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

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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

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Update

23.01.24

Boku — Upgrading on strong finish to FY23

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Update

26.09.23

Boku — Upgraded outlook for FY23

Boku_resized

Sector

TMT

Equity Analyst

Katherine Thompson

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.

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	56.5	33.0
2023A	82.7	25.8	22.1	5.56	40.2	25.8
2024E	96.2	30.6	26.5	6.66	33.5	21.8
2025E	106.8	35.8	30.5	7.60	29.4	18.8

Research

Update

TMT

27.07.22

Boku — Currency moves mask underlying growth

Outlook

TMT

05.04.22

Boku — Simplifying mobile commerce

TMT

Flash note

Boku — Digital wallet contract with Amazon

Update

TMT

19.01.22

Boku — Fully focused on payments

Update

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08.09.21

Boku — Building on H121 strength

Update

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20.07.21

Boku — Upgrading estimates on strong H1 trading

Outlook

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22.03.21

Boku — Evolving to address wider e-commerce market

Update

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12.01.21

Boku — Payments demand drives strong finish to FY20

Update

TMT

02.12.20

Boku — Upgrading FY20 EBITDA

edison tv

TMT

16.09.20

Boku – executive interview

Update

TMT

16.09.20

Boku — Strong H1 performance

Update

TMT

22.06.20

Boku — Consolidating the carrier billing market

Update

TMT

10.06.20

Boku — Payments volumes +35% year-on-year

Flash note

TMT

03.06.20

Boku — Expanding the supply of Identity data

Outlook

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26.03.20

Boku — Outlook maintained for FY20; upside possible

edison tv

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26.03.20

Executive interview – Boku

Flash note

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03.03.20

Boku — Trading unaffected by the coronavirus

Update

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14.01.20

Boku — Payments profits support Identity growth

Update

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05.11.19

Boku — Building a critical mass in Identity

Update

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11.09.19

Boku — Reiterating outlook for FY19

edison tv

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10.09.19

Executive interview – Boku

Update

TMT

30.05.19

Boku — Growth on track

edison tv

TMT

26.03.19

Executive interview – Boku

Outlook

TMT

26.03.19

Boku — Mobile commerce enabler

Update

TMT

14.01.19

Boku — Strong finish to FY18

Update

TMT

07.12.18

Boku — Accelerating mobile identity offering

Flash note

TMT

26.09.18

Boku — Japanese e-commerce contract

edison tv

TMT

04.09.18

Executive Interview – Boku

Update

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04.09.18

Boku — Strong H1 supports future growth

Update

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05.07.18

Boku — Strong growth continues in H1

Update

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11.04.18

Boku — Making payments pay

edison tv

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10.04.18

Executive interview – Boku

Initiation

TMT

28.02.18

Boku — Extending the reach of digital content merchants

QuickView

TMT

23.01.18

Boku — Mobile payment platform for digital content

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TMT

07.11.23

MediaWatch – Still waiting…

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