Great work Ilya. The company's extensive focus on customers really reminds me of Amazon and the way Bezos ran the company with customers in mind rather than competitors. I just wonder weather you see the ecosystem around Kaspi as a win,win ecosystem, focusing on alignment with merchants and partners? as according to Ron Adner is the reason behind the succes of Amazon Marketplace.
Hi, great write up and interesting read. I like the business too and think it is very undervalued and pricing in a lot of downside risk. I am just interested in understanding why it might be trading at a premium locally vs on the LSE? Is it due to low liquidity on the local market maybe?
Great work Ilya. The company's extensive focus on customers really reminds me of Amazon and the way Bezos ran the company with customers in mind rather than competitors. I just wonder weather you see the ecosystem around Kaspi as a win,win ecosystem, focusing on alignment with merchants and partners? as according to Ron Adner is the reason behind the succes of Amazon Marketplace.
Hi, great write up and interesting read. I like the business too and think it is very undervalued and pricing in a lot of downside risk. I am just interested in understanding why it might be trading at a premium locally vs on the LSE? Is it due to low liquidity on the local market maybe?
Much appreciate the sharing, very interesting idea. How do you think of the FX risk given the KZT lost c. 2/3 of its value vs. USD?
What a great analysis! Congratulations.
Excellent write up