Comprehensive Stock Comparison
Compare CSG Systems International, Inc. (CSGS) vs Joint Stock Company Kaspi.kz (KSPI) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | KSPI | 33.4% revenue growth vs CSGS's 2.4% |
| Value | KSPI | Lower P/E (0.0x vs 15.8x), PEG 0.00 vs 4.50 |
| Quality / Margins | KSPI | 30.3% net margin vs CSGS's 7.2% |
| Stability / Safety | CSGS | Beta 0.61 vs KSPI's 0.97 |
| Dividends | KSPI | 9.6% yield, 2-year raise streak, vs CSGS's 1.2% |
| Momentum (1Y) | CSGS | +26.3% vs KSPI's -32.6% |
| Efficiency (ROA) | KSPI | 10.6% ROA vs CSGS's 5.7%, ROIC 113.5% vs 14.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
CSG Systems International provides revenue management and customer engagement software solutions primarily to communications companies worldwide. It generates revenue through SaaS subscriptions for its billing platforms (~70% of revenue), managed services for ongoing operations, and professional services for implementation and customization. The company's moat comes from its deep domain expertise in complex telecom billing systems—where switching costs are high due to mission-critical integrations—and its long-term relationships with major cable, satellite, and communications providers.
Kaspi.kz is a Kazakh fintech super-app that combines payments, e-commerce, and financial services in a single mobile platform. It generates revenue primarily from transaction fees on its payments platform (~60%), marketplace commissions (~25%), and interest income from its fintech lending products (~15%). Its key advantage is network effects from its dominant payments ecosystem—which drives user engagement across its marketplace and financial services—creating a powerful digital ecosystem moat in Kazakhstan.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
KSPI leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). CSGS leads in 2 (Total Returns, Risk & Volatility).
Financial Metrics (TTM)
KSPI is the larger business by revenue, generating $3.63T annually — 2964.1x CSGS's $1.2B. KSPI is the more profitable business, keeping 30.3% of every revenue dollar as net income compared to CSGS's 7.2%. On growth, KSPI holds the edge at +70.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CSGSCSG Systems Inter… | KSPIJoint Stock Compa… |
|---|---|---|
| RevenueTrailing 12 months | $1.2B | $3.63T |
| EBITDAEarnings before interest/tax | $176M | $1.89T |
| Net IncomeAfter-tax profit | $88M | $1.10T |
| Free Cash FlowCash after capex | $145M | $502.0B |
| Gross MarginGross profit ÷ Revenue | +48.7% | +64.3% |
| Operating MarginEBIT ÷ Revenue | +9.7% | +51.3% |
| Net MarginNet income ÷ Revenue | +7.2% | +30.3% |
| FCF MarginFCF ÷ Revenue | +11.8% | +13.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +2.0% | +70.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -79.3% | +3.4% |
Valuation Metrics
At 6.5x trailing earnings, KSPI trades at a 75% valuation discount to CSGS's 26.4x P/E. Adjusting for growth (PEG ratio), KSPI offers better value at 0.16x vs CSGS's 7.51x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | CSGSCSG Systems Inter… | KSPIJoint Stock Compa… |
|---|---|---|
| Market CapShares × price | $2.3B | $13.5B |
| Enterprise ValueMkt cap + debt − cash | $2.7B | $12.7B |
| Trailing P/EPrice ÷ TTM EPS | 26.37x | 6.46x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.79x | 0.01x |
| PEG RatioP/E ÷ EPS growth rate | 7.51x | 0.16x |
| EV / EBITDAEnterprise value multiple | 13.34x | 4.96x |
| Price / SalesMarket cap ÷ Revenue | 1.93x | 2.66x |
| Price / BookPrice ÷ Book value/share | 8.11x | 4.27x |
| Price / FCFMarket cap ÷ FCF | 20.35x | 13.78x |
Profitability & Efficiency
KSPI delivers a 46.9% return on equity — every $100 of shareholder capital generates $47 in annual profit, vs $31 for CSGS. KSPI carries lower financial leverage with a 0.14x debt-to-equity ratio, signaling a more conservative balance sheet compared to CSGS's 2.03x. On the Piotroski fundamental quality scale (0–9), CSGS scores 7/9 vs KSPI's 5/9, reflecting strong financial health.
| Metric | CSGSCSG Systems Inter… | KSPIJoint Stock Compa… |
|---|---|---|
| ROE (TTM)Return on equity | +30.9% | +46.9% |
| ROA (TTM)Return on assets | +5.7% | +10.6% |
| ROICReturn on invested capital | +14.3% | +113.5% |
| ROCEReturn on capital employed | +14.9% | +92.5% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 2.03x | 0.14x |
| Net DebtTotal debt minus cash | $413M | -$398.0B |
| Cash & Equiv.Liquid assets | $162M | $619.5B |
| Total DebtShort + long-term debt | $575M | $221.5B |
| Interest CoverageEBIT ÷ Interest expense | 5.99x | 7.20x |
Total Returns (with DRIP)
A $10,000 investment in CSGS five years ago would be worth $18,428 today (with dividends reinvested), compared to $9,455 for KSPI. Over the past 12 months, CSGS leads with a +26.3% total return vs KSPI's -32.6%. The 3-year compound annual growth rate (CAGR) favors CSGS at 14.1% vs KSPI's -4.2% — a key indicator of consistent wealth creation.
| Metric | CSGSCSG Systems Inter… | KSPIJoint Stock Compa… |
|---|---|---|
| YTD ReturnYear-to-date | +4.1% | -9.0% |
| 1-Year ReturnPast 12 months | +26.3% | -32.6% |
| 3-Year ReturnCumulative with dividends | +48.6% | -12.1% |
| 5-Year ReturnCumulative with dividends | +84.3% | -5.5% |
| 10-Year ReturnCumulative with dividends | +136.5% | -3.2% |
| CAGR (3Y)Annualised 3-year return | +14.1% | -4.2% |
Risk & Volatility
CSGS is the less volatile stock with a 0.61 beta — it tends to amplify market swings less than KSPI's 0.97 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CSGS currently trades 99.0% from its 52-week high vs KSPI's 66.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CSGSCSG Systems Inter… | KSPIJoint Stock Compa… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.61x | 0.97x |
| 52-Week HighHighest price in past year | $80.67 | $105.85 |
| 52-Week LowLowest price in past year | $54.65 | $70.05 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +66.7% |
| RSI (14)Momentum oscillator 0–100 | 59.2 | 37.2 |
| Avg Volume (50D)Average daily shares traded | 387K | 362K |
Analyst Outlook
Wall Street rates CSGS as "Buy" and KSPI as "Buy". Consensus price targets imply 37.4% upside for KSPI (target: $97) vs 1.0% for CSGS (target: $81). For income investors, KSPI offers the higher dividend yield at 9.61% vs CSGS's 1.16%.
| Metric | CSGSCSG Systems Inter… | KSPIJoint Stock Compa… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $80.70 | $97.00 |
| # AnalystsCovering analysts | 15 | 2 |
| Dividend YieldAnnual dividend ÷ price | +1.2% | +9.6% |
| Dividend StreakConsecutive years of raises | 0 | 2 |
| Dividend / ShareAnnual DPS | $0.93 | $3374.49 |
| Buyback YieldShare repurchases ÷ mkt cap | +2.9% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 24 | Feb 26 | Change |
|---|---|---|---|
| CSG Systems Interna… (CSGS) | 100 | 157.29 | +57.3% |
| Joint Stock Company… (KSPI) | 95.75 | 79.5 | -17.0% |
CSG Systems Interna… (CSGS) returned +84% over 5 years vs Joint Stock Company… (KSPI)'s -5%. A $10,000 investment in CSGS 5 years ago would be worth $18,428 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| CSG Systems Interna… (CSGS) | $753M | $1.2B | +59.1% |
| Joint Stock Company… (KSPI) | $524.6B | $2.5T | +380.6% |
CSG Systems International, Inc.'s revenue grew from $753M (2015) to $1.2B (2024) — a 5.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| CSG Systems Interna… (CSGS) | 8.3% | 7.3% | -12.7% |
| Joint Stock Company… (KSPI) | 36.9% | 41.2% | +11.6% |
CSG Systems International, Inc.'s net margin went from 8% (2015) to 7% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| CSG Systems Interna… (CSGS) | 23.4 | 16.9 | -27.8% |
CSG Systems International, Inc. has traded in a 16x–41x P/E range over 8 years; current trailing P/E is ~26x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| CSG Systems Interna… (CSGS) | 1.87 | 3.03 | +62.0% |
| Joint Stock Company… (KSPI) | 1,000.38 | 5,430.77 | +442.9% |
CSG Systems International, Inc.'s EPS grew from $1.87 (2015) to $3.03 (2024) — a 6% CAGR.
Chart 6Free Cash Flow — 5 Years
CSG Systems International, Inc. generated $113M FCF in 2024 (-0% vs 2021). Joint Stock Company Kaspi.kz generated $486B FCF in 2024 (+970% vs 2021).
CSGS vs KSPI: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is CSGS or KSPI a better buy right now?
Joint Stock Company Kaspi.kz (KSPI) offers the better valuation at 6.5x trailing P/E (0.0x forward), making it the more compelling value choice. Analysts rate CSG Systems International, Inc. (CSGS) a "Buy" — based on 15 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CSGS or KSPI?
On trailing P/E, Joint Stock Company Kaspi.kz (KSPI) is the cheapest at 6.5x versus CSG Systems International, Inc. at 26.4x. On forward P/E, Joint Stock Company Kaspi.kz is actually cheaper at 0.0x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Joint Stock Company Kaspi.kz wins at 0.00x versus CSG Systems International, Inc.'s 4.50x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — CSGS or KSPI?
Over the past 5 years, CSG Systems International, Inc. (CSGS) delivered a total return of +84.3%, compared to -5.5% for Joint Stock Company Kaspi.kz (KSPI). A $10,000 investment in CSGS five years ago would be worth approximately $18K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CSGS returned +136.5% versus KSPI's -3.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CSGS or KSPI?
By beta (market sensitivity over 5 years), CSG Systems International, Inc. (CSGS) is the lower-risk stock at 0.61β versus Joint Stock Company Kaspi.kz's 0.97β — meaning KSPI is approximately 60% more volatile than CSGS relative to the S&P 500. On balance sheet safety, Joint Stock Company Kaspi.kz (KSPI) carries a lower debt/equity ratio of 14% versus 2% for CSG Systems International, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — CSGS or KSPI?
Joint Stock Company Kaspi.kz (KSPI) is the more profitable company, earning 41.2% net margin versus 7.3% for CSG Systems International, Inc. — meaning it keeps 41.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: KSPI leads at 50.4% versus 11.0% for CSGS. At the gross margin level — before operating expenses — KSPI leads at 62.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CSGS or KSPI more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Joint Stock Company Kaspi.kz (KSPI) is the more undervalued stock at a PEG of 0.00x versus CSG Systems International, Inc.'s 4.50x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Joint Stock Company Kaspi.kz (KSPI) trades at 0.0x forward P/E versus 15.8x for CSG Systems International, Inc. — 15.8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for KSPI: 37.4% to $97.00.
07Which pays a better dividend — CSGS or KSPI?
All stocks in this comparison pay dividends. Joint Stock Company Kaspi.kz (KSPI) offers the highest yield at 9.6%, versus 1.2% for CSG Systems International, Inc. (CSGS).
08Is CSGS or KSPI better for a retirement portfolio?
For long-horizon retirement investors, CSG Systems International, Inc. (CSGS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.61), 1.2% yield, +136.5% 10Y return). Both have compounded well over 10 years (CSGS: +136.5%, KSPI: -3.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CSGS and KSPI?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: CSGS is a small-cap quality compounder stock; KSPI is a mid-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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