MeritValue

LESAKA TECHNOLOGIES INC

LSAKdata completeness 100%17 fiscal years on file
The thesis, from the filings

LESAKA TECHNOLOGIES INC earns about -4% on invested capital, but has diluted owners by 31% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$130.8M1$222.6M2$528M3$564.2M3$659.7M3
Net income−$38.1M4−$43.9M5−$35.1M6−$17.4M6−$87.5M6
Operating cash flow−$58.4M7−$37.2M8$410,0009$28.8M9−$9.12M9
Capital expenditure$4.29M10$4.56M11$16.2M12$12.7M12$17.2M12
Free cash flow (derived)−$62.7M7−$41.8M8−$15.7M9$16.1M9−$26.3M9
Total debt$013$418.1M14$266.2M15$286.4M16$401.5M16
Cash & equivalents$198.6M17$43.9M18$35.5M19$59.1M19$76.5M19
Diluted shares56.6M57.2M60.1M61.3M73.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$22.41
your share of equity
Profit it earned you last year
−$11.84
Free cash flow it threw off
−$3.56
Debt you’d be carrying
$54.34

10 shares is a claim on $22.41 of net worth that earned you −$11.84 and generated −$3.56 of cash last year, against $54.34 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 -3%FY22 -4%FY23 -3%FY24 1%FY25 -14%

It earned an average -4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+31% shares · 5y

Share count is up 31% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001562762-23-000348 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001562762-24-000222 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001562762-25-000245 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001562762-23-000348 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001562762-24-000222 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-06-30 · accession 0001562762-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001562762-23-000348 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001562762-24-000222 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001562762-25-000245 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001562762-23-000348 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001562762-24-000222 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0001562762-25-000245 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001562762-22-000377 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-06-30 · accession 0001562762-23-000348 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-06-30 · accession 0001562762-24-000222 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-06-30 · accession 0001562762-25-000245 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-06-30 · accession 0001562762-23-000348 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0001562762-24-000222 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0001562762-25-000245 (CashAndCashEquivalentsAtCarryingValue)