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 |
Update

18.07.24

Boku — Strong underlying revenue growth in H124

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

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Sector

TMT

Equity Analyst

Katherine Thompson

Director

Key Management

Robert Whittick

CFO
Stuart Neal

CEO

Balance Sheet

Forecast net cash (US$m)

129.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(4.9)	(0.6)	27.9
Relative	(3.9)	(2.7)	19.9
52 week high/low	193.0p/133.5p

Financials

In H124, digital wallets/account-to-account (A2A) adoption continued, with revenue growth of more than 50% y-o-y. Carrier billing revenues were robust with double-digit growth. The adjusted EBITDA margin is expected to be broadly flat versus FY23 as Boku invests to support core back-end infrastructure. We have raised our revenue forecasts while trimming our EBITDA forecasts to reflect this investment, which should support stronger growth in the medium term. The company has appointed a new CFO, Rob Whittick, with immediate effect.