About this episode

Daniel Mahncke and Shawn O'Malley analyze Kaspi.kz, exploring its business model, market dominance, and investment potential.

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…

People in this episode

Guests: Daniel Mahncke, Shawn O'Malley

Topics covered

• e-commerce
• fintech
• investment analysis
• market competition
• business valuation
• dividend strategy

Keywords

• Kaspi.kz
• e-commerce monopoly
• Kazakhstan
• investment
• dividends
• valuation
• fintech

Mentioned in this episode

Organizations: Kaspi.kz, Hepsiburada, Culper

Products: KSPI

Places: Kazakhstan, Turkey, Kazakhstan

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