Analyst Consensus ?
ConsensusHold3 ratings
Bullish133.3%
Neutral266.7%
Bearish00.0%
Joint Stock Company Kaspi.kz · KSPI · FY2024 Q4 · Calendar Q1 2025
Kaspi posts broad growth while 2025 outlook moderates
The supplied analysis supports a constructive but qualified view: strong payments, marketplace and fintech momentum provides a growth base, while moderated 2025 guidance, macro exposure and Hepsiburada integration make the trajectory dependent on execution.
Reported Before market openNASDAQTechnology
$17.71B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.35
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.48B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.8%
Event window
SPY move
-0.5%
Same window
Abnormal move
+1.3%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-6.4%
Up to 20 sessions
KSPISPY benchmark
Ask FN2 about KSPI FY2024 Q4
Transcript, numbers and history already loaded
What drove KSPI's +0.8% move after FY2024 Q4 earnings?What changed in KSPI's guidance and outlook in FY2024 Q4?Give me the bull and bear case for KSPI after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, Hepsiburada had moved from a planned acquisition to a completed transaction, while management emphasized 2025 expansion in e-Grocery, new consumer services and marketplace monetization. The 2025 profit-growth outlook was more moderate than the prior year's target.
Guidance delta
Management's 2025 profit-growth outlook was lowered to around 20%, reflecting a modest slowdown from the prior year's target.
Key takeaways
- Management described double-digit growth across payments, marketplace and fintech in 2024.
- Marketplace was the fastest-growing engine, supported by e-commerce, e-Grocery and value-added services.
- The Hepsiburada acquisition was completed, expanding the company's focus to Turkey.
- The 2025 outlook points to continued growth but at a more moderate pace.
Management priorities
- Expand e-Grocery and dark-store capacity into two additional cities.
- Add consumer services including gift-card extensions and BNPL.
- Scale marketplace advertising and delivery offerings.
- Continue product launches such as Kaspi POS Register and Business Deposit.
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Try FN2 freeEarnings History
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Beat
Miss
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Analyst 52W Price Targets
$93.18Current
$100Low
$117.4Average
$150High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 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 $93.18. 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 | +23.4% | Aug 25, 2026 |
| Susquehanna | Analyst unavailable | $100 | $95.64 | +7.3% | Aug 12, 2026 |
| Susquehanna | Analyst unavailable | $95 | $86.4 | +2.0% | Apr 23, 2026 |
| Susquehanna | Analyst unavailable | $87 | $76.17 | -6.6% | Feb 2, 2026 |
| Goldman Sachs | Mikhail Butkov | $107 | $76.85 | +14.8% | Oct 8, 2025 |
| Morgan Stanley | Nida Iqbal | $115 | $84.97 | +23.4% | Jun 17, 2025 |
| Wolfe Research | Darrin Peller | $150 | $124.36 | +61.0% | May 29, 2024 |
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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 |
|---|---|---|---|---|
| WIT Wipro Limited | FY2027 Q2 · Calendar Q4 2026 | -25.0% | +3.9% | Wipro: AI pipeline expands as Q3 guidance stays narrow |
| TSM Taiwan Semiconductor Manufacturing Company Limited | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -1.8% | TSMC beats Q3 guidance as AI demand drives fab expansion |
| ERIC Telefonaktiebolaget LM Ericsson (publ) | FY2026 Q3 · Calendar Q4 2026 | +28.6% | +11.8% | Ericsson Q3: 7% organic growth, resilient margins and AI-led demand |
| ASML ASML Holding N.V. | FY2026 Q3 · Calendar Q4 2026 | +20.4% | -3.9% | ASML: Record Q3, strong AI demand and broader capacity plans |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-10T00:02:09.030919+00:00
- Polygon adjusted daily market bars · 2026-10-18T05:05:53.649677+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T05:05:53.646945+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 2026-10-18. For educational purposes only; not investment advice.