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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.£279.7m
Last close125.50p
High / Low (52 weeks)184.0p / 59.0p
Stock market listingLN
Forecast net cash (US$m)21.2
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(28.9)0.8N/A
Relative *(26)9.2N/A

* % Relative to local index

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Investment summary

Boku saw a 153% increase in total processed volume (TPV) y-o-y, from merchants adding new operator connections and existing connections seeing growth in digital content consumption. This translated to y-o-y revenue growth of 66% and an increase in EBITDA from a loss of $2.76m in H117 to $2.55m in H118. Stronger than expected H1 revenues have allowed Boku to increase investment in new product areas, with a current focus on Mobile Identity. We have raised our revenue forecasts for FY18–20 and assume the company continues to reinvest the upside in new growth areas.

Last updated on 28/09/2018

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 1.08 151.4 N/A
2019E 42.0 11.6 9.8 3.25 50.3 N/A

Last updated on 26/09/2018

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 28/09/2018

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