Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Joint Stock Company Kaspi.kz's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 15.8% to 13.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 807, DPO 6358, DIO 7). At a 14.2% WACC with mid-year discounting, the terminal value (52% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 3.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $212631.20 per share, suggesting KSPI is undervalued by 247433.4% at the current price of $85.90.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | Terminal | |
|---|---|---|---|---|---|---|
| Profit Before Tax | 3,001,576 | 3,463,384 | 3,838,670 | 3,032,873 | 3,451,476 | 3,572,278 |
| (−) Net Interest | 204,683 | 236,175 | 261,766 | 206,817 | 235,363 | 243,600 |
| (+) D&A | 81,571 | 110,247 | 137,187 | 170,178 | 185,039 | 191,516 |
| EBITDA | 3,287,831 | 3,809,805 | 4,237,623 | 3,409,868 | 3,871,878 | 4,007,394 |
| (−) Tax | 542,378 | 625,826 | 693,639 | 548,034 | 623,674 | 645,503 |
| (−) CapEx | 168,279 | 194,170 | 215,210 | 170,034 | 193,502 | 200,275 |
| (−) ΔWC | -8,340,838 | -1,283,279 | -1,042,852 | 2,239,163 | -1,163,222 | -1,203,935 |
| Free Cash Flow (FCFF) | 10,918,011 | 4,273,089 | 4,371,625 | 452,637 | 4,217,924 | 4,365,551 |
| Terminal Value | 40,777,186 | |||||
| WACC / Discount Rate | 14.2% | |||||
| Long-term Growth Rate | 3.5% | |||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5 |
| Present Value of FCF | 10,216,434 | 3,501,138 | 3,136,331 | 284,342 | 2,320,069 | 20,988,200 |
| Enterprise Value | 40,446,513 | |||||
| Projection Period | 19,458,314 | 48.1% | ||||
| Terminal Value | 20,988,200 | 51.9% | ||||
| (−) Current Net Debt | 43,183 | |||||
| Equity Value | 40,403,330 | |||||
| (/) Outstanding Shares | 190 | |||||
| Fair Price | $212631.20 | |||||
| WACC \ Terminal Growth Rate | 2.5% | 3.0% | 3.5% | 4.0% | 4.5% |
|---|---|---|---|---|---|
| 12.2% | $238087 | $245315 | $253374 | $262415 | $272629 |
| 13.2% | $218985 | $224639 | $230877 | $237791 | $245500 |
| 14.2% | $203195 | $207703 | $212631 | $218043 | $224011 |
| 15.2% | $189931 | $193581 | $197543 | $201858 | $206576 |
| 16.2% | $178636 | $181631 | $184862 | $188357 | $192151 |
Current price: $85.90. Green = undervalued, Red = overvalued.
Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Joint Stock Company Kaspi.kz's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 15.8% to 10.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 807, DPO 6358, DIO 7). At a 14.2% WACC with mid-year discounting, the terminal value (42% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 3.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $333289.19 per share, suggesting KSPI is undervalued by 387896.7% at the current price of $85.90.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | Terminal | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit Before Tax | 3,001,576 | 3,463,384 | 3,838,670 | 3,032,873 | 3,451,476 | 4,486,919 | 5,832,995 | 7,238,508 | 8,473,684 | 9,323,761 | 9,650,093 |
| (−) Net Interest | 204,683 | 236,175 | 261,766 | 206,817 | 235,363 | 305,971 | 397,763 | 493,607 | 577,836 | 635,805 | 658,058 |
| (+) D&A | 81,571 | 110,247 | 137,187 | 170,178 | 185,039 | 188,239 | 204,894 | 231,464 | 269,585 | 330,592 | 342,162 |
| EBITDA | 3,287,831 | 3,809,805 | 4,237,623 | 3,409,868 | 3,871,878 | 4,981,130 | 6,435,652 | 7,963,580 | 9,321,105 | 10,290,158 | 10,650,313 |
| (−) Tax | 542,378 | 625,826 | 693,639 | 548,034 | 623,674 | 810,776 | 1,054,009 | 1,307,983 | 1,531,176 | 1,684,783 | 1,743,751 |
| (−) CapEx | 168,279 | 194,170 | 215,210 | 170,034 | 193,502 | 251,553 | 327,019 | 405,817 | 475,066 | 522,724 | 541,020 |
| (−) ΔWC | -8,340,838 | -1,283,279 | -1,042,852 | 2,239,163 | -1,163,222 | -2,877,309 | -3,740,501 | -3,905,669 | -3,432,329 | -2,362,212 | -2,444,890 |
| Free Cash Flow (FCFF) | 10,918,011 | 4,273,089 | 4,371,625 | 452,637 | 4,217,924 | 6,796,108 | 8,795,124 | 10,155,448 | 10,747,192 | 10,444,862 | 10,810,432 |
| Terminal Value | 100,976,713 | ||||||||||
| WACC / Discount Rate | 14.2% | ||||||||||
| Long-term Growth Rate | 3.5% | ||||||||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5.5 | 6.5 | 7.5 | 8.5 | 9.5 | 5 |
| Present Value of FCF | 10,216,434 | 3,501,138 | 3,136,331 | 284,342 | 2,320,069 | 3,273,211 | 3,709,089 | 3,750,041 | 3,474,909 | 2,957,078 | 26,750,819 |
| Enterprise Value | 63,373,461 | ||||||||||
| Projection Period | 36,622,642 | 57.8% | |||||||||
| Terminal Value | 26,750,819 | 42.2% | |||||||||
| (−) Current Net Debt | 43,183 | ||||||||||
| Equity Value | 63,330,278 | ||||||||||
| (/) Outstanding Shares | 190 | ||||||||||
| Fair Price | $333289.19 | ||||||||||
| WACC \ Terminal Growth Rate | 2.5% | 3.0% | 3.5% | 4.0% | 4.5% |
|---|---|---|---|---|---|
| 12.2% | $393362 | $403426 | $414646 | $427233 | $441453 |
| 13.2% | $353743 | $361274 | $369581 | $378791 | $389058 |
| 14.2% | $321263 | $327008 | $333289 | $340186 | $347794 |
| 15.2% | $294208 | $298661 | $303495 | $308761 | $314518 |
| 16.2% | $271367 | $274867 | $278643 | $282727 | $287161 |
Current price: $85.90. Green = undervalued, Red = overvalued.
Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Joint Stock Company Kaspi.kz's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 15.8% to 13.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 807, DPO 6358, DIO 7). At a 14.2% WACC with mid-year discounting, the terminal value (71% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 22.8x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $347521.34 per share, suggesting KSPI is undervalued by 404465.0% at the current price of $85.90.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | Terminal | |
|---|---|---|---|---|---|---|
| Profit Before Tax | 3,001,576 | 3,463,384 | 3,838,670 | 3,032,873 | 3,451,476 | 3,537,763 |
| (−) Net Interest | 204,683 | 236,175 | 261,766 | 206,817 | 235,363 | 241,247 |
| (+) D&A | 81,571 | 110,247 | 137,187 | 170,178 | 185,039 | 189,665 |
| EBITDA | 3,287,831 | 3,809,805 | 4,237,623 | 3,409,868 | 3,871,878 | 3,968,675 |
| (−) Tax | 542,378 | 625,826 | 693,639 | 548,034 | 623,674 | — |
| (−) CapEx | 168,279 | 194,170 | 215,210 | 170,034 | 193,502 | — |
| (−) ΔWC | -8,340,838 | -1,283,279 | -1,042,852 | 2,239,163 | -1,163,222 | — |
| Free Cash Flow (FCF) | 10,918,011 | 4,273,089 | 4,371,625 | 452,637 | 4,217,924 | — |
| Peers' EBITDA Multiple | 22.8x | |||||
| Terminal Value | 90,565,166 | |||||
| WACC / Discount Rate | 14.21% | |||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5 |
| Present Value of FCF | 10,216,434 | 3,501,138 | 3,136,331 | 284,342 | 2,320,069 | 46,614,295 |
| Enterprise Value | 66,072,608 | |||||
| Projection Period | 19,458,314 | 29.4% | ||||
| Terminal Value | 46,614,295 | 70.6% | ||||
| (−) Current Net Debt | 43,183 | |||||
| Equity Value | 66,029,425 | |||||
| (÷) Outstanding Shares | 190M | |||||
| Fair Price | $347494 | +404433.2% | ||||
| WACC \ EV/EBITDA Exit Multiple | 18.8x | 20.8x | 22.8x | 24.8x | 26.8x |
|---|---|---|---|---|---|
| 12.2% | $326032 | $349518 | $373004 | $396489 | $419975 |
| 13.2% | $315005 | $337472 | $359939 | $382406 | $404872 |
| 14.2% | $304521 | $326021 | $347521 | $369022 | $390522 |
| 15.2% | $294546 | $315130 | $335713 | $356296 | $376879 |
| 16.2% | $285052 | $304765 | $324478 | $344190 | $363903 |
Current price: $85.90. Green = undervalued, Red = overvalued.
Based on default parameters
Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Joint Stock Company Kaspi.kz's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 15.8% to 10.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 807, DPO 6358, DIO 7). At a 14.2% WACC with mid-year discounting, the terminal value (64% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 22.8x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $528117.78 per share, suggesting KSPI is undervalued by 614705.3% at the current price of $85.90.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | Terminal | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit Before Tax | 3,001,576 | 3,463,384 | 3,838,670 | 3,032,873 | 3,451,476 | 4,486,919 | 5,832,995 | 7,238,508 | 8,473,684 | 9,323,761 | 9,556,855 |
| (−) Net Interest | 204,683 | 236,175 | 261,766 | 206,817 | 235,363 | 305,971 | 397,763 | 493,607 | 577,836 | 635,805 | 651,700 |
| (+) D&A | 81,571 | 110,247 | 137,187 | 170,178 | 185,039 | 188,239 | 204,894 | 231,464 | 269,585 | 330,592 | 338,856 |
| EBITDA | 3,287,831 | 3,809,805 | 4,237,623 | 3,409,868 | 3,871,878 | 4,981,130 | 6,435,652 | 7,963,580 | 9,321,105 | 10,290,158 | 10,547,412 |
| (−) Tax | 542,378 | 625,826 | 693,639 | 548,034 | 623,674 | 810,776 | 1,054,009 | 1,307,983 | 1,531,176 | 1,684,783 | — |
| (−) CapEx | 168,279 | 194,170 | 215,210 | 170,034 | 193,502 | 251,553 | 327,019 | 405,817 | 475,066 | 522,724 | — |
| (−) ΔWC | -8,340,838 | -1,283,279 | -1,042,852 | 2,239,163 | -1,163,222 | -2,877,309 | -3,740,501 | -3,905,669 | -3,432,329 | -2,362,212 | — |
| Free Cash Flow (FCF) | 10,918,011 | 4,273,089 | 4,371,625 | 452,637 | 4,217,924 | 6,796,108 | 8,795,124 | 10,155,448 | 10,747,192 | 10,444,862 | — |
| Peers' EBITDA Multiple | 22.8x | ||||||||||
| Terminal Value | 240,691,936 | ||||||||||
| WACC / Discount Rate | 14.21% | ||||||||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5.5 | 6.5 | 7.5 | 8.5 | 9.5 | 5 |
| Present Value of FCF | 10,216,434 | 3,501,138 | 3,136,331 | 284,342 | 2,320,069 | 3,273,211 | 3,709,089 | 3,750,041 | 3,474,909 | 2,957,078 | 63,764,271 |
| Enterprise Value | 100,386,913 | ||||||||||
| Projection Period | 36,622,642 | 36.5% | |||||||||
| Terminal Value | 63,764,271 | 63.5% | |||||||||
| (−) Current Net Debt | 43,183 | ||||||||||
| Equity Value | 100,343,730 | ||||||||||
| (÷) Outstanding Shares | 190M | ||||||||||
| Fair Price | $528080 | +614661.8% | |||||||||
| WACC \ EV/EBITDA Exit Multiple | 18.8x | 20.8x | 22.8x | 24.8x | 26.8x |
|---|---|---|---|---|---|
| 12.2% | $538344 | $573438 | $608532 | $643625 | $678719 |
| 13.2% | $502254 | $534368 | $566482 | $598596 | $630710 |
| 14.2% | $469297 | $498707 | $528118 | $557528 | $586939 |
| 15.2% | $439170 | $466125 | $493080 | $520035 | $546991 |
| 16.2% | $411603 | $436326 | $461049 | $485773 | $510496 |
Current price: $85.90. Green = undervalued, Red = overvalued.
Based on default parameters
Using the industry peer median P/E Multiples multiple (trailing + forward), Joint Stock Company Kaspi.kz (KSPI) has a fair value of $160,127.19 based on 6 comparable companies in the Software - Infrastructure industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing P/E | Forward P/E | |
|---|---|---|---|
| Joint Stock Company Kaspi.kzKSPI | 16,322 | 0.0x | 0.0x |
| Akamai Technologies, Inc. | 21,746 | 48.1x | 21.5x |
| Okta, Inc. | 14,196 | 64.0x | 22.1x |
| Gen Digital Inc. | 13,736 | 14.4x | 11.6x |
| Dynatrace, Inc. | 12,271 | 25.6x | 24.2x |
| Bentley Systems, Incorporated | 9,557 | 38.5x | 30.8x |
| DocuSign, Inc. | 9,307 | 32.4x | 13.5x |
| Industry Median | 35.5x | 21.8x | |
| (*) Profit after tax | 1,038,400 | 1,086,928 | |
| Equity Value | 36,814,434 | 24,039,021 | |
| (/) Outstanding shares | 190 | 190 | |
| Fair Price | $193744 | $126511 | |
Using the industry peer median EV/EBITDA multiple (trailing + forward), Joint Stock Company Kaspi.kz (KSPI) has a fair value of $186,961.56 based on 6 comparable companies in the Software - Infrastructure industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/EBITDA | Forward EV/EBITDA | |
|---|---|---|---|
| Joint Stock Company Kaspi.kzKSPI | 16,322 | 0.0x | 0.0x |
| Akamai Technologies, Inc. | 21,746 | 20.7x | 19.4x |
| Okta, Inc. | 14,196 | 55.3x | 50.7x |
| Gen Digital Inc. | 13,736 | 10.2x | 13.3x |
| Dynatrace, Inc. | 12,271 | 49.8x | 42.1x |
| Bentley Systems, Incorporated | 9,557 | 25.0x | 27.7x |
| DocuSign, Inc. | 9,307 | 15.8x | 17.2x |
| Industry Median | 22.8x | 23.6x | |
| (*) EBITDA | 1,295,359 | 1,500,065 | |
| = Enterprise Value | 29,563,392 | 41,574,349 | |
| (-) Net Debt | 43,183 | 43,183 | |
| Equity Value | 29,520,209 | 41,531,165 | |
| (/) Outstanding shares | 190 | 190 | |
| Fair Price | $155356 | $218567 | |
Using the industry peer median EV/Revenue multiple (trailing + forward), Joint Stock Company Kaspi.kz (KSPI) has a fair value of $125,960.91 based on 10 comparable companies in the Software - Infrastructure industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| Joint Stock Company Kaspi.kzKSPI | 16,322 | 0.0x | 0.0x |
| Akamai Technologies, Inc. | 21,746 | 6.6x | 6.2x |
| Okta, Inc. | 14,196 | 4.7x | 4.3x |
| Gen Digital Inc. | 13,736 | 4.3x | 5.6x |
| QXO, Inc. | 13,600 | 2.3x | 1.4x |
| Rubrik, Inc. | 12,437 | 10.0x | 8.2x |
| Dynatrace, Inc. | 12,271 | 6.7x | 5.6x |
| Bentley Systems, Incorporated | 9,557 | 7.1x | 7.9x |
| DocuSign, Inc. | 9,307 | 2.8x | 3.0x |
| SailPoint, Inc. | 6,873 | 9.1x | — |
| Klarna Group plc | 5,474 | 0.9x | 0.7x |
| Industry Median | 5.7x | 5.6x | |
| (*) Revenue | 3,935,017 | 4,556,866 | |
| = Enterprise Value | 22,237,283 | 25,718,260 | |
| (-) Net Debt | 43,183 | 43,183 | |
| Equity Value | 22,194,099 | 25,675,076 | |
| (/) Outstanding shares | 190 | 190 | |
| Fair Price | $116801 | $135121 | |
Using the PEG framework with historical EPS growth of 25.0%, the company has a fair value of $136,601.50 based on TTM EPS (FY2025) of $5464.06. The current PEG ratio is 0.00.
PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.
Growth above 25% is capped — hypergrowth may not be sustainable long-term.
| EPS Growth RateHistorical | 25.2% |
| Adjusted Growth (clamped 8–25%)Clamped | 25.0% |
| Fair P/E | 25.0x |
| TTM EPS (FY2025) | $5464.06 |
| Fair Value | $136,601.50 |
No analyst estimates available.
| Year | Net Income | EPS | YoY |
|---|---|---|---|
| FY2021 | $431.9B | $2222.00 | — |
| FY2022 | $585.0B | $3016.00 | +35.7% |
| FY2023 | $841.4B | $4380.61 | +45.2% |
| FY2024 | $1.0T | $5430.77 | +24.0% |
| FY2025 | $1.0T | $5464.06 | +0.6% |
4Y Historical EPS CAGR: 25.2%
Using the Earnings Power Value framework with a WACC of 14.2% and normalized earnings of $2.2T, the company has a fair value of $80,786.82 per share. The EPV range is $73,049.51 – $90,350.99 based on WACC sensitivity (12.7% – 15.7%).
| Low | Selected | High | |
|---|---|---|---|
| Normalized Earnings | 2,186,847 | 2,186,847 | 2,186,847 |
| (/) WACC | 15.7% | 14.2% | 12.7% |
| Enterprise Value | 13,923,759 | 15,393,971 | 17,211,317 |
| (-) Net debt | 43,183 | 43,183 | 43,183 |
| Equity Value | 13,880,576 | 15,350,788 | 17,168,134 |
| (/) Outstanding shares | 190 | 190 | 190 |
| Fair Price | $73,049.51 | $80,786.82 | $90,350.99 |
Using the Two-Stage Dividend Discount Model with a Cost of Equity of 60.7% and projected dividend growth of 15.0%, the fair value is $8,039.07 per share. The DDM range is $7,381.72 – $8,364.95 based on sensitivity analysis across Cost of Equity and growth rate assumptions.
| Year | DPS | Payout Ratio | YoY Growth |
|---|---|---|---|
| 2025 | — | 0.0% | -100.0% |
| 2024 | $3374.49 | 62.1% | +15.7% |
| 2023 | $2916.41 | 66.6% | +169.3% |
| 2022 | $1083.05 | 35.9% | -38.1% |
| 2021 | $1751.01 | 78.8% | — |
| Year | Projected DPS | Growth | Discount Factor | Present Value |
|---|---|---|---|---|
| 2026 | $3880.66 | 15.0% | 0.6222 | $2414.39 |
| 2027 | $4462.76 | 15.0% | 0.3871 | $1727.46 |
| 2028 | $5132.18 | 15.0% | 0.2408 | $1235.96 |
| 2029 | $5902.00 | 15.0% | 0.1498 | $884.31 |
| 2030 | $6787.30 | 15.0% | 0.0932 | $632.71 |
| Terminal Value | $7024.86 DPS | 3.5% | $1144.24 |
Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.
| Ke \ Growth | 13.0% | 14.0% | 15.0% | 15.0% | 15.0% |
|---|---|---|---|---|---|
| 58.7% | $7970 | $8165 | $8365 | $8365 | $8365 |
| 59.7% | $7815 | $8005 | $8199 | $8199 | $8199 |
| 60.7% | $7665 | $7850 | $8039 | $8039 | $8039 |
| 61.7% | $7521 | $7701 | $7885 | $7885 | $7885 |
| 62.7% | $7382 | $7557 | $7737 | $7737 | $7737 |
Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.