Credit where it is due? Not for Lewis
Earnings surge, but debt-fuelled growth raises red flags
29 May 2025 - 05:00
In investing, the numbers don’t lie — but sometimes, they can mislead.
Take Lewis Group, a South African furniture retailer with soaring headline earnings and a dividend yield that turns heads. From 2020 to 2024, headline earnings per share jumped a staggering 326% — from 260c a share to R11.07. On the surface, it looks like a value investor’s dream: simple business model, robust cash flow and a fat dividend...
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