Kaspi.kz JSC ADR Dossier
Outlook & Key Dates
Estimates, guidance, catalysts, and upcoming events
Analyst Estimates Learn more →
5-Yr Fwd EPS Growth
12.5%projected annual EPS growth
Analyst Coverage
7analysts covering
FY Revenue (est.)
$9.6Bnext fiscal year
FY EPS (est.)
$12.39next fiscal year
Monitoring Framework
Key Performance Indicators
Monthly Active Users (MAU) Quarterly14.7M
Monthly Transactions per Active Consumer Monthly77.0
Marketplace e-Commerce GMV Growth (Constant Currency & Pro-forma) Quarterly4,100.0%
Fintech Average Net Loan Portfolio Growth Quarterly2,300.0%
Watch Items
- Turkish E-commerce Integration (Hepsiburada)Trigger: Prolonged net losses or capital dilution from the 86% stake in HepsiburadaAction: Re-evaluate international expansion capital allocation and adjust consolidated margin expectations
- Kazakhstan Banking Sector Corporate Income Tax RateTrigger: Increase from 20% to 25% starting in 2026Action: Update valuation models to reflect compressed net margins and lower EPS growth projections
- Consumer Lending Rate Caps and Capital Adequacy RequirementsTrigger: Regulatory tightening by the National Bank of Kazakhstan compressing Fintech yieldsAction: Monitor Fintech segment yield (currently stable at ~6%) and adjust cost of risk assumptions
Research as of 2 Sep 2026