Kaspi.kz Files 2025 Form 20-F; Trades at 6x P/E with $300M Turkey Deal
Kaspi.kz filed its 2025 Form 20-F annual report with the U.S. Securities and Exchange Commission, covering year ended December 31, 2025. The company trades at over 6x trailing P/E, has reinstated a sustainable dividend, expects Hepsiburada to be EBITDA neutral and will integrate a $300M Rabobank Turkey acquisition.
1. Annual Report Filing
Kaspi.kz filed its Annual Report on Form 20-F for the year ended December 31, 2025, detailing financial statements, risk factors, and corporate governance disclosures in compliance with U.S. regulatory requirements.
2. Valuation and Dividend
The shares trade at over 6x trailing P/E, reflecting resilient profitability and growth prospects, while management has reinstated a sustainable dividend policy to return cash to shareholders.
3. Hepsiburada Neutral Impact and Turkey Deal
Kaspi.kz expects its 85.17% stake in Hepsiburada to be EBITDA neutral this year, minimizing earnings drag, and will integrate a $300M acquisition of Rabobank Turkey to expand its fintech offerings.