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.
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Jon Prideaux
CEO
Keith Butcher
CFO
Forecast net cash (US$m)
129.5
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 3.2 | (0.7) | 60.8 |
Relative | (2.2) | (2.0) | 53.2 |
52 week high/low | 153.5p/96.0p |
Boku saw strong growth in total payment volume in H123 translating to revenue growth of at least 24% (31% constant currency) and EBITDA growth of at least 25%. Local payment methods were a key driver of growth, pushing up the take rate to 0.76% and contributing 19% of revenue. The company also announced that CEO Jon Prideaux will be stepping down from his role at the end of the year; his successor will be Stuart Neal, who was previously CFO of Boku, providing continuity and decades of experience in the payments industry. Since the start of H223, Boku has begun accepting local payments for Amazon Prime Video in Indonesia, Philippines and Thailand.
Y/E Dec | Revenue (US$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 |