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Strategies & Market Trends : Value Investing

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To: Madharry who wrote (78342)	10/26/2025 2:31:24 PM
From: OlafB	of 78414

Base WACC is 13.6 due to recent spike in inflation i adjusted discount rate accordingly 1.WACC * 1.IR = 1.136 * ~1.115 for year end = 26% I applied it to entire explicit and terminal stage as i mentioned. I used such a high rate to display that company will do - ok, even if current macro trends prevail Without knowing anything about it , if I did research I would have to know about the current regime, what we know about actual losses versus reserves historically and projected, who regulates them and impact of AI on their business and future competition, whats the moat? - i am not sure about what losses the question is about, but if i understand it right - acquisition was funded by Eurobonds and from FCF, therefore RE, which constitutes majority of equity on their balance sheet, wasn't affected and business doesn't have any signs of decreasing it(besides Treasury Shares/Buybacks which will more likely get renewal over next 4Qs) About moat - monopoly in it's region. There are literally no alternatives of the same scale in Kaz. Also some funny but not really important: Government issued legislation for digitalization of payment(transfer into cashless) which made banks work Kaspi - lol

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