TIVP082 (Video): Kaspi Stock ($KSPI): Beating the Market with an E-Commerce Monopoly? w/ Daniel Mahncke & Shawn O'Malley
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Episode Description
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 how the business actually makes its money across its three segments, 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.
Daniel and Shawn discuss the company's founders and incentive structure, its expansion into Turkey through Hepsiburada, the role of its high dividend in the investment case, and the risks that come with it – from the oil-linked currency to the governance questions raised in the Culper short report. They also walk through how Daniel values the business and whether Kaspi.kz deserves a spot in The Intrinsic Value Portfolio.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:00:36) How Kaspi became Kazakhstan's No.1 superapp
(00:15:45) What business units Kaspi operates
(00:33:49) What role the fintech business plays
(00:36:07) How the marketplace differs from Mercado Libre and Shopee
(00:43:34) What the competitive environment in Kazakhstan looks like
(00:51:11) What the Turkey expansion means for the business
(01:18:26) Valuation discussion of Kaspi
(01:21:59) Whether Kaspi is valued attractively
(01:25:24) Whether Shawn and Daniel add KSPI to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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- Kaspi CEO Presentation.
- Interview with the CEO, Mikhail Mikheil.
- Chris Paryse Pitch on Kaspi.
- Business Breakdowns Episode on Kaspi.
- Response to Culper’s Short Report.
- Check out our previous Intrinsic Value breakdowns: Amazon, Sea Limited, Mercado Libre, Shopify.
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