Lesaka Technologies, Inc.

LSAK

TechnologySoftware - InfrastructureNASDAQ

$4.86

Market Cap: $408.66M

Lesaka Technologies, Inc. (LSAK) Valuation Summary

Updated May 9, 2026 19:07

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.62 – $62.84	$12.89	+165.2%
▸ Trading Multiples
EV/Revenue	$9.42 – $22.48	$14.12	+190.5%

Valuation History

DCF Analysis

Lesaka Technologies, Inc. (LSAK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$12.89

Market Price

$4.86

Upside / Downside

+165.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -4.1% to a target of 10.2% over 5 years, discounted at a WACC of 9.2%, Lesaka Technologies, Inc. (LSAK) has an intrinsic value of $12.89 per share (range: $0.62 – $62.84).

Key Assumptions

Current Operating Margin

-4.1%

Target Operating Margin

10.2%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.7%

Target CapEx/Rev

6.2%

D&A/Revenue

4.1%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	589	-10.7%	-1.2%	-7	-7	24	(18)	34	-35	-33
2027	662	12.4%	1.6%	11	9	27	(22)	19	-6	-5
2028	860	30.0%	4.5%	39	31	35	(32)	52	-18	-14
2029	1,119	30.0%	7.4%	82	65	46	(45)	68	-2	-1
2030	1,454	30.0%	10.2%	149	118	60	(64)	88	25	17
2031	1,890	30.0%	10.2%	194	153	78	(90)	114	26	16
2032	2,458	30.0%	10.2%	252	199	101	(126)	148	26	14
2033	3,107	26.4%	10.2%	318	251	128	(170)	170	39	20
2034	3,686	18.6%	10.2%	377	298	151	(214)	151	84	40
2035	4,084	10.8%	10.2%	418	330	168	(251)	104	142	62

Enterprise Value Bridge

Sum of PV(FCFF)116

Terminal Value (Gordon Growth at 3.0%)2,376

PV of Terminal Value1,033

Enterprise Value1,148

(–) Net Debt159

Equity Value989

(÷) Shares Outstanding77

Fair Value per Share$12.89

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
7.2%	$-7	$4	$23	$43	$63
8.2%	$-7	$2	$17	$32	$48
9.2%	$-7	$1	$13	$25	$37
10.2%	$-7	$-0	$10	$20	$30
11.2%	$-6	$-1	$8	$16	$25

Current price: $4.86. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$14.12

Market Price

$4.86

Upside / Downside

+190.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Lesaka Technologies, Inc. (LSAK) has a fair value of $14.12 based on 10 comparable companies in the Software - Infrastructure industry.

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Lesaka Technologies, Inc.LSAK	373	0.8x	1.0x
Rackspace Technology, Inc.RXT	869	1.5x	1.5x
Gorilla Technology Group Inc.GRRR	374	2.9x	3.7x
Nano Dimension Ltd.NNDM	332	1.3x	56.4x
Repay Holdings CorporationRPAY	307	2.0x	2.0x
CS Disco, Inc.LAW	264	1.6x	1.7x
Palladyne AI Corp.PDYN	239	44.1x	9.4x
MicroVision, Inc.MVIS	219	184.6x	21.9x
Bakkt Holdings, Inc.BKKT	157	0.1x	2.0x
Rekor Systems, Inc.REKR	117	2.7x	3.1x
Veritone, Inc.VERI	105	1.1x	0.8x
Industry Median		1.8x	2.5x
(*) Revenue		660	514
= Enterprise Value		1,185	1,301
(-) Net Debt		159	159
Equity Value		1,026	1,142
(/) Outstanding shares		77	77
Fair Price		$13	$15

Selected Fair Value (avg of trailing + forward)

$14.12

+190.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.62 – $62.84

$12.89

+165.2%

▸ Trading Multiples

EV/Revenue

$9.42 – $22.48

$14.12

+190.5%

DCF Analysis

Lesaka Technologies, Inc. (LSAK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$12.89

Market Price

$4.86

Upside / Downside

+165.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-4.1%

Target Operating Margin

10.2%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.7%

Target CapEx/Rev

6.2%

D&A/Revenue

4.1%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	589	-10.7%	-1.2%	-7	-7	24	(18)	34	-35	-33
2027	662	12.4%	1.6%	11	9	27	(22)	19	-6	-5
2028	860	30.0%	4.5%	39	31	35	(32)	52	-18	-14
2029	1,119	30.0%	7.4%	82	65	46	(45)	68	-2	-1
2030	1,454	30.0%	10.2%	149	118	60	(64)	88	25	17
2031	1,890	30.0%	10.2%	194	153	78	(90)	114	26	16
2032	2,458	30.0%	10.2%	252	199	101	(126)	148	26	14
2033	3,107	26.4%	10.2%	318	251	128	(170)	170	39	20
2034	3,686	18.6%	10.2%	377	298	151	(214)	151	84	40
2035	4,084	10.8%	10.2%	418	330	168	(251)	104	142	62

Enterprise Value Bridge

Sum of PV(FCFF)116

Terminal Value (Gordon Growth at 3.0%)2,376

PV of Terminal Value1,033

Enterprise Value1,148

(–) Net Debt159

Equity Value989

(÷) Shares Outstanding77

Fair Value per Share$12.89

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
7.2%	$-7	$4	$23	$43	$63
8.2%	$-7	$2	$17	$32	$48
9.2%	$-7	$1	$13	$25	$37
10.2%	$-7	$-0	$10	$20	$30
11.2%	$-6	$-1	$8	$16	$25

Current price: $4.86. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$14.12

Market Price

$4.86

Upside / Downside

+190.5%

Verdict

Undervalued

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Lesaka Technologies, Inc.LSAK	373	0.8x	1.0x
Rackspace Technology, Inc.RXT	869	1.5x	1.5x
Gorilla Technology Group Inc.GRRR	374	2.9x	3.7x
Nano Dimension Ltd.NNDM	332	1.3x	56.4x
Repay Holdings CorporationRPAY	307	2.0x	2.0x
CS Disco, Inc.LAW	264	1.6x	1.7x
Palladyne AI Corp.PDYN	239	44.1x	9.4x
MicroVision, Inc.MVIS	219	184.6x	21.9x
Bakkt Holdings, Inc.BKKT	157	0.1x	2.0x
Rekor Systems, Inc.REKR	117	2.7x	3.1x
Veritone, Inc.VERI	105	1.1x	0.8x
Industry Median		1.8x	2.5x
(*) Revenue		660	514
= Enterprise Value		1,185	1,301
(-) Net Debt		159	159
Equity Value		1,026	1,142
(/) Outstanding shares		77	77
Fair Price		$13	$15

Selected Fair Value (avg of trailing + forward)

$14.12

+190.5%