Kaspi.kz: The Next Multibagger? Buffett-Style Analysis at 8x P/E
Kaspi.kz trades at about 8 times earnings, close to what Warren Buffett paid for Japan's five trading houses. We run Buffett's four questions on it: the business, the moat, the managers and the price, plus the balance sheet, the Turkey bet and the risks. Chapters 0:00 One app, one country 0:25 Buffett's Japan bet vs Kaspi 2:21 Question 1: the business 3:24 Question 2: the moat 4:09 The Turkey bet 4:50 The numbers 6:09 The balance sheet 7:09 Question 3: the managers 7:50 Question 4: the price 9:11 The verdict Sources: Kaspi.kz Q2 2026 results and earnings call; Kaspi FY2025 results; stockanalysis.com (market data, 12 Oct 2026); WisdomTree and Morningstar (Japan trading houses); Berkshire Hathaway letters; Pabrai Wagons ETF holdings (Cannibal Stocks, Fundamental Deep Dive); bne IntelliNews (Culper report and Kaspi's response). Photos: Warren Buffett, Wikimedia Commons [add author + licence]; Mohnish Pabrai [add source]. Education only. Not investment advice. Do your own research.
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