Kaspi Is Worth $0.75 or $97,596? Why the DCF Breaks

Kaspi's AI-driven DCF ranges from $0.75 to $97,596 per share, showing deposit-funded fintechs need bank-specific valuation methods, not standard DCF.

• DCF breaks for banks: A strict DCF using trailing 12-month free cash flow of $1.98B, 190M shares, and a 13.66% discount rate yields $0.75/share in the conservative scenario (-92.4% historical FCF growth) versus $97,596/share in the nominal scenario (+338% growth), versus a $93.51 market price.
• Deposit funding distorts cash flow: Because Kaspi is a deposit-funded fintech, loan originations and deposit inflows create huge, meaningless swings in reported operating cash flow, making standard DCF unreliable.

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