Boku (AIM: BOKU)

Currency in GBP

Last close As at 26/05/2023


1.00 (0.69%)

Market capitalisation


Boku operates a billing platform that connects merchants with mobile network operators and alternative payment methods in more than 90 countries. It has c 370 employees, with its main offices in the US, UK, Estonia, Germany and India.

Direct carrier billing (DCB) is an alternative payment method that uses a consumer’s mobile bill as the means to pay for digital content or services such as games, music or apps. Boku is the dominant DCB player, serving the largest merchants such as Apple, Sony, Facebook, Spotify and Netflix, and is expanding into alternative payment methods such as digital wallets and real-time payments.




Equity Analyst

Key Management

  • Jon Prideaux


  • Keith Butcher


Balance Sheet

Forecast net cash (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.3) 2.8 35.3
Relative 3.5 7.0 35.9
52 week high/low 153.5p/77.0p


Boku’s FY22 results reflect a return to pre-COVID-19 customer behaviour and company spending, investment in its platform to support local payment methods (LPMs) and the negative effect of the strong dollar on reported results. Growth in LPM users accelerated in the year (monthly active users increased 230% y-o-y) and is likely to be boosted further as the Amazon relationship develops. With plans to double revenue and grow EBITDA margins by c 18pp to over 50% in the medium term, Boku looks well positioned for earnings growth over the forecast period.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 62.1 22.9 17.8 4.71 39.2 23.7
2022A 63.8 20.5 15.3 3.97 46.5 26.9
2023E 72.1 23.1 17.2 4.40 42.0 23.8
2024E 82.1 27.0 20.9 5.31 34.8 20.6



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