£211.9m market cap
84p 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. The company has since announced that it has partnered with GoPay to offer its e-wallet as a payment method in Indonesia.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 24.4 | (2.3) | (6.4) | (3.22) | N/A | N/A |
| 2018A | 35.3 | 6.3 | 4.3 | 1.55 | 69.8 | N/A |
| 2019E | 52.0 | 9.3 | 6.0 | 1.82 | 59.4 | N/A |
| 2020E | 63.1 | 17.6 | 14.1 | 4.06 | 26.6 | N/A |
Industry outlook
Direct carrier billing is an alternative payment method that uses a consumer’s mobile bill (pre-paid credit or post-paid monthly bill) as the means to pay for digital content or services such as games, music or apps. Growth in the underlying digital content markets as well as the increasing penetration of smartphones is expected to drive growth in DCB transactions. Its identity verification service enables merchants to sign up and transact with users while meeting regulatory requirements and avoiding fraud.
Last updated on 04/12/2019
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Share price graph
Balance sheet |
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| Forecast net cash (US$m) | 27.3 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Mark Britto | Chairman |
| Jon Prideaux | CEO |
| Keith Butcher | CFO |
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