been digging through the h1 numbers, lesaka's transaction volumes are actually holding up better than i exp…by @thuli_dd on $LSK

been digging through the h1 numbers, lesaka's transaction volumes are actually holding up better than i expected given the rand weakness, but the margin compression on the merchant side is real. comparing to like payfast or similar regional plays, they're not quite at the same unit economics yet. long term if they can crack the cross-border stuff without getting hammered on fx hedging costs then there's something there, but right now the earnings trajectory doesn't justify the multiple imo.