Global Payments Inc. (GPN) vs Joint Stock Company Kaspi.kz Sponsored ADR (KSPI)

Global Payments Inc. and Joint Stock Company Kaspi.kz Sponsored ADR are both Software Infrastructure companies. Global Payments Inc. is the larger, with a market value of $22.6B against $17.8B — 1.3× the size. Global Payments Inc. has negative trailing earnings, so its P/E is not meaningful; Joint Stock Company Kaspi.kz Sponsored ADR trades at 8.7×. Global Payments Inc. grew revenue faster over the last twelve months: 43.1% against 35.3%. Joint Stock Company Kaspi.kz Sponsored ADR has the higher net margin (23.9% vs −9.15%) and the higher return on invested capital (61.4% vs 2.01%). Both pay a dividend; Joint Stock Company Kaspi.kz Sponsored ADR yields more (7.20% vs 0.75%). Across the 19 metrics below, Joint Stock Company Kaspi.kz Sponsored ADR leads on 16 and Global Payments Inc. on 3.

Valuation

Metric GPN KSPI Software Infrastructure median
P/E n/m 8.66 28.02
P/S 2.29 2.11 3.07
P/B 0.98 3.17 3.36
Price to free cash flow 28.38 9.43 17.12
EV/EBITDA 10.68 n/m 14.91
EV/Sales 3.95 1.75 3.03
Earnings yield (3.43%) 11.55% 0.13%
Free cash flow yield 3.52% 10.61% 1.15%

Profitability

Metric GPN KSPI Software Infrastructure median
Gross margin 63.91% 76.07% 61.23%
Operating margin 12.84% 0.00% 0.00%
Net margin (9.15%) 23.92% 0.00%
Free cash flow margin 8.06% 22.40% 1.67%
Return on equity (3.97%) 42.03% 0.59%
Return on assets (1.67%) 9.06% 0.00%
Return on invested capital 2.01% 61.43% 0.00%

Growth

Metric GPN KSPI Software Infrastructure median
Revenue growth (TTM) 43.06% 35.27% 13.41%
EPS growth (last fiscal year) (6.01%) 2.90% —
Revenue growth, 5-year CAGR 0.75% — 15.81%
Net income growth, 5-year CAGR 19.09% — 0.00%

Health

Metric GPN KSPI Software Infrastructure median
Debt to equity 0.94 0.00 0.06
Current ratio 0.82 0.99 1.55
Net debt to EBITDA 3.98 0.00 0.08

Dividend

Metric GPN KSPI Software Infrastructure median
Dividend yield 0.75% 7.20% 1.53%
Payout ratio 0.34 — 0.00

Size

Metric GPN KSPI Software Infrastructure median
Market cap 22.62b 17.75b 835.96m

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