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Theo O'Neill

Research Analyst at LHR Research

Theodore R. O'Neill is CEO and Senior Analyst at Litchfield Hills Research, specializing in technology sector coverage with a focus on innovative companies such as GlocalMe. Renowned for detailed equity research, O'Neill has demonstrated strong performance metrics as tracked by third-party platforms, consistently providing high-conviction calls in the technology space. With a career spanning more than two decades, he previously held analyst roles at firms such as Needham & Company, Bank of America Securities, and First Albany, before establishing Litchfield Hills Research. O'Neill holds multiple FINRA securities licenses and is recognized for his thorough fundamental analysis and industry insights.

Theo O'Neill's questions to LESAKA TECHNOLOGIES (LSAK) leadership

Question · Q1 2026

Theo O'Neill from LHR Research followed up on merchant business margins, asking if management focuses on overall or individual product margins and the target range. He also questioned the runway for consumer side growth given increased competition and past success.

Answer

Executive Chairman Ali Mazanderani emphasized thinking about merchant margins collectively due to the ecosystem approach, targeting an aggregate EBITDA margin certainly north of 30%. Southern Africa CEO Lincoln Mali addressed consumer growth, citing continued share gains from Postbank, low penetration rates in lending and insurance, and the future optionality provided by the Bank Zero acquisition as expanding the runway. Ali Mazanderani added that Bank Zero offers material complementarity to distribution.

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Question · Q1 2026

Theo O'Neill followed up on merchant business margins, asking if management focuses on overall or individual product margins, and how long the runway for consumer growth is given increased competition.

Answer

Executive Chairman Ali Mazanderani stated that management views merchant margins collectively as an ecosystem, aiming for an aggregate EBITDA margin north of 30%. Southern Africa CEO Lincoln Mali highlighted continued consumer growth potential by taking market share from Postbank (currently 14%, capturing 20% of Postbank migrations), low penetration rates in lending and insurance, and the opportunity to sell insurance to non-EasyPay Everywhere customers. Ali Mazanderani added that the Bank Zero acquisition further expands the consumer growth runway beyond the grant beneficiary market.

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