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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, the UK, Germany and India.

Stock data

Market cap.£205.4m
Last close84.50p
High / Low (52 weeks)184.0p / 68.5p
Stock market listingLN
Forecast net cash (US$m)19.2
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual14.2(31.3)2.4
Relative *11.2(32.6)4.4

* % Relative to local index

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Investment summary

Boku has confirmed that total processed value (TPV), monthly active users, revenues and EBITDA saw strong growth in FY18, and it expects to report metrics at least in line with Edison and consensus expectations. This provides support for our FY19/FY20 growth forecasts for the core payments business. The recently acquired Danal business provides a second path to extend Boku’s growth in the longer term, while close co-operation with Danal Korea could open up payment opportunities in Korea. We make no changes to estimates, pending FY18 results due in March.

Last updated on 01/02/2019

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 91.5 N/A
2019E 52.0 6.7 4.9 1.54 70.7 N/A

Last updated on 25/01/2019

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 01/02/2019

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
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