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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 

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