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Extending the reach of digital content merchants

Initiation | Technology | 28 Feb 2018

Boku’s direct carrier billing platform provides an alternative customer acquisition network for digital content merchants and has been adopted by leading names such as Apple, Google, Microsoft and Spotify. This is driving strong transaction growth across the platform, which we forecast will generate a revenue CAGR of 29% from FY16 to FY20 with rapid expansion of EBITDA margins to 38.7% by FY20. The valuation reflects the strong growth potential, particularly in terms of cash generation.


Mobile payment platform for digital content

QuickView | Technology | 23 Jan 2018

Boku’s direct carrier billing platform offers an alternative customer acquisition route for digital content merchants. Use of Boku’s platform has boosted subscriber numbers for customers such as Spotify due to its ease of use. The company is well positioned to benefit from the growth of digital content, as well as from connecting its existing merchants to additional carriers in multiple countries. Today’s trading update confirms that there is strong and growing demand for the Boku platform and that the company has now reached EBITDA profitability on a run rate basis.


Strong finish to FY18

Update | Technology | 14 Jan 2019

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.


Accelerating mobile identity offering

Update | Technology | 07 Dec 2018

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.


Japanese e-commerce contract

Flash note | Technology | 26 Sep 2018

Boku has widened its reach in the domestic Japanese market through a new agreement to provide direct carrier billing (DCB) services to a Rakuten e-commerce business. The contract is significant in that it demonstrates Boku’s ability to support physical as well as digital goods, as well as for its potential to be expanded to support additional Rakuten services.


Executive Interview – Boku

Edison TV: | Technology | 04 Sep 2018

Boku, the largest independent direct carrier billing (DCB) company, listed on AIM in November 2017. Boku operates a billing platform that connects digital content merchants with mobile network operators (MNOs) in more than 50 countries. Supporting merchants to offer DCB helps them to acquire customers and convert them to loyal, paying customers. Boku has signed up the leading merchants in key digital content categories (music, app stores, games) and, after a period of investment to connect merchants and MNOs to its platform, is seeing strong volume growth. Boku has c 150 employees, with its main offices in the US, UK, Germany and India.


Strong H1 supports future growth

Update | Technology | 04 Sep 2018

Boku saw continued strong growth in total payment volume (TPV) in H118, driving y-o-y revenue growth of 66% and a positive EBITDA margin of 15%. 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.


Strong growth continues in H1

Update | Technology | 05 Jul 2018

Boku’s H1 trading update confirms the company continues to see strong growth in total processed value (TPV) and revenues. Positive EBITDA for H118 supports our forecast for Boku to report its first full year of EBITDA profitability in FY18. The company anticipates meeting earnings expectations for FY18. We see the potential for revenue upside in FY18 to be reinvested in longer-term growth opportunities, providing support to the share price. We maintain our forecasts pending interims in September.


Making payments pay

Update | Technology | 11 Apr 2018

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.