Joint Stock Company Kaspi.kz (KSPI)
DCF Valuation•Discounted Cash Flow intrinsic value with Bear, Base & Bull scenarios
Moderate range: intrinsic value is sensitive to your growth and margin assumptions.
The market is pricing in an extremely cautious outcome, assuming worse growth or tighter margins than our downside scenario.
Confidence reflects data quality and how far into the future most of the value sits. The main factors reducing it here are limited data coverage on some inputs.
Moderate range: intrinsic value is sensitive to your growth and margin assumptions.
Analyze the Bear, Base, and Bull case DCF scenarios. Compare how changes in revenue growth, operating margins, and wacc impact the final intrinsic value estimate and downside risk.
Why the values can still move a lot: DCF math is nonlinear, so even modest changes to growth, margins, discount rate, and terminal assumptions can swing present value sharply.
The forecast driving our intrinsic value estimate.
WACC
18.4%
Terminal Growth
3.0%
Revenue Growth (Y1-Y5)
13.7%
Operating Margin (Y1-Y5)
41.6%
Tax Rate
17.7%
D&A / Rev
0.0%
Capex / Rev
3.8%
NWC / Rev
-10.0%
Shares
190.0M
Net Debt
$200000
Values shown in USD.
| Year | Revenue | Growth | EBIT | Op Margin | NOPAT | D&A | Capex | Delta WC | FCFF |
|---|---|---|---|---|---|---|---|---|---|
| Year 1 | $10.2B | 17.9% | $4.5B | 43.5% | $3.7B | $0 | $388.8M | -$155.4M | $3.4B |
| Year 2 | $11.8B | 15.0% | $5.0B | 42.2% | $4.1B | $0 | $445.1M | -$61.8M | $3.7B |
| Year 3 | $13.3B | 13.4% | $5.5B | 41.1% | $4.5B | $0 | $502.6M | -$41.6M | $4.1B |
| Year 4 | $14.9B | 11.8% | $6.0B | 40.1% | $4.9B | $0 | $559.6M | -$16.9M | $4.4B |
| Year 5 | $16.4B | 10.2% | $6.7B | 41.0% | $5.5B | $0 | $614.1M | $11.1M | $4.9B |
| Year 6 | $17.9B | 8.6% | $7.5B | 41.9% | $6.2B | $0 | $664.1M | $41.3M | $5.5B |
| Year 7 | $19.1B | 7.0% | $8.2B | 42.8% | $6.7B | $0 | $707.7M | $72.0M | $5.9B |
| Year 8 | $20.2B | 5.7% | $8.9B | 43.9% | $7.3B | $0 | $744.7M | $99.2M | $6.5B |
| Year 9 | $21.1B | 4.3% | $9.5B | 45.0% | $7.8B | $0 | $773.7M | $124.0M | $6.9B |
| Year 10 | $21.7B | 3.0% | $10.0B | 46.2% | $8.3B | $0 | $793.4M | $145.0M | $7.3B |
Same DCF model applied to every company. If KSPI's gap to fair value stands apart from peers, the case is stock-specific — not a sector-wide trend.
| Company | Peer Type | Mkt Cap | Price | Intrinsic Value | Upside / Premium | Status |
|---|---|---|---|---|---|---|
| KSPIJoint Stock Company Kaspi.kzYou are here | Subject | — | $88.95 | $153.10 | +72% | Undervalued |
| Core | $55.9B | $91.33 | $47.87 | -48% | Overvalued | |
| Core | $84.9B | $1675.10 | $957.88 | -43% | Overvalued | |
| Core | $14.1B | $3.55 | $3.12 | -12% | Fair Value | |
| Core | $15.9B | $14.26 | $12.50 | -12% | Fair Value | |
| Core | $15.7B | $27.08 | $23.61 | -13% | Fair Value | |
| Core | $63.8B | $13.17 | $8.55 | -35% | Overvalued | |
| Segment | $39.1B | $44.29 | $59.10 | +39% | Undervalued |
Differences in intrinsic value reflect differences in each company's financial data and business model — not inconsistency in the methodology. Peer rows without DCF coverage show “—”.
Answers to common questions about KSPI's valuation and our methodology.
The base-case intrinsic value for KSPI is estimated at $153.10. This is calculated using a Discounted Cash Flow (DCF) model that projects future cash flows and discounts them to today's present value.
Based on our DCF valuation, Joint Stock Company Kaspi.kz appears undervalued. The stock is currently trading at $88.95, compared to our fair value estimate of $153.10.
Under our base-case scenario, KSPI has an implied 72% upside. In our bull-case scenario, the intrinsic value could be significantly higher if growth and margins exceed baseline expectations.
We apply a discount rate (WACC) of 18.4% to calculate the present value of KSPI's future cash flows. This rate reflects the perceived risk and cost of capital for the business.
The model assumes a consensus-driven baseline growth rate for the next 5 years, which gradually tapers down to a terminal growth rate of 3.0%. The exact rates flex depending on whether you are viewing the bear, base, or bull scenario.
This valuation projects future free cash flow (FCFF) and discounts them back to present value using a WACC. For enterprise models, we then adjust for net debt and divide by diluted shares to calculate the final equity value per share.
Disclaimer: This page is for informational purposes only and does not constitute financial advice. Intrinsic value estimates are model outputs under stated assumptions and should not be relied upon as the sole basis for any investment decision.
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