Boku - Edison Group

Boku (AIM: BOKU)

Currency in GBP

Last close As at 22/09/2023

GBP1.46

▲ −1.00 (−0.68%)

Market capitalisation

GBP434m

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 90 countries. It has c 370 employees, with its main offices in the US, UK, Estonia, Germany and India.

Direct carrier billing (DCB) is an alternative payment method that uses a consumer’s mobile bill as the means to pay for digital content or services such as games, music or apps. Boku is the dominant DCB player, serving the largest merchants such as Apple, Sony, Facebook, Spotify and Netflix, and is expanding into alternative payment methods such as digital wallets and real-time payments.

Latest Insights

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TMT |
Update

04.07.23

Boku — Strong H1 drives upgrades

TMT |
Outlook

22.03.23

Boku — Helping merchants navigate payments complexity

TMT |
Update

17.01.23

Boku — Local payment method growth accelerates

TMT |
Update

29.09.22

Boku — Wider payments reach drives underlying growth

Boku_resized

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Jon Prideaux

CEO
Keith Butcher

CFO

Balance Sheet

Forecast net cash (US$m)

129.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	3.2	(0.7)	60.8
Relative	(2.2)	(2.0)	53.2
52 week high/low	153.5p/96.0p

Financials

Boku saw strong growth in total payment volume in H123 translating to revenue growth of at least 24% (31% constant currency) and EBITDA growth of at least 25%. Local payment methods were a key driver of growth, pushing up the take rate to 0.76% and contributing 19% of revenue. The company also announced that CEO Jon Prideaux will be stepping down from his role at the end of the year; his successor will be Stuart Neal, who was previously CFO of Boku, providing continuity and decades of experience in the payments industry. Since the start of H223, Boku has begun accepting local payments for Amazon Prime Video in Indonesia, Philippines and Thailand.

Y/E Dec	Revenue (US$m)	EBITDA (US$m)	PBT (US$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2021A	62.1	22.9	17.8	4.71	39.3	23.7
2022A	63.8	20.5	15.3	3.97	46.6	26.9
2023E	76.8	24.9	19.0	4.86	38.1	22.1
2024E	86.9	29.0	22.9	5.82	31.8	19.1

Research

Update

TMT

02.12.20

Boku — Upgrading FY20 EBITDA

edison tv

TMT

16.09.20

Boku – executive interview

TMT

Update

Boku — Payments demand drives strong finish to FY20

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

TMT

26.03.20

Boku — Outlook maintained for FY20; upside possible

edison tv

TMT

26.03.20

Executive interview – Boku

Flash note

TMT

03.03.20

Boku — Trading unaffected by the coronavirus

Update

TMT

14.01.20

Boku — Payments profits support Identity growth

Update

TMT

05.11.19

Boku — Building a critical mass in Identity

Update

TMT

11.09.19

Boku — Reiterating outlook for FY19

edison tv

TMT

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

TMT

04.09.18

Boku — Strong H1 supports future growth

Update

TMT

05.07.18

Boku — Strong growth continues in H1

Update

TMT

11.04.18

Boku — Making payments pay

edison tv

TMT

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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