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

Artem Fokin from Caro-Kann on Kaspi $KSPI