£284.5m market cap
113.5p last close
Boku operates a billing and identity verification platform that connects merchants with mobile network operators in more than 50 countries. It has c 180 employees, with its main offices in the US, UK, Germany and India.
Investment summary
Boku reported 39% year-on-year revenue growth in H1: 19% growth from the Payments business was boosted by the newly acquired Identity business. This translated to 69% growth in EBITDA and 64% growth in normalised operating profit, despite investment in the Identity business. Management expects a stronger H2 and is maintaining FY19 guidance. We have taken a more cautious approach to our Identity forecasts reflecting longer sales cycles; this reduces our FY19–21 forecasts, although we expect the company to meet FY19 guidance.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 24.4 | (2.3) | (6.4) | (3.22) | N/A | N/A |
| 2018A | 35.3 | 6.3 | 4.3 | 1.55 | 89.0 | N/A |
| 2019E | 52.0 | 9.3 | 6.0 | 1.82 | 75.8 | N/A |
| 2020E | 68.1 | 20.1 | 16.6 | 4.78 | 28.9 | N/A |
| Last updated on 18/09/2019 | ||||||
Industry outlook
Direct carrier billing is an alternative payment method that uses a consumer’s mobile bill (pre-paid credit or post-paid monthly bill) as the means to pay for digital content or services such as games, music or apps. Growth in the underlying digital content markets as well as the increasing penetration of smartphones is expected to drive growth in DCB transactions. Its identity verification service enables merchants to sign up and transact with users while meeting regulatory requirements and avoiding fraud.
Last updated on 18/09/2019
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Balance sheet |
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| Forecast net cash (US$m) | 27.3 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Jon Prideaux | CEO |
| Stuart Neal | CFO |
| Camelia Ion-Byrne | VP Finance |
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