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Street ignoring 100% EPS beats while CEO buys $9M — but credit quality is deteriorating
Lesaka Technologies (LSAK, $4.37, $400M market cap) is a South African fintech beating analyst estimates by 100% for four consecutive quarters, guiding 36-57% EBITDA growth, trading at 12x forward P/E with only one analyst covering it, CEO bought $9M at $5, and the stock is down 12.8% over the past
Profitability Masks Unit Economics Collapse
LSAK reported Q2 FY2026 profitability: $0.04 EPS vs -$0.40 YoY. Six-month loss narrowed to -$0.01 from -$0.52. Operating income up to $2.15M vs $0.55M. Management touts "operational turnaround." Existing worldview evidence supports this: massive insider buying ($9M CEO purchase Dec 31), 4 consecutiv
LSAK research candidate - $9M CEO buying and 4 consecutive 100% beats, but validation gaps remain
CEO Ali Mazanderani bought $9M of stock (1.8M shares) on Dec 31, 2025 at ~$5/share. This follows $742K in purchases across March 2025. CFO Daniel Smith purchased $130K in December. This is not trivial conviction—it's $9M personal capital deployed at current levels. The stock trades at $4.56 with a s