0.0155	0.0155	0.0155	14.94	0.0927	-47.91
E/P				25.15	23.52	48.28	48.41	49.82	49.82	49.82	11.53	43.97	16.20
EV/EBIT			-0.0279	13.25	21.92	8.96		0	0	0		11.03	-523.33
EV/EBITDA		0.4249	-0.0267	-0.2673	-0.0243	8.92				0.02	22.15	1.81	83.83
EV/S			-0.0127	-0.1343	-0.0149	4.96	4.62	0.0072	0.0072	0.0072	7.11	1.92	-186.46
EV/FCF			-0.0239	-0.1448	-0.292	6.49		0.0124	0.0124	0.0124	29.86	1.22	-161.17
Debt/EBITDA	2.99		0.9306	0.7178	0.5692	0.3821	0	0	0	0	0.68	1.12	-33.73
Netdebt/Ebitda	-0.3303	0.4249	-0.0267	-0.2992	-0.058	-0.4981	0	0	0	0	-0.85	-0.0914	-203.23
Debt/Ratio	0.1864	0.134	0.1063	0.0831	0.0861	0.0522	0	0	0	0	0.08	0.0923	-17.18
Debt/Equity	1.52	1.13	0.796	0.5962	0.6213	0.3261	0	0	5.2	5.2	0.97	1.51	45.55
Debt/Net Income	4.21		1.2	0.8936	0.7188	0.4566	0	0	0	0	1.27	1.50	-35.87
PEG									0.0025	0.0025		0.0025	0.00
Бета							-0.1909	0	0	0	0.38	-0.1909	0.00
Индекс Альтмана				0.3754	-0.4258	0.658	43.62	331.95	331.95	331.95	6.27	141.55	-478.77

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E		0.1529	0.1605	0.1866	0.1584	0.0854	0.0589	0.064	0.0832	9.32	11.46			39.71	4.20	186.96
P/BV		0.0373	0.0442	0.0509	0.0274	0.0159	0.0128	0.0146	0.0146	7.23	8.9			6.83	3.23	270.20
P/S		0.0692	0.0773	0.1069	0.0654	0.0394	0.029	0.0305	0.0369	4.32	5.24			8.78	1.93	182.74
P/FCF			-0.2073	-0.5899	0.5937	0.0286	0.0633	0.0307	0.0653	0.028	-0.138		0.0155	14.94	0.0003	-12.78
E/P			6.23	5.36	6.31	11.71	16.98	15.62	12.02	12.95	13.23		49.82	11.53	20.73	26.11
EV/EBIT							23.51	26.66	28.81	27.67	31.8				27.69	6.23
EV/EBITDA		0.3971	0.1806	-0.0361	-0.8871	-1.56	-0.8704	-1.45	29.54	7.52	9.25			22.15	8.80	-260.43
EV/S			0.1141	-0.026	-0.4304	-0.8751	-0.5191	-0.8566	15.34	14.97	17.24		0.0072	7.11	9.34	-138.45
EV/FCF			-0.306	0.1433	-3.91	-0.6352	-1.13	-0.8611	27.1	12.14	-68.11		0.0124	29.86	-5.9437	-142.82
Debt/EBITDA		1.93	1.51	1.81	2.49	1.57	1.67	1.16	1.44	1.33	0.5988			0.68	1.24	-18.55
Netdebt/Ebitda		0.2754	0.0582	-0.1848	-1.02	-1.63	-0.9191	-1.51	-1.13	-0.9978	-1.34			-0.85	-1.1794	7.83
Debt/Ratio		0.0738	0.0724	0.0861	0.0826	0.0608	0.0739	0.0522	0.0536	0.0517	0.0268			0.08	0.0516	-18.36
Debt/Equity			0.545	0.6213	0.5064	0.355	0.4395	0.3261	0.2952	0.3287	0.163		5.2	0.97	1.26	73.99
Debt/Net Income		2.42	1.98	2.28	2.92	1.91	2.02	1.43	1.68	1.56	0.7047			1.27	1.48	-18.99
PEG													0.0025		0.0025	0.00
Бета												0	0	0.38
Индекс Альтмана	-0.0908	1.55	5	-1.06	-0.2106	0.0083	-0.0787	0.0787				331.95	331.95	6.27	132.78	732.53

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	34.61	15.16	97.7	97.7	175.37	340.36	513.38	513.38			0.9025		328.04	39.35
Дивиденд						4.11	2.36	6.48	1.9		0		3.71	-17.54
Див доход, ао, %						4.3	2.79	3.63	4.89		0	1.85	3.90	3.27
Дивиденды / прибыль, %	656.84	23.22	92.57	50.41	67.2	78.8	35.91	65.46			65.46	33.24	59.56	5.36
Dividend Coverage Ratio										868.94	868.94		868.94	0.00

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		70.66	79.76	89.94	95.79	95.79	95.79	114.32	256.73	256.73	142.34				173.18	8.24
Дивиденд	2.07		0.9725	1.07			1.07	1.29		3	1.63	1.85			1.77	11.57
Див доход, ао, %	2.99		0.9527	0.8072			2.12	2.06		3.86	1.79	1.96		1.85	2.36	-1.56
Дивиденды / прибыль, %		72.38	64.41	65.96	93.96	73.29	57.97	61.08	148.31	133.15	61.58			33.24	92.42	1.22
Dividend Coverage Ratio													868.94		868.94	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	CAGR 5
CAPEX/Выручка, %	3.23	2.81	2.79	4.73	3.91	3.90

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	CAGR 5
CAPEX/Выручка, %	4.11	6.32	1.84	5.06	2.85	-7.06

	CAGR 5