Boku - Edison Group

Overview
Price performance
Financials
Research
Thematics

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

TMT |
Outlook

20.03.24

Boku — Making the complex simple for global merchants

TMT |
Update

23.01.24

Boku — Upgrading on strong finish to FY23

TMT |
Update

26.09.23

Boku — Upgraded outlook for FY23

TMT |
Update

04.07.23

Boku — Strong H1 drives upgrades

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Sector

TMT

Equity Analyst

Katherine Thompson

Director

Key Management

Keith Butcher

CFO
Stuart Neal

CEO

Balance Sheet

Forecast net cash (US$m)

175.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	4.1	12.0	24.5
Relative	2.4	6.5	24.7
52 week high/low	188.5p/131.0p

Financials

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.