Boku (AIM: BOKU)

Currency in GBP

Last close As at 25/01/2023


0.50 (0.33%)

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 350 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 8.2 20.2 (5.0)
Relative 4.2 8.8 (7.3)
52 week high/low 163.5p/77.0p


Boku expects to report FY22 revenue and EBITDA slightly ahead of our forecasts and closes the year with stronger than expected net cash. Total payment volume (TPV) was 20% higher y-o-y in constant currency and year-end monthly active users (MAUs) grew 28% y-o-y, helped by the growing contribution from local payment methods (LPMs). We revise our forecasts to reflect stronger revenue growth, with more limited upgrades to EBITDA as we expect gross profit upside to be invested in further expanding and supporting the company’s network of LPMs.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 56.4 15.3 11.0 3.21 57.4 33.0
2021A 62.1 22.9 17.8 4.70 39.2 23.7
2022E 63.3 20.0 15.5 4.03 45.7 27.4
2023E 72.1 23.0 17.7 4.51 40.9 24.1



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