Boku (AIM: BOKU)

Last close As at 28/02/2024


−3.50 (−2.12%)

Market capitalisation


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.

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

View More

TMT | Update

Boku — Upgrading on strong finish to FY23

TMT | Update

Boku — Upgraded outlook for FY23

TMT | Update

Boku — Strong H1 drives upgrades




Equity Analyst

Key Management

  • Keith Butcher


  • Stuart Neal


Balance Sheet

Forecast net cash (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.6) 11.0 11.0
Relative (0.3) 8.3 14.9
52 week high/low 168.0p/124.0p


Boku expects to report FY23 revenue and adjusted EBITDA ahead of our and consensus forecasts, helped by strength from both the core direct carrier billing (DCB) business and rapid growth in adoption of local payment methods (LPM). FY23 revenue is expected to be at least $82.7m (+30% y-o-y/+33% in constant currency). Adjusted EBITDA is expected to be at least $27.3m, ahead of our $25.4m forecast and consensus of $26.4m despite continued investment in the M1ST network. The strong finish to FY23 highlights positive momentum going into FY24 and we have upgraded our forecasts, with adjusted EBITDA up 7.6% for FY23, 5.3% for FY24 and 4.8% for FY25.

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 43.5 N/A
2022A 63.8 20.5 15.3 3.97 51.6 N/A
2023E 82.7 27.3 22.7 5.82 35.2 N/A
2024E 95.0 31.7 27.0 6.88 29.8 N/A




MediaWatch – Rinse and repeat



MediaWatch – Still waiting…

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free