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    Jarred Houston

    Research Analyst at All Weather Capital

    Jarred Houston is an Equity Analyst and Co-Portfolio Manager at All Weather Capital, specializing in South African equities with coverage of high-profile companies such as Reinet and Volkswagen. He has more than eight years of experience in financial services, with a strong valuation and investment research background and notable buy recommendations that have contributed to the firm’s robust performance across equity strategies. Houston began his analyst career prior to joining All Weather Capital, progressing to his current dual role in Sandton, South Africa. He holds the Chartered Financial Analyst (CFA) designation, underscoring his rigorous analytical credentials and commitment to professional standards.

    Jarred Houston's questions to LESAKA TECHNOLOGIES (LSAK) leadership

    Jarred Houston's questions to LESAKA TECHNOLOGIES (LSAK) leadership • Q4 2024

    Question

    Jarred Houston of All Weather Capital asked about the group's debt levels, specifically whether the improvement in the net debt to EBITDA ratio would be driven by EBITDA growth or actual debt reduction, and the expected future direction of the leverage ratio.

    Answer

    Executive Ali Zaynalabidin Mazanderani initiated the response by confirming the company's intent to manage the business at a 2x net debt to EBITDA ratio. Executive Naeem Kola elaborated, citing the reduction of Cell C stock holdings and a significant leverage ratio improvement in FY24. He stated that post-Adumo, achieving guidance and restructuring the consumer loan book should bring the leverage ratio below the 2x target.

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    Jarred Houston's questions to LESAKA TECHNOLOGIES (LSAK) leadership • Q4 2024

    Question

    Inquired about the company's strategy for managing its debt levels and the expected trajectory of the net debt to EBITDA leverage ratio.

    Answer

    The company aims to reduce its net debt to EBITDA ratio to below 2x. This improvement will be driven primarily by strong EBITDA growth and benefits from debt restructuring, rather than significant principal debt reduction. The leverage ratio has already improved from 4.5x to 2.5x in the past year.

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