Joint Stock Company Kaspi.kz (KSPI) Fair Value 2026

KSPI · Software - Infrastructure ·

By CirclFi Research Team · Data from SEC EDGAR, FRED & GDELT

Quality Score

8.1 /10

32 fundamental signals · 1 models active

Value Trap Risk

SAFE (21/100)

Quick Summary — As of 2026-08-28, Joint Stock Company Kaspi.kz (KSPI) trades at $106.29. QOC: 8.1/10. Value Trap Risk: 21/100 (SAFE). 1/13 models active.

Key Facts

Ticker
KSPI
Price
$106.29
Quality Score
8.1/10
Value Trap Risk
21/100
Models Active
1/13
Last Updated
Strength: Markov DDM suggests +36.1% upside with 48% confidence
Risk: Limited model coverage (1/13) may reduce confidence

What Fair Value Does Each Model Give KSPI?

1 Intrinsic Value Models vs. Current Price ($106.29)

Core Models (Unlocked)
Model Fair Value Upside
Intrinsic · Medium Conviction
 $144.66 +36.1%

All Models Active

All 1 models are displayed above.

What Is Joint Stock Company Kaspi.kz (KSPI) Worth in 2026?

According to the CirclFi Deep Alpha Valuation Engine, Joint Stock Company Kaspi.kz is potentially undervalued at its current price of $106.29. Based on our 13-model framework, Joint Stock Company Kaspi.kz's intrinsic value is estimated at a median fair value of $144.66 — representing +36.1% implied upside — with 1 out of 1 active models confirming this thesis.

What Do the Models Say About KSPI?

1 of 13 models are currently active for KSPI. All 1 active models suggest the stock trades below fair value. See which stocks rank higher →

How Does KSPI Rank in Software - Infrastructure?

Among 189 Software - Infrastructure stocks, KSPI ranks #45 by Quality of Company score. CirclFi's QOC score of 8.1/10 evaluates 32 fundamental signals. A score of 8.1 places KSPI in the top tier.

See all Most Undervalued Software - Infrastructure Stocks →

Within the Software - Infrastructure space, Joint Stock Company Kaspi.kz competes in an environment where gross margin profile often separates market leaders from laggards. Understanding these industry-specific dynamics is essential context for interpreting our model outputs.

Is KSPI a Value Trap?

CirclFi's Value Trap algorithm assigns KSPI a score of 21/100 (SAFE). This indicates minimal risk. Fundamentals are healthy. The score cross-references apparent undervaluation against fundamental deterioration signals. Browse lowest value-trap stocks →

Multi-Model Methodology

1 of 13 models are active for Joint Stock Company Kaspi.kz. Limited activation may indicate insufficient history. Each model applies a fundamentally different valuation philosophy. See the complete methodology →

According to the CirclFi Quality of Company (QOC) framework, which evaluates 32 signals including margin stability, revenue growth trajectory, leverage, and free cash flow generation, Joint Stock Company Kaspi.kz is rated at 8.1/10. This strong-tier score demonstrates strong fundamentals across the majority of our quality signals.

CirclFi runs 13 independent models for each stock. Browse all stocks with 13-model coverage →

Data Sources & Confidence

Every KSPI valuation is built from SEC EDGAR XBRL filings — 700+ standardized financial tags. Macroeconomic context from FRED calibrates discount rates, while GDELT news sentiment feeds into our Sentiment SOTP model. All pipelines run daily. Read the complete data methodology →

Across KSPI's 1 active models, average confidence is 48%. Lower confidence may reflect limited history or high volatility.

CirclFi's output is a research starting point, not a buy/sell signal. All data updates daily. Read the full methodology →

This analysis is produced by the CirclFi Valuation Engine using quantitative models applied to SEC EDGAR filings, public market feeds, and FRED macroeconomic indicators. It is not financial advice.

Read the full investment analysis: Should You Buy Joint Stock Company Kaspi.kz Stock in 2026? →

Bull case, bear case, risk factors & peer comparison — updated daily

Which Similar Software - Infrastructure Stocks Should You Also Analyze?

11 related Software - Infrastructure stocks with 13-model coverage

CALXCalix, Inc.QOC 8.1CCSIConsensus Cloud Solutions, Inc.QOC 8.1PGYPagaya Technologies Ltd.QOC 8.2FOURShift4 Payments, Inc.QOC 8.1CRWDCrowdStrike Holdings, Inc.QOC 8.2PRGSProgress Software CorporationQOC 8.1DVLTDatavault AI Inc.QOC 6.0TGHLThe Growhub LimitedQOC 5.1ARQQArqit Quantum Inc.QOC 2.1FTNTFortinet, Inc.QOC 9.7QLYSQualys, Inc.QOC 9.7

Read investment analysis: CALX · CCSI · PGY · FOUR · CRWD · PRGS · DVLT · TGHL · ARQQ · FTNT · QLYS

Which Other Stocks Have a Similar Quality Score to KSPI?

6 companies across all industries closest to KSPI’s Quality of Company score of 8.1/10.

ATLOAmes National CorporationQOC 8.1KRPKimbell Royalty Partners, LPQOC 8.1LFSLeifras Co., Ltd.QOC 8.1CASSCass Information Systems, Inc.QOC 8.1SBCSBC Medical Group Holdings IncorporatedQOC 8.1NVDANVIDIA CorporationQOC 10.0

Read investment analysis: ATLO · KRP · LFS · CASS · SBC · NVDA

Where Does KSPI Sit in CirclFi's Software - Infrastructure Rankings?

KSPI is ranked against every other Software - Infrastructure stock CirclFi covers in each of these screens.

See all Software - Infrastructure stocks ranked →

What Else Do Investors Ask About Joint Stock Company Kaspi.kz’s Valuation?

What is Joint Stock Company Kaspi.kz's intrinsic value in 2026?

CirclFi does not yet have enough active models to publish a median fair value for Joint Stock Company Kaspi.kz (KSPI). The Quality of Company score is 8.1/10 across 32 fundamental signals. All models use SEC EDGAR filings updated daily. See our methodology page for how each model works.

Is KSPI overvalued or undervalued right now?

At $106.29, 1 of 1 active models suggest KSPI may be undervalued, while 0 indicate potential overvaluation. The assessment depends on which methodology best fits Joint Stock Company Kaspi.kz's business model in Software - Infrastructure.

What does a Quality of Company score of 8.1 mean for KSPI?

Joint Stock Company Kaspi.kz's QOC of 8.1/10 reflects 32 fundamental signals: profitability margins, revenue growth consistency, balance sheet leverage, free cash flow generation, and capital allocation efficiency. Scores above 7 indicate strong fundamentals and disciplined management.

How many valuation models does CirclFi run on KSPI?

CirclFi analyzes KSPI with 13 institutional-grade models daily: Bayesian DCF (Monte Carlo + jump-diffusion), EPV (Greenwald zero-growth), EROIC Spread (McKinsey reinvestment), First Chicago (3-scenario), Markov DDM (regime-switching), ML-RIV (machine learning residual income), Dynamic NAV (asset-based), PWERM (option-theoretic), Regime Cross-Sectional (relative), Sentiment SOTP (hybrid), CUCE Ensemble (meta-model), FTNN Topology (neural network), and RCMH-DCF (conditional regime). Currently 1 of 13 are active for this stock. Read the full methodology →

Is KSPI a value trap in 2026?

Joint Stock Company Kaspi.kz's Value Trap score is 21/100 (SAFE). This low score indicates the current valuation is not artificially depressed by fundamental deterioration, suggesting genuine opportunity rather than a trap. Browse stocks by value-trap risk →

Cite this analysis — “CirclFi assigns Joint Stock Company Kaspi.kz (KSPI) a Quality of Company score of 8.1/10 across 32 fundamental signals as of 2026-08-28.” Source: circlfi.com/stock/KSPI/ · Methodology
Primary sources for this KSPI valuation
  • Financial statements: Joint Stock Company Kaspi.kz 10-K and 10-Q filings on SEC EDGAR (CIK 0001985487) — 700+ standardized XBRL tags, published by the U.S. Securities and Exchange Commission.
  • Discount-rate inputs: FRED, Federal Reserve Bank of St. Louis — risk-free rates, VIX, yield curve, inflation.
  • News sentiment: The GDELT Project — global media tone, input to the Sentiment SOTP model.
  • Model definitions: CirclFi methodology — the published specification for all 13 models, including the academic sources each one implements.

Market data for KSPI as of ; valuations recomputed .