£205.4m market cap
84.5p last close
Boku is the largest independent direct carrier billing (DCB) company. It operates a billing platform that connects merchants with mobile network operators (MNOs) in more than 50 countries. Its main offices are in the US, the UK, Germany and India.
Investment summary
Boku has confirmed that total processed value (TPV), monthly active users, revenues and EBITDA saw strong growth in FY18, and it expects to report metrics at least in line with Edison and consensus expectations. This provides support for our FY19/FY20 growth forecasts for the core payments business. The recently acquired Danal business provides a second path to extend Boku’s growth in the longer term, while close co-operation with Danal Korea could open up payment opportunities in Korea. We make no changes to estimates, pending FY18 results due in March.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2016A | 17.2 | (12.3) | (15.0) | (8.02) | N/A | N/A |
| 2017A | 24.4 | (2.3) | (6.4) | (3.22) | N/A | N/A |
| 2018E | 34.8 | 5.4 | 3.2 | 1.19 | 91.5 | N/A |
| 2019E | 52.0 | 6.7 | 4.9 | 1.54 | 70.7 | N/A |
| Last updated on 19/02/2019 | ||||||
Industry outlook
Direct carrier billing is an alternative payment method that uses a consumer’s mobile bill (pre-paid credit or post-paid monthly bill) as the means to pay for digital content or services such as games, music or apps. Growth in the underlying digital content markets as well as the increasing penetration of smartphones is expected to drive growth in DCB transactions.
Last updated on 19/02/2019
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Share price graph
Balance sheet |
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| Forecast net cash (US$m) | 19.2 |
| 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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