Boku - Edison Group

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 70 countries. It has c 450 employees, with its main offices in the US, UK, Estonia, Germany and India.

Non-card-based payments are growing faster than card-based payments, fuelled by the use of digital wallets, account-to-account payments and other local payment methods such as direct carrier billing. Boku supports global merchants to offer local payment methods to take advantage of this trend.

Latest Insights

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TMT |
Outlook

20.03.24

Boku — Making the complex simple for global merchants

TMT |
Update

23.01.24

Boku — Upgrading on strong finish to FY23

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Update

26.09.23

Boku — Upgraded outlook for FY23

TMT |
Update

04.07.23

Boku — Strong H1 drives upgrades

Boku_resized

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Keith Butcher

CFO
Stuart Neal

CEO

Balance Sheet

Forecast net cash (US$m)

175.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	1.1	10.1	31.7
Relative	(0.2)	3.0	29.3
52 week high/low	188.5p/131.0p

Financials

Boku’s strategy to widen its offering within the local payment method (LPM) market accelerated FY23 revenue growth to 30%, with 15% growth from the core direct carrier billing business and supplemented by 153% growth from eWallets and real-time payments. EBITDA grew 27% y-o-y as the company continued to invest in building out its LPM network from a technological and regulatory perspective. With all major merchants using or planning to use Boku’s wider portfolio of payment methods, the company should benefit from faster growth in the non-card payment market and be able to leverage the investment it has made in its mobile-first platform to drive growth in earnings and cash generation.

Y/E Dec	Revenue (US$m)	EBITDA (US$m)	PBT (US$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2022A	63.8	20.2	15.3	3.95	57.8	33.7
2023A	82.7	25.8	22.1	5.56	41.1	26.4
2024E	95.0	31.7	27.5	6.93	33.0	21.5
2025E	105.0	36.9	31.6	7.88	29.0	18.7

Research

Outlook

TMT

05.04.22

Boku — Simplifying mobile commerce

Update

TMT

19.01.22

Boku — Fully focused on payments

TMT

Update

Boku — Currency moves mask underlying growth

Update

TMT

08.09.21

Boku — Building on H121 strength

Update

TMT

20.07.21

Boku — Upgrading estimates on strong H1 trading

Outlook

TMT

22.03.21

Boku — Evolving to address wider e-commerce market

Update

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12.01.21

Boku — Payments demand drives strong finish to FY20

Update

TMT

02.12.20

Boku — Upgrading FY20 EBITDA

edison tv

TMT

16.09.20

Boku – executive interview

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

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14.01.20

Boku — Payments profits support Identity growth

Update

TMT

05.11.19

Boku — Building a critical mass in Identity

Update

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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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28.07.23

MediaWatch – Targeting the opportunities

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