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Boku (AIM: BOKU)

Last close As at 15/04/2024

GBP1.82

▲ 2.00 (1.11%)

Market capitalisation

GBP547m

Boku operates a billing platform that connects merchants with mobile network operators and alternative payment methods in more than 70 countries. It has c 450 employees, with its main offices in the US, UK, Estonia, Germany and India.

Non-card-based payments are growing faster than card-based payments, fuelled by the use of digital wallets, account-to-account payments and other local payment methods such as direct carrier billing. Boku supports global merchants to offer local payment methods to take advantage of this trend.

Latest Insights

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TMT | Outlook

Boku — Making the complex simple for global merchants

TMT | Update

Boku — Upgrading on strong finish to FY23

TMT | Update

Boku — Upgraded outlook for FY23

TMT | Update

Boku — Strong H1 drives upgrades
Boku_resized
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Keith Butcher

    CFO

  • Stuart Neal

    CEO

Balance Sheet

Forecast net cash (US$m)

175.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.4 24.2 31.9
Relative 3.6 18.9 30.1
52 week high/low 188.5p/131.0p

Financials

Boku’s strategy to widen its offering within the local payment method (LPM) market accelerated FY23 revenue growth to 30%, with 15% growth from the core direct carrier billing business and supplemented by 153% growth from eWallets and real-time payments. EBITDA grew 27% y-o-y as the company continued to invest in building out its LPM network from a technological and regulatory perspective. With all major merchants using or planning to use Boku’s wider portfolio of payment methods, the company should benefit from faster growth in the non-card payment market and be able to leverage the investment it has made in its mobile-first platform to drive growth in earnings and cash generation.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 63.8 20.2 15.3 3.95 58.3 34.0
2023A 82.7 25.8 22.1 5.56 41.4 26.6
2024E 95.0 31.7 27.5 6.93 33.2 21.7
2025E 105.0 36.9 31.6 7.88 29.2 18.8

Research

Boku_resized

Update

TMT

Boku — Upgrading on strong finish to FY23
Boku_resized

Update

TMT

Boku — Upgraded outlook for FY23

TMT

Outlook

Boku — Making the complex simple for global merchants

Update

TMT

Boku — Strong H1 drives upgrades

Outlook

TMT

Boku — Helping merchants navigate payments complexity
Boku_resized

Update

TMT

Boku — Local payment method growth accelerates

Update

TMT

Boku — Wider payments reach drives underlying growth

Flash note

TMT

Boku — Digital wallet contract with Amazon

Update

TMT

Boku — Currency moves mask underlying growth

Outlook

TMT

Boku — Simplifying mobile commerce

Update

TMT

Boku — Fully focused on payments
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Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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