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Boku

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.

Boku

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.

Boku

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.

Boku

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.