Stock fact sheet · data as of
Joint Stock Company Kaspi.kz (KSPI): fair value, margin of safety and Wheel Score
Ticker symbol KSPI · Technology · Software - Infrastructure · Kazakhstan · ADR · Growth Quality Income
KSPI is an American depositary share (ADR): the US listing of Joint Stock Company Kaspi.kz, whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.
Is KSPI undervalued?
Joint Stock Company Kaspi.kz (KSPI) closed at 95.42 on 5 Nov 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 392.01, which puts the price 76% below it. 7 of the 9 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
There is a wide gap between DDM (83.99) and DCF (910.01). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, KSPI is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 67, growth score 89, out of 100). It also carries the Quality and Income tags (Quality = moat 7.5+ out of 10 and Piotroski 7+; Income = a dividend yield of 4% or more).
Nine valuation models for KSPI
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 910.01 | +854% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 89.05 | -7% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 580.90 | +509% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 245.45 | +157% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 743.31 | +679% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 300.88 | +215% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 439.60 | +361% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 83.99 | -12% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 134.91 | +41% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 15.90 | -83% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 107.50 | +13% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Joint Stock Company Kaspi.kz scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. A GLS Moat score of 8.7/10 puts KSPI among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
Returns on capital are high - ROIC 35.1%, ROE 41.7%, ROA 9.4% - with debt at 0.19 times equity and a free-cash-flow yield of 11.6%.
The dividend yield is high at 5.98% (payout ratio 31%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 35.1% |
|---|---|---|---|
| GLS Moat | 8.7 / 10 | ROE | 41.7% |
| Debt / equity | 0.19 | ROA | 9.4% |
| Free-cash-flow yield | 11.6% | Payout ratio | 31% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 84: Good
With a Wheel Score of 84 - the Good band - Joint Stock Company Kaspi.kz passes all 9 Wheel Trade Filters. How it ranks: value strong, premium strong, moat strong, health good, red flags weak, option trading weak, stability good. Red Flags (weak) is the part keeping it out of the Prime band.
Implied volatility is 37% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 5,144 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 469k shares a day on a market cap of $18.1B, with a beta of 0.09 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 76% below fair value | |
| Premium | Strong | implied volatility 37% | |
| Moat | Strong | moat 8.7/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Weak | Red Flags score 65/100 | |
| Option trading | Weak | 651 contracts a day, 5,144 open interest | |
| Stability | Good | beta 0.09, $18.1B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Joint Stock Company Kaspi.kz reports earnings on 9 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Infrastructure
The 12 companies below are the closest to Joint Stock Company Kaspi.kz by market cap within the Software - Infrastructure industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| TOST Toast, Inc. | 35.37 | 31.57 | -12% | 43Weak | $18.3B |
| GEN Gen Digital Inc. | 30.89 | 46.37 | +33% | 55Fair | $18.3B |
| FFIV F5, Inc. | 329.72 | 268.50 | -23% | 45Weak | $18.7B |
| NTNX Nutanix, Inc. | 63.70 | 140.63 | +55% | 51Fair | $17.2B |
| CHKP Check Point Software Technologies Ltd. | 147.41 | 181.70 | +19% | 82Good | $15.1B |
| GDDY GoDaddy Inc. | 118.32 | 304.02 | +61% | 88Prime | $15.0B |
| RBRK Rubrik, Inc. | 118.99 | 34.09 | -249% | 28Weak | $24.5B |
| IOT Samsara Inc. | 42.81 | 8.87 | -383% | 42Weak | $25.1B |
| MDB MongoDB, Inc. | 328.38 | 59.67 | -450% | 37Weak | $26.4B |
| AKAM Akamai Technologies, Inc. | 85.93 | 81.77 | -5% | 36Weak | $12.3B |
| CRWV CoreWeave, Inc. Class A Common Stock | 48.42 | - | - | 15Weak | $26.7B |
| CPAY Corpay, Inc. | 418.60 | 493.09 | +15% | 45Weak | $27.5B |
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Start free See the Sunday ScanQuestions about KSPI
Is KSPI undervalued right now?
By the GLS models, yes: at 95.42 the stock is 76% below the average fair value of 392.01 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of KSPI and what does it mean?
KSPI scores 84 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for KSPI?
392.01 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Joint Stock Company Kaspi.kz report earnings next?
The next earnings report is due on 9 Nov 2026 (before the open), 4 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does KSPI have listed options, and how liquid are they?
Yes. The nightly snapshot found 56 listed contracts with 5,144 open interest across all expiries and implied volatility of 37% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is KSPI an ADR?
Yes. KSPI is an American depositary share (ADR): the US listing of Joint Stock Company Kaspi.kz, whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.