Last close As at 05/08/2026
GBP1.08
▲ 4.00 (3.86%)
Market capitalisation
GBP309m
Research: TMT
Boku has made material progress in signing contracts to access data for its Identity business. Building from the three countries covered when the business was acquired at the start of 2019, Identity now has connections to mobile operators in 51 countries. This is a major step forward in the process of attracting multi-national customers to sign up for mobile identity verification services from Boku.
Boku |
Expanding the supply of Identity data |
Divisional update |
Software & comp services |
3 June 2020 |
Share price performance
Business description
Analyst
Boku is a research client of Edison Investment Research Limited |
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Boku has made material progress in signing contracts to access data for its Identity business. Building from the three countries covered when the business was acquired at the start of 2019, Identity now has connections to mobile operators in 51 countries. This is a major step forward in the process of attracting multi-national customers to sign up for mobile identity verification services from Boku.
Year |
Revenue ($m) |
EBITDA* |
Diluted EPS* |
DPS |
P/E |
EV/EBITDA |
12/18 |
35.3 |
6.3 |
0.02 |
0.0 |
68.6 |
38.1 |
12/19 |
50.1 |
7.4** |
0.01 |
0.0 |
88.6 |
32.6 |
12/20e |
52.0 |
10.5 |
0.02 |
0.0 |
52.4 |
22.9 |
12/21e |
60.8 |
14.3 |
0.03 |
0.0 |
33.9 |
16.8 |
12/22e |
69.4 |
17.0 |
0.04 |
0.0 |
26.7 |
14.1 |
Note: *EBITDA and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **Excludes one-off revenue recognition.
Boku has provided an update on progress building out its mobile carrier network within the Identity business. To provide a comprehensive service to identity verification customers for its Authenticate, Match and Detect solutions, Boku’s Identity business needs connections to mobile network operators (MNOs) in the countries in which its customers’ end customers are located. Although Boku’s Payments business already has connections to a wide network of MNOs, the Identity business has to separately contract with these or other operators to get access to identity data. When Boku acquired Danal, the business had MNO connections in the US, Canada and the UK. Since acquisition, Boku Identity has expanded this network to cover 200 MNOs in 51 countries (34 in EMEA, nine in the Americas and eight in Asia Pacific) and intends to continue to expand this network. It achieves this via direct connections (eg all UK MNOs) or third-party data providers. Having this wide geographic coverage paves the way for Boku to sign up multinational companies as well as local merchants for its mobile identity services. We maintain our estimates.
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Research: TMT
Beta Systems, a software provider for data centre intelligence (DCI) and identity access management (IAM), has reported both strong organic and inorganic growth in its H120 revenues to April. As one of few companies in the sector, the company has raised its FY20 guidance, driven by a strong order intake especially in the DCI unit. As a smaller player in the sector, Beta Systems trades at a discount of c 45% compared to international peers on an EV/EBITDA basis for 2020e.