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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.£157.6m
Last close70.50p
High / Low (52 weeks)184.0p / 68.5p
Stock market listingLN
Forecast net cash (US$m)19.1
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(50.5)(60.1)(4.7)
Relative *(49.1)(57.1)4.3

* % Relative to local index

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Investment summary

Boku has accelerated its move into products adjacent to its carrier billing services – it had already started developing mobile identity verification services, and the acquisition of US-based Danal will add a fully formed business in this field and bring a new set of customers. Boku is paying mainly share-based initial consideration of $37.2m, with up to a further $64m payable in equity if ambitious revenue targets for FY19 are achieved. While initially dilutive, the deal broadens the company’s product portfolio and expands the types of merchants it can serve, supporting Boku’s growth prospects in the medium- to long-term.

Last updated on 07/12/2018

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) (8.02) N/A N/A
2017A 24.4 (2.3) (6.4) (3.22) N/A N/A
2018E 34.8 5.4 3.2 1.19 76.4 N/A
2019E 52.0 6.7 4.9 1.54 59.1 N/A

Last updated on 07/12/2018

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 29/11/2018

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