Kaspi.kz (NasdaqGS:KSPI) Valuation in Focus After Goldman Sachs Buy Rating Upgrade

Kaspi.kz (NasdaqGS:KSPI) just received a buy rating upgrade from Goldman Sachs analyst Mikhail Butkov. Upgrades from major Wall Street figures often get investors talking, as they can signal shifts in sentiment.

See our latest analysis for Kaspi.kz.

Kaspi.kz has seen its share price slide nearly 26% year-to-date despite making strategic moves like a major investment in Turkish e-commerce leader Hepsiburada and gearing up for upcoming financial results. While short-term momentum has been weak, its three-year total shareholder return of 48% shows that long-term holders have still come out ahead.

If you’re interested in broader opportunities beyond one company’s upgrade, now could be a perfect moment to discover fast growing stocks with high insider ownership.

With shares trading at a significant discount to analysts’ price targets and fresh upgrades from major banks, the question for investors now is whether Kaspi.kz is truly undervalued or if the market is already anticipating future growth.

Most Popular Narrative: 33.8% Undervalued

Kaspi.kz’s most-followed narrative places fair value well above its last close price of $73.72. This highlights a wide gap that could intrigue value hunters and skeptics alike. This sets the stage for a closer look at the triggers behind the market disconnect and why analysts’ models differ so significantly from current trading levels.

The rollout and success of higher-yield deposit products are accelerating customer acquisition and bringing new funds onto the platform. This positions Kaspi.kz to benefit from greater transaction flow and, once interest rates decline, a significant rebound in fintech margins and earnings.

Read the complete narrative.

Curious how one big financial twist is fueling this bullish case? Growth in new digital revenue streams, ambitious margin forecasts, and a dramatic future profit multiple underpin this valuation. Want to uncover the exact assumptions that could send the price higher? Don’t miss the numbers and bold predictions driving this target.

Result: Fair Value of $111.40 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, rising regulatory costs and intensifying competition in new markets could present challenges to Kaspi.kz's growth story and test investors' patience in the period ahead.

Find out about the key risks to this Kaspi.kz narrative.

Build Your Own Kaspi.kz Narrative

If you take a different view or want to analyze the facts for yourself, you can build your own perspective in just a few minutes. Do it your way.

A great starting point for your Kaspi.kz research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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