Professional
Added to YB: 2024-03-12
Pitch date: 2024-02-02
KSPI.IL [bullish]
Joint Stock Company Kaspi.kz
-12.26%
current return
Author Info
Meditation Capital is a global long-only fund with a focus on investing in quality companies with exceptional products. Their goal is to generate high rates of return while striving to continually maintain safety of principal. Sign up for the newsletter.
Company Info
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine.
Market Cap
$7.4T
Pitch Price
$87.38
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.27
P/E
6.79
EV/Sales
2.03
Sector
Consumer Finance
Category
growth
Meditation Capital Portfolio Holding: Kaspi.kz - $KSPI.IL
KSPI.IL: Alipay of Kazakhstan, dominant super-app integrating payments, lending, e-commerce, and gov services. Kaspi ubiquitous with 2.3 user transactions/day; Charges merchants 0.95% for QR payments, leads in BNPL at 8% take rate, strong in e-commerce with 65% market share. Highly profitable with 45% adj. net margin, $1.9bn adj. net income; 8x 2024 PE despite competition from Ozon, Wildberries. Founded by Vyacheslav Kim and CEO Mikhail Lomtadze, systemically important, positive government relations; risk from Russia-sanctions seems low.
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