Last close As at 05/08/2026
GBP1.08
▲ 4.00 (3.86%)
Market capitalisation
GBP309m
Research: TMT
Building on from its agreement to support local payment methods for Amazon Prime Video in South-East Asia, Boku has signed a separate contract with Amazon Japan to support e-commerce sales. The service has gone live and, while we expect minimal impact in FY24, we expect the contract to support our growth forecasts for FY25 and FY26. The contract represents a further strengthening of the relationship with Amazon and highlights Boku’s ability to support a wide range of transaction types over and above digital content.
Boku |
Contract with Amazon Japan |
Contract announcement |
Software and comp services |
13 November 2024 |
Share price performance
Business description
Analyst
Boku is a research client of Edison Investment Research Limited |
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Building on from its agreement to support local payment methods for Amazon Prime Video in South-East Asia, Boku has signed a separate contract with Amazon Japan to support e-commerce sales. The service has gone live and, while we expect minimal impact in FY24, we expect the contract to support our growth forecasts for FY25 and FY26. The contract represents a further strengthening of the relationship with Amazon and highlights Boku’s ability to support a wide range of transaction types over and above digital content.
Year |
Revenue |
EBITDA* |
Diluted EPS* |
DPS |
P/E |
EV/EBITDA |
12/22 |
63.8 |
20.2 |
3.9 |
0.0 |
63.1 |
31.2 |
12/23 |
82.7 |
25.8 |
5.6 |
0.0 |
44.8 |
24.5 |
12/24e |
96.6 |
30.6 |
6.8 |
0.0 |
36.9 |
20.7 |
12/25e |
107.1 |
35.8 |
7.7 |
0.0 |
32.4 |
17.7 |
Note: *EBITDA and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
In September 2022, Boku signed a contract (minimum three years) to supply its digital wallet and other local payment methods to Amazon, specifically to process payments for Amazon Prime Video subscriptions for customers located in certain countries in South-East Asia and Africa. Today the company has announced that it has signed a separate contract with Amazon Japan to support the processing of payments made with digital wallets or other local payment methods through the amazon.co.jp website. This expands the types of transactions that Boku processes for Amazon from digital content to any item that can be sold via the Amazon Japan website, substantially increasing its addressable market. Revenue from the new agreement will be based on the transaction value processed and this revenue will contribute towards the vesting of warrants (see original agreement for details). We maintain our estimates, with the contribution from this new contract underpinning our FY25 and FY26 growth forecasts.
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Research: TMT
CLIQ’s Q3 results show the continuing revenue impact of the shift in credit card providers’ policies on transaction cancellations. Revenues in the quarter were down 35% y-o-y and 21% q-o-q. Given the external factors, management is firmly focused on driving profitability and free cash flow under its ‘Fit for Future’ initiative, which has enabled a small uplift in adjusted EBITDA over the previous quarter. Management’s guidance for full year revenues is unchanged at €260–280m, increasing to €325m for FY25, which would require momentum to build behind new strategic initiatives. CLIQ’s cash positive balance sheet remains sufficiently strong to support this. Our forecasts are broadly unchanged.