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Boku (BOKU)

Business description

Boku is the largest independent direct carrier billing (DCB) company. It operates a billing platform that connects merchants with mobile network operators (MNOs) in more than 50 countries. Its main offices are in the US, UK, Germany and India.

Stock data

Market cap.£211.8m
Last close99.00p
High / Low (52 weeks)110.0p / 59.0p
Stock market listingLN
Forecast net cash (US$m)21.4
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(1)20.0N/A
Relative *1.011.6N/A

* % Relative to local index

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Investment summary

Boku’s FY17 results confirmed growth in all metrics, as new merchant connections helped drive a more than doubling of monthly active users and a tripling of payment volumes. With underlying costs actually falling year-on-year, the company significantly reduced losses and is on course to generate positive operating profit and EPS in FY18. FY18 outlook is unchanged and our forecasts are substantially unchanged. With net cash of $16m, the company is in a strong position to fund future growth, with products under development to use carrier data to optimise e-commerce.

Last updated on 27/04/2018

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 17.2 (12.3) (15.0) (8.0) N/A N/A
2017A 24.4 (2.3) (6.4) (3.2) N/A N/A
2018E 32.7 4.9 2.7 0.9 148.4 N/A
2019E 40.1 11.6 9.8 3.2 41.7 N/A

Last updated on 24/04/2018

Latest video

Executive interview - Boku

Industry outlook

Direct carrier billing is an alternative payment method that uses a consumer’s mobile bill (pre-paid credit or post-paid monthly bill) as the means to pay for digital content or services such as games, music or apps. Growth in the underlying digital content markets as well as the increasing penetration of smartphones is expected to drive growth in DCB transactions.

Last updated on 27/04/2018

Key management

Jon Prideaux, CEO
Stuart Neal, CFO
Camelia Ion-Byrne, VP Finance

Company address

2nd Floor, 735 Battery Street
San Francisco
94111
United States
View website