KSPI LI

Kaspi.kz JSC - GDR - Reg S

Finance/Real Estate, TMT


Presented:10/24/2023
Price:$92.50
Cap:$17.76B
Current Price:$120.60
Cap:$23.15B

Presented

Date10/24/2023
Price$92.50
Market Cap$17.76B
Ent ValueN/A
P/E Ratio10.26x
Book ValueN/A
Div Yield1.76%
Shares O/S191.96M
Ave Daily Vol22,056
Short IntN/A

Current

Price$120.60
Market Cap$23.15B
Kaspi.kz JSC operates as a mobile app. The firm operates through the following segments: Payments Platform, Marketplace Platform and Fintech Platform. The Payments Platform segment consists of both consumers and merchants, to facilitate cashless, digital transactions. The Marketplace platform segment connects merchants and consumers enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by a variety of merchants. The Fintech Platform segment enables customers to manage their personal finances online and access consumer finance and deposit products primarily through the Kaspi.kz Super App. The company was founded by Mikheil Nugzarovich Lomtadze and Vyacheslav Konstantinovich Kim on October 16, 2008 and is headquartered in Almaty, Kazakhstan.

Publicly traded companies mentioned herein: Jumia Technologies AG (JMIA), Kaspi.KZ JSC (KSPI LI)

Highlights

The presenter is long shares of Kaspi.KZ JSC (KSPI LI), which is a dominant company in Kazakhstan that trades at 8x his 2024 earnings estimate because of the perpetual geopolitical risk associated with the country. Kaspi operates three segments (Payments, Marketplace, Fintech) that each make up roughly 1/3 of total profits. He models a 25%+ earnings CAGR over several years and thinks it can be a multibagger if it ever receives a multiple tailwind, which he believes could be imminent. Even without multiple expansion, there is upside as a high quality and ubiquitous business with strong underlying growth (40% TPV growth, 50% GMV growth). 

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Idea Discussion

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