Artem Fokin from Caro-Kann on Kaspi $KSPI
Jan 23, 2023•1 hr 14 min
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Episode description
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
Chapters
- 0:00 Intro
- 2:30 KSPI Overview
- 8:15 Discussing how ingrained in Kazakhstan Kaspi is
- 11:20 Sizing and breaking down the payments business
- 24:45 How Kaspi's data helps them with consumer loans
- 31:30 Kaspi as a "tax" on the Kazakhstan economy
- 36:30 Discussing management and Kaspi capital allocation
- 43:40 Run on the bank risk 48:20 Kazakhstan country / GDP risk
- 53:00 Why hasn't KSPI succeeded outside of Kazakhstan
- 1:00:30 How to think about valuing KSPI
- 1:08:00 Framing KSPI's local currency risk
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