Episode notes
Daniel Mahncke and Shawn O'Malley take a deep dive into Kaspi.kz (NASDAQ: KSPI), the Kazakhstani super-app that combines payments, e-commerce, and fintech into a single platform that most of the country uses every day. They unpack why its dominance at home has been so hard for competitors to challenge, and how a company this profitable ends up trading at only around seven times earnings.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:49) How Kaspi became Kazakhstan's No.1 superapp
(00:16:56) What business units Kaspi operates
(00:35:38) What role the fintech business plays
(00:37:54) How the marketplace differs from Mercado Libre and Shopee
(00:45:11) What the competitive environment in Kazakhstan looks like
(00:52:30) What the Turkey expansion means for the business
(01:23:43) Valuation discussion of Kaspi
(01:27:11) Whether Kaspi is valued attractively
(01:30:34) Whether Shawn and Daniel add KSPI to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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- Portfolio Review Submit Tool.
- Kaspi CEO Presentation.
- Interview with the CEO, Mikhail Mikheil.
- Chris Paryse Pitch on Kaspi.
- Business Breakdowns Episode on Kaspi.
- Response to Culper’s Short Report.
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