Boku (AIM: BOKU)

Last close As at 11/04/2024

GBP1.80

−2.50 (−1.37%)

Market capitalisation

GBP541m

Boku operates a billing platform that connects merchants with mobile network operators and alternative payment methods in more than 90 countries. It has c 370 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

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Sector

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Equity Analyst

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 10.1 25.4 30.4
Relative 6.9 20.2 27.6
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.

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 57.7 33.6
2023A 82.7 25.8 22.1 5.56 41.0 26.3
2024E 95.0 31.7 27.5 6.93 32.9 21.5
2025E 105.0 36.9 31.6 7.88 28.9 18.6

Research

Update

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Boku — Building on H121 strength

Update

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Boku — Upgrading FY20 EBITDA

edison tv

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Boku – executive interview

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Boku — Strong H1 performance

Update

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

Flash note

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Boku — Expanding the supply of Identity data

edison tv

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Executive interview – Boku

Flash note

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Boku — Trading unaffected by the coronavirus

Update

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Boku — Building a critical mass in Identity

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Boku — Reiterating outlook for FY19

edison tv

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Executive interview – Boku

Update

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Boku — Growth on track

edison tv

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Executive interview – Boku

Outlook

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Boku — Mobile commerce enabler

Update

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Boku — Strong finish to FY18

Flash note

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Boku — Japanese e-commerce contract

edison tv

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Executive Interview – Boku

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Boku — Strong H1 supports future growth

Update

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Boku — Strong growth continues in H1

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Boku — Making payments pay

edison tv

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Executive interview – Boku

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MediaWatch – Screening well

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Mobile ecosystems

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Mobile ecosystems

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Mobile ecosystems

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NZ – Edison talks tech

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AUS – Edison talks tech

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Mobile ecosystems

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Deutsche Börse Eigenkapitalforum 2014 Research Guide

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Mobile ecosystems

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Merger mania is back