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Boku (AIM: BOKU)

Last close As at 20/11/2024

GBP1.85

▲ −2.50 (−1.33%)

Market capitalisation

GBP556m

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 | Flash note

Boku — Contract with Amazon Japan

TMT | Update

Boku — H124 revenue growth supports FY24 outlook

TMT | Update

Boku — Strong underlying revenue growth in H124

TMT | Outlook

Boku — Making the complex simple for global merchants
Boku_resized
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Sector

TMT

Equity Analyst

Katherine Thompson

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 8.8 1.4 28.9
Relative 12.7 3.9 19.3
52 week high/low 193.0p/133.5p

Financials

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.

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 60.8 35.5
2023A 82.7 25.8 22.1 5.56 43.2 27.7
2024E 96.6 30.6 26.9 6.76 35.5 23.4
2025E 107.1 35.8 30.9 7.70 31.2 20.2

Research

Update

TMT

Boku — H124 revenue growth supports FY24 outlook

Update

TMT

Boku — Strong underlying revenue growth in H124

TMT

Flash note

Boku — Contract with Amazon Japan
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Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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