Artem Fokin from Caro-Kann on Kaspi $KSPI from Yet Another Value Podcast

Artem Fokin from Caro-Kann on Kaspi $KSPI

1 hour 14 minutes Posted Jan 23, 2023 at 1:43 pm.

Intro 

KSPI Overview 

Discussing how ingrained in Kazakhstan Kaspi is 

Sizing and breaking down the payments business 

How Kaspi's data helps them with consumer loans 

Kaspi as a "tax" on the Kazakhstan economy 

Discussing management and Kaspi capital allocation 

Run on the bank risk 48:20 Kazakhstan country / GDP risk 

Why hasn't KSPI succeeded outside of Kazakhstan 

How to think about valuing KSPI 

Framing KSPI's local currency risk

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Show notes

Artem Fokin, founder of Caro-Kann Capital, discusses the bull case for Kaspi (KSPI). Kaspi is the dominant fintech in Kazakhstan, and Artem breaks down how it's trading for a value price despite rapid growth and how its dominance will allow it to grow into new sectors of the Kazakhstan economy.

Kaspi IPO case study from HBS: https://www.hbs.edu/faculty/Pages/item.aspx?num=56825

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