Boku (AIM: BOKU)

Last close As at 28/05/2024


−0.50 (−0.26%)

Market capitalisation


Boku operates a billing platform that connects merchants with mobile network operators and alternative payment methods in more than 70 countries. It has c 450 employees, with its main offices in the US, UK, Estonia, Germany and India.

Non-card-based payments are growing faster than card-based payments, fuelled by the use of digital wallets, account-to-account payments and other local payment methods such as direct carrier billing. Boku supports global merchants to offer local payment methods to take advantage of this trend.

Latest Insights

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TMT | Update

Boku — Upgrading on strong finish to FY23

TMT | Update

Boku — Upgraded outlook for FY23

TMT | Update

Boku — Strong H1 drives upgrades




Equity Analyst

Key Management

  • Keith Butcher


  • Stuart Neal


Balance Sheet

Forecast net cash (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 4.3 18.8 34.0
Relative 0.5 9.9 24.7
52 week high/low 193.0p/131.0p


Boku’s strategy to widen its offering within the local payment method (LPM) market accelerated FY23 revenue growth to 30%, with 15% growth from the core direct carrier billing business and supplemented by 153% growth from eWallets and real-time payments. EBITDA grew 27% y-o-y as the company continued to invest in building out its LPM network from a technological and regulatory perspective. With all major merchants using or planning to use Boku’s wider portfolio of payment methods, the company should benefit from faster growth in the non-card payment market and be able to leverage the investment it has made in its mobile-first platform to drive growth in earnings and cash generation.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 63.8 20.2 15.3 3.95 60.3 35.2
2023A 82.7 25.8 22.1 5.56 42.9 27.5
2024E 95.0 31.7 27.5 6.93 34.4 22.4
2025E 105.0 36.9 31.6 7.88 30.2 19.5




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