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.

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 <li>Portfolio Review <a href="https://Portfolio%20Review%20Submit%20Tool%20Kaspi%20CEO%20Presentation%20Interview%20with%20the%20CEO,%20Mikhail%20Mikheil%20%20Chris%20Paryse%20Pitch%20on%20Kaspi%20Business%20Breakdowns%20Episode%20on%20Kaspi%20Response%20to%20Culper’s%20Short%20Report">Submit Tool</a>.</li>
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 <li>Chris Paryse <a href="https://stockpicking.substack.com/p/left-for-dead-e-commerce">Pitch on Kaspi</a>.</li>
 <li>Business Breakdowns <a href="https://youtu.be/wDtXE7lowH8?si=53YMvv5h4bvvPky2">Episode on Kaspi</a>.</li>
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