Analyst Consensus ?
ConsensusHold3 ratings
Bullish133.3%
Neutral266.7%
Bearish00.0%
Joint Stock Company Kaspi.kz · KSPI · FY2024 Q3 · Calendar Q4 2024
Kaspi.kz Q3 growth holds; Hepsiburada adds execution risk
The call supports a constructive near-term growth case, but the Hepsiburada deal shifts part of the story from organic execution to integration and capital allocation.
Reported Before market openNASDAQTechnology
$17.48B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.98
Consensus $2.90
EPS surprise
+2.8%
Reported versus consensus
Reported revenue
$1.36B
Consensus $1.25B
Revenue surprise
+8.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+7.8%
Event window
SPY move
+0.4%
Same window
Abnormal move
+7.4%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
-4.5%
Up to 20 sessions
KSPISPY benchmark
Ask FN2 about KSPI FY2024 Q3
Transcript, numbers and history already loaded
Why did KSPI rise 7.8% after beating EPS estimates in FY2024 Q3?What changed in KSPI's guidance and outlook in FY2024 Q3?Give me the bull and bear case for KSPI after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management highlighted broad platform growth and adoption of newer services. The principal change from the prior quarter was the announced controlling-stake Hepsiburada acquisition, which brings new growth potential alongside funding, dividend, regulatory, and integration considerations.
Guidance delta
Maintained; management continued to point to Q4 acceleration supported by stronger Juma promotions.
Key takeaways
- Payments, marketplace, and fintech all delivered double-digit growth in the quarter.
- Marketplace momentum was supported by e-commerce, travel, and value-added services.
- New products, including gift cards and business deposits, broadened engagement and monetization.
- The Hepsiburada acquisition adds an international growth lever but also integration and capital-allocation demands.
Management priorities
- Accelerate marketplace and fintech growth through Q4 Juma promotions.
- Close and begin integrating the Hepsiburada transaction, subject to regulatory approvals.
- Scale dark-store and logistics capabilities in Kazakhstan’s three focus cities.
- Evaluate additional regional expansion, including the potential Uzbekistan payment-network opportunity.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$91.74Current
$100Low
$117.4Average
$150High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wolfe Research | Outperform | Outperform | Maintain | Aug 25, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Aug 12, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Aug 20, 2025 |
Named analyst price targets
Upside is calculated against the persisted current price $91.74. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wolfe Research | Analyst unavailable | $115 | $106.46 | +25.4% | Aug 25, 2026 |
| Susquehanna | Analyst unavailable | $100 | $95.64 | +9.0% | Aug 12, 2026 |
| Susquehanna | Analyst unavailable | $95 | $86.4 | +3.6% | Apr 23, 2026 |
| Susquehanna | Analyst unavailable | $87 | $76.17 | -5.2% | Feb 2, 2026 |
| Goldman Sachs | Mikhail Butkov | $107 | $76.85 | +16.6% | Oct 8, 2025 |
| Morgan Stanley | Nida Iqbal | $115 | $84.97 | +25.4% | Jun 17, 2025 |
| Wolfe Research | Darrin Peller | $150 | $124.36 | +63.5% | May 29, 2024 |
Track every rating change on KSPI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationJoint Stock Company Kaspi.kz, established in 2008 and based in Almaty, Kazakhstan, operates alongside its subsidiaries to deliver a comprehensive suite of digital services encompassing payments, e-commerce, and financial technology. These offerings cater to both individual consumers and a diverse range of merchants. The company's operations are structured around three core platforms: Payments, Marketplace, and Fintech. The Payments Platform is designed to streamline transactions between customers and businesses. For consumers, it facilitates shopping payments, routine bill settlements, and peer-to-peer money transfers. For merchants, it enables them to accept payments both online and in-store, generate and manage invoices, pay suppliers, and monitor their sales performance. This platform also leverages proprietary data to inform strategic business decisions across various operational areas. The Marketplace Platform functions as an integrated hub, connecting online and physical retailers with consumers.…
Historical context
All KSPI earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| INFY Infosys Limited | FY2027 Q2 · Calendar Q4 2026 | -4.8% | -6.6% | Infosys trims growth outlook as AI revenue and deal wins accelerate |
| SSNC SS&C Technologies Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | +2.8% | SS&C raises 2026 outlook as AI and tokenization support growth |
| ROP Roper Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1.7% | +9.7% | Roper raises DEPS outlook as AI adoption expands across portfolio |
| VRSN VeriSign, Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.0% | -0.9% | VeriSign reports record registrations as renewal mix becomes a key watchpoint |
| TTMI TTM Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +16.8% | -27.7% | TTM Technologies Q3: Record Growth, Higher Investment, More Deal Risk |
| NOK Nokia Oyj | FY2026 Q3 · Calendar Q4 2026 | +25.0% | -14.8% | Nokia Q3: AI and cloud growth lifts margins as cash flow stays negative |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the KSPI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-26T05:40:45.278625+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T05:40:45.275708+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.