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Sven Thordsen

Senior Equity Research Analyst at Anchor Securities

Sven Thordsen is a Senior Equity Research Analyst at Anchor Stockbrokers, specializing in South African financials, small and mid-cap equities, and broader sector coverage including banks, general finance, and leisure. He covers companies such as STADIO Holdings and Lewis Group, delivering detailed company research that includes performance modeling and market forecasts, and contributed to Anchor’s top-tier rankings, including first place in General Finances and leading positions in Banks and Hotels, Travel & Leisure in the 2024 and 2023 Financial Mail Top Analyst Awards. With over 17 years of financial markets experience, Thordsen previously spent time at Deutsche Bank and has focused on the South African banks sector for more than a decade before broadening his coverage at Anchor, which he joined following its establishment around 2016–2017. He holds the Chartered Financial Analyst (CFA) credential and is recognized for the depth of his sector knowledge and analytic rigor.

Sven Thordsen's questions to LESAKA TECHNOLOGIES (LSAK) leadership

Question · Q1 2026

Sven Thordsen from Anchor Securities questioned how Lesaka plans to achieve its full-year EBITDA guidance, noting that the combined Q1 and Q2 guidance midpoint implies a significant leap in the last two quarters, and asked if the base still includes substantial restructuring costs.

Answer

Executive Chairman Ali Mazanderani reiterated conviction in achieving the full-year EBITDA guidance, citing 13 consecutive quarters of meeting targets. He explained that the Q1 base included non-recurring costs, with the underlying run rate closer to ZAR 300 million, and organic growth strategies across consumer, merchant, and enterprise divisions are expected to drive the necessary growth rates.

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Question · Q1 2026

Sven Thordsen questioned how Lesaka plans to achieve its full-year adjusted EBITDA guidance, noting the significant increase implied for the last two quarters compared to Q1 results and Q2 guidance, and asked if the base still includes significant restructuring costs.

Answer

Executive Chairman Ali Mazanderani reiterated strong conviction in the full-year EBITDA guidance, citing 13 consecutive quarters of achievement. He explained that the underlying run-rate EBITDA is closer to ZAR 300 million when excluding non-recurring costs, and that organic growth from the consumer, merchant, and enterprise divisions is expected to drive the necessary increase.

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