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Boku (AIM: BOKU)

Last close As at 19/07/2024

GBP1.82

▲ −2.00 (−1.09%)

Market capitalisation

GBP549m

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 — 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

TMT | Update

Boku — Upgraded outlook for 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)

129.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.2) 1.4 27.8
Relative (2.2) (2.6) 18.6
52 week high/low 193.0p/133.5p

Financials

In H124, digital wallets/account-to-account (A2A) adoption continued, with revenue growth of more than 50% y-o-y. Carrier billing revenues were robust with double-digit growth. The adjusted EBITDA margin is expected to be broadly flat versus FY23 as Boku invests to support core back-end infrastructure. We have raised our revenue forecasts while trimming our EBITDA forecasts to reflect this investment, which should support stronger growth in the medium term. The company has appointed a new CFO, Rob Whittick, with immediate effect.

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 58.1 33.9
2023A 82.7 25.8 22.1 5.56 41.3 26.5
2024E 96.2 30.6 26.5 6.66 34.5 22.4
2025E 106.8 35.8 30.5 7.60 30.2 19.3

Research

Outlook

TMT

Boku — Making the complex simple for global merchants
Boku_resized

Update

TMT

Boku — Upgrading on strong finish to FY23

TMT

Update

Boku — Strong underlying revenue growth in H124
Boku_resized

Update

TMT

Boku — Upgraded outlook for FY23

Update

TMT

Boku — Strong H1 drives upgrades

Outlook

TMT

Boku — Helping merchants navigate payments complexity
Boku_resized

Update

TMT

Boku — Local payment method growth accelerates

Update

TMT

Boku — Wider payments reach drives underlying growth

Flash note

TMT

Boku — Digital wallet contract with Amazon

Update

TMT

Boku — Currency moves mask underlying growth

Outlook

TMT

Boku — Simplifying mobile commerce
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Thematics

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology
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