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Frank Geng

Frank Geng

graduate of the Wharton School of the University of Pennsylvania and at Briarwood Chase Management

New York, NY, US

Frank Geng is an Analyst at Briarwood Chase Management LLC, specializing in equity research and investment analysis. He covers public companies, leveraging his prior experience as an analyst at Starboard Value and as an investment banking analyst at Evercore within the restructuring practice. Frank is a graduate of the Wharton School of the University of Pennsylvania and attended Phillips Academy Andover, bringing strong academic credentials and multilingual capabilities in Mandarin and French to his role. Since joining BCM in 2019, he has built upon his extensive training in activist investing and restructuring, though specific performance metrics and licensed credentials have not been publicly disclosed.

Frank Geng's questions to LESAKA TECHNOLOGIES (LSAK) leadership

Question · Q4 2025

Frank Geng asked for an unpacking of the FY2026 guidance drivers, specifically for each division, and confirmation that the guidance excludes the BankZero acquisition.

Answer

Ali Mazanderani (Executive Chairman, Lesaka technologies) confirmed the FY2026 guidance excludes BankZero, with an expectation of over 46% year-on-year EBITDA growth at the midpoint. He detailed that all three divisions (Consumer, Merchant, Enterprise) are expected to grow at rates exceeding 20%. Consumer growth will be driven by an increasing customer base and ARPU through cross-sell. Merchant growth will come from an expanding merchant base and ARPU via product integration and cross-sell. Enterprise growth is anticipated from increased processed volumes due to contract wins and an improving take rate from a favorable mix effect, particularly the faster-growing utilities business.

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Question · Q4 2024

Frank Geng of Briarwood Chase Management asked for more detail on the upcoming medium-term financial objectives for Q2 2025 and for clarification on the merchant division's normalized growth outlook, given several moving parts in the annual results.

Answer

Executive Ali Zaynalabidin Mazanderani stated that updated objectives, including new Gross Profit guidance, will be provided after the Adumo acquisition closes. He noted that the underlying FY25 guidance already implies a 30% YoY growth rate, exceeding previous targets. Executive Steven Heilbron added that the merchant division's normalized growth was 15% in FY24, driven by strong VAS and card throughput, and this organic rate is expected to continue.

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Question · Q4 2024

Inquired about the upcoming medium-term financial objectives for Q2 2025 and the normalized growth and outlook for the merchant division.

Answer

The updated medium-term objectives will be provided post-Adumo closing and will include Gross Profit guidance; underlying growth already exceeds previous targets. The merchant division's normalized organic growth is a sustainable 15%, supported by strong VAS and card throughput, and will be further enhanced by recent acquisitions.

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