about 2 years ago • 1 min
Shares in Kaspi.kz, the Goldman Sachs-backed operator of Kazakhstan’s largest payments system and retail bank, rebounded on Tuesday as violent protests in the Central Asian nation cooled.
The chart above shows how the shares (ticker: KSPI) have traded since they listed in London in October 2020. Stock in the $18 billion fintech firm is currently trading at about 9x revenue, down from a high of 14x in October, creating a potential opportunity for those who believe in the company’s growth prospects.
Since the start of the year, Kazakhstan has been rocked by protests against fuel price hikes that rapidly turned violent. More than 160 people were killed as protestors clashed with security forces, culminating in Russia sending troops to help restore order.
The violence sent shockwaves through investments tied to Kazakhstan – and many, like Kaspi.kz, are now starting to recover as the protests subside.
Kazakhstan produces more than 40% of the world’s uranium and prices of the thinly-traded nuclear fuel jumped last week on concern supplies might be disrupted. Kazatomprom, the nation’s biggest uranium supplier, also trades in London (with the ticker KAP) and has also seen some wild swings in its share price since the start of the year.
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