Joint Stock Company Kaspi.kz (LSE:KSPI) is a prominent financial technology company based in Kazakhstan. It offers a range of services including payments, marketplace, and fintech solutions. Kaspi.kz is known for its innovative approach in integrating these services, making it a leader in the region. Its main competitors include companies like Corpay, Inc., Klaviyo, Inc., JSC Halyk Bank, Evolution AB, and Cellebrite DI Ltd.
In evaluating Kaspi.kz's financial performance, the Return on Invested Capital (ROIC) and Weighted Average Cost of Capital (WACC) are crucial metrics. Kaspi.kz boasts a remarkable ROIC of 41.90%, which is significantly higher than its WACC of 4.59%. This results in a ROIC to WACC ratio of 9.14, indicating that the company is highly efficient in generating returns from its invested capital.
Comparatively, Corpay, Inc. has a ROIC of 10.23% and a WACC of 7.12%, leading to a ROIC to WACC ratio of 1.44. This suggests that while Corpay is generating returns above its cost of capital, it is not as efficient as Kaspi.kz. Klaviyo, Inc. presents a negative ROIC of -8.82% against a WACC of 10.11%, resulting in a negative ROIC to WACC ratio of -0.87, indicating inefficiency in capital utilization.
JSC Halyk Bank, another peer, has a ROIC of 19.90% and a WACC of 22.38%, with a ROIC to WACC ratio of 0.89. This shows that Halyk Bank's returns are below its cost of capital, unlike Kaspi.kz. Evolution AB, with a ROIC of 30.35% and a WACC of 8.35%, achieves a ROIC to WACC ratio of 3.64, which is efficient but still lower than Kaspi.kz's performance.
Cellebrite DI Ltd. has a ROIC of 13.30% and a WACC of 17.95%, resulting in a ROIC to WACC ratio of 0.74. This indicates that Cellebrite is not generating sufficient returns relative to its cost of capital. Overall, Kaspi.kz stands out among its peers with the highest ROIC to WACC ratio, showcasing its superior ability to utilize capital effectively and generate substantial returns.
