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Colin Smith

Research Analyst at One Africa Partners

Colin Smith is an Analyst at One Africa Partners, specializing in private equity investments across sub-Saharan Africa with a focus on growth-stage companies in financial services, consumer goods, and technology sectors. He covers portfolio companies and investment targets such as M-KOPA, Copia Global, and certain fintech firms in Kenya and Nigeria, contributing to the firm's successful exits and fund performance with an internal track record of supporting deals that have delivered average IRR exceeding 25% for One Africa Growth Fund I and II. Smith joined One Africa Partners in 2022 after earlier roles at African Rainbow Capital and Standard Bank Group starting from 2018, building expertise in emerging market investments. He holds a CFA charter and is registered with relevant South African financial authorities, though not FINRA-licensed given the firm's focus outside the US.

Colin Smith's questions to Karooooo (KARO) leadership

Question · Q3 2026

Colin Smith asked about the impact of the materially stronger South African rand on Karooooo's underlying operations. He also inquired if an existing subscriber adding a video Cartrack tag would reset their standard 36-month contract. Additionally, Smith questioned whether the current share price level would prompt management to consider a share buyback.

Answer

Zak Calisto, Founder and Group CEO, explained that a stronger South African rand has a minor positive impact on telemetry equipment production. However, for reporting purposes, it negatively impacts reported ZAR revenue from non-South African operations, while being positive if reporting in USD. Calisto clarified that the 36-month contract is not material to Karooooo; the company prioritizes long-term customer retention through excellent service rather than enforcing contract terms. Regarding share buybacks, he stated that such actions are complex for a listed entity due to SEC rules, and the company prefers to focus on business growth and asset quality rather than market timing or complex buyback strategies that could lead to delisting.

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