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Michael Steere

Research Analyst at Avior Capital Markets

Michael Steere is an Equity Research Analyst at Avior Capital Markets, specializing in the Computing and Electronics sector with a leading research role covering companies such as Lesaka Technologies and MultiChoice Group. He has been recognized for excellence in his field, securing 2nd place in the Computing and Electronics category at the 2024 Financial Mail Analyst Awards, and is active in sell-side analyst coverage, contributing to major earnings calls and corporate discussions. Based in Cape Town, Steere has built his career at Avior, where he is known for his thorough analysis, particularly in the South African technology and media landscape. His professional profile highlights sector expertise and consistent recognition for research quality, although specific licensing or FINRA registration details are not publicly disclosed.

Michael Steere's questions to LESAKA TECHNOLOGIES (LSAK) leadership

Question · Q4 2025

Michael Steere inquired about the impact of recent South Sea news on SARCA's 5% shareholding, Lesaka's support for the restructuring, and potential benefits from a successful listing. He also asked about the perceived threat from Shoprite's entry into the banking sector and how Lesaka plans to compete, and requested more details on impairments and PPA acceleration, including future anticipated charges and any impact from the BankZero acquisition.

Answer

Dan Smith, Group CFO & Director, confirmed Lesaka holds a 5% stake in South Sea, currently valued at zero, and expressed hope for a successful IPO while ensuring rights preservation. Ali Mazanderani, Executive Chairman, and Lincoln Mali, CEO - Southern Africa & Director, viewed Shoprite's entry as another market participant, emphasizing Lesaka's distinct distribution model, comprehensive multi-product offering (transactional accounts, lending, insurance, ADP), and focus on customer needs rather than direct competition. Dan Smith offered to recap PPA principles, and the analyst indicated the previous explanation was sufficient regarding the R160 million charge expected next year.

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