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