Joint Stock Company Kaspi.kz (LSE:KSPI) is a prominent financial technology company based in Kazakhstan. It offers a range of services including payments, e-commerce, and financial products. Kaspi.kz is known for its innovative approach in integrating these services into a single platform, making it a leader in the region. Its main competitors include companies like Corpay, Inc. and JSC Halyk Bank, which also operate in the financial services sector.
Kaspi.kz exhibits a remarkable Return on Invested Capital (ROIC) of 41.90%, which is significantly higher than its Weighted Average Cost of Capital (WACC) of 4.77%. This results in a ROIC to WACC ratio of 8.79, highlighting its efficient use of capital and strong profitability. This efficiency is a key indicator of the company's ability to generate returns that far exceed its cost of capital.
In comparison, Corpay, Inc. (CPAY) has a ROIC of 10.23% and a WACC of 7.19%, resulting in a ROIC to WACC ratio of 1.42. This suggests that while Corpay is profitable, its returns are not as substantial relative to its cost of capital as those of Kaspi.kz. Similarly, JSC Halyk Bank (HSBK.IL) shows a ROIC of 5.94% against a WACC of 8.18%, leading to a ratio of 0.73, indicating less efficient capital utilization.
Klaviyo, Inc. (KVYO) presents a negative ROIC of -8.82% with a WACC of 10.29%, resulting in a ROIC to WACC ratio of -0.86. This negative ratio suggests that Klaviyo is not currently generating sufficient returns to cover its cost of capital. On the other hand, Evolution AB (publ) (EVVTY) demonstrates a strong performance with a ROIC of 30.35% and a WACC of 8.70%, achieving a ROIC to WACC ratio of 3.49, which is commendable but still lower than that of Kaspi.kz.
Cellebrite DI Ltd. (CLBT) has a ROIC of 13.30% and a WACC of 18.81%, resulting in a ROIC to WACC ratio of 0.71. This indicates that Cellebrite's returns are not sufficient to cover its cost of capital, reflecting less efficient capital management compared to Kaspi.kz. Overall, Kaspi.kz's superior ROIC to WACC ratio underscores its strong capital efficiency and profitability, setting it apart from its peers.
