Boku (AIM: BOKU)

Last close As at 01/11/2024

GBP1.80

0.00 (0.00%)

Market capitalisation

GBP542m

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 | Update

Boku — H124 revenue growth supports FY24 outlook

TMT | Update

Boku — Strong underlying revenue growth in H124

TMT | Update

Boku — Upgrading on strong finish to FY23

Boku_resized

Sector

TMT

Equity Analyst

Key Management

  • Robert Whittick

    CFO

  • Stuart Neal

    CEO

Balance Sheet

Forecast net cash (US$m)

164.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 10.8 2.9 30.9
Relative 11.9 4.6 16
52 week high/low 193.0p/133.5p

Financials

Boku reported 24% y-o-y revenue growth in H124, with both digital wallet/account-to-account (A2A) payments and direct carrier billing payments growing at double-digit rates. Adjusted EBITDA grew 18% y-o-y with a margin of 30.1%. With ambitions to become the best localised payment partner for global commerce, Boku continues to invest in enhancing its product portfolio and strengthening its compliance and treasury functions. A pipeline of new digital wallet/A2A launches for major merchants and seasonal factors support continued strong growth in H224 and 2025. With FY24 outlook maintained, our revenue and adjusted EBITDA forecasts are unchanged.

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 59.2 34.5
2023A 82.7 25.8 22.1 5.56 42.0 27.0
2024E 96.6 30.6 26.9 6.76 34.6 22.8
2025E 107.1 35.8 30.9 7.70 30.4 19.7

Thematics

thematic

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MediaWatch – Encouragements and frustrations

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MediaWatch – Glimpses of positivity

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MediaWatch – Rinse and repeat

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