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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Flash note

13.11.24

Boku — Contract with Amazon Japan

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Update

24.09.24

Boku — H124 revenue growth supports FY24 outlook

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Update

18.07.24

Boku — Strong underlying revenue growth in H124

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Outlook

20.03.24

Boku — Making the complex simple for global merchants

Boku_resized

Sector

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Equity Analyst

Katherine Thompson

Katherine Thompson

Director

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

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29.09.22

Boku — Wider payments reach drives underlying growth

Flash note

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20.09.22

Boku — Digital wallet contract with Amazon

Boku_resized

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Update

Boku — Local payment method growth accelerates

Boku_resized

Update

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27.07.22

Boku — Currency moves mask underlying growth

Outlook

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05.04.22

Boku — Simplifying mobile commerce

Update

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19.01.22

Boku — Fully focused on payments

Update

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08.09.21

Boku — Building on H121 strength

Update

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20.07.21

Boku — Upgrading estimates on strong H1 trading

Outlook

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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

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02.12.20

Boku — Upgrading FY20 EBITDA

edison tv

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16.09.20

Boku – executive interview

Update

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16.09.20

Boku — Strong H1 performance

Update

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22.06.20

Boku — Consolidating the carrier billing market

Update

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10.06.20

Boku — Payments volumes +35% year-on-year

Flash note

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03.06.20

Boku — Expanding the supply of Identity data

Outlook

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26.03.20

Boku — Outlook maintained for FY20; upside possible

edison tv

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26.03.20

Executive interview – Boku

Flash note

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03.03.20

Boku — Trading unaffected by the coronavirus

Update

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14.01.20

Boku — Payments profits support Identity growth

Update

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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

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10.09.19

Executive interview – Boku

Update

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30.05.19

Boku — Growth on track

edison tv

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26.03.19

Executive interview – Boku

Outlook

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26.03.19

Boku — Mobile commerce enabler

Update

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14.01.19

Boku — Strong finish to FY18

Update

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07.12.18

Boku — Accelerating mobile identity offering

Flash note

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26.09.18

Boku — Japanese e-commerce contract

edison tv

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04.09.18

Executive Interview – Boku

Update

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04.09.18

Boku — Strong H1 supports future growth

Update

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05.07.18

Boku — Strong growth continues in H1

Update

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11.04.18

Boku — Making payments pay

edison tv

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10.04.18

Executive interview – Boku

Initiation

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28.02.18

Boku — Extending the reach of digital content merchants

QuickView

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23.01.18

Boku — Mobile payment platform for digital content

thematic

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