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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 | Outlook

Boku — Making the complex simple for global merchants

TMT | Update

Boku — Upgrading on strong finish to FY23
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 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

Research

Update

TMT

Boku — Strong underlying revenue growth in H124

Outlook

TMT

Boku — Making the complex simple for global merchants

TMT

Update

Boku — H124 revenue growth supports FY24 outlook
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Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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