Growth ExpectationsARR per subscriber is projected to grow 4.5% year-over-year in FY26, lower than prior management commentary of 6% growth, indicating tempered growth expectations.
Market RisksMajor risks for Karooooo include competition, emerging markets volatility, foreign exchange fluctuations, and customer churn, posing potential challenges to growth.
Valuation ConcernsConcerns regarding the national power grid have resulted in a 25% discount in Karooooo's target multiple compared to SaaS peers, reflecting investor caution.