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Highlights

  • Boku Inc.’s FY24 revenue reached USD 99.3 million, up 20.0% yoy, driven by growth in Direct Carrier Billing and Local Payment Methods (LPMs)
  • Adjusted EBITDA rose to USD 31.4 million, a 21.8% increase, reflecting cost discipline and operating leverage
  • FY25 revenue is projected to grow >20%, outpacing consensus estimates of USD 109.6 million
  • Medium-term organic revenue CAGR expected to exceed 20%, driven by global LPM adoption and merchant reliance on Boku’s infrastructure

Boku, INC. (LSE: BOKU) is an LSE-listed payment technology company that operates a global network of localised payment solutions designed for international brands.

In the financial year 2024 (FY24), the company reported total revenue of USD 99.3 million, marking a 20.0% year-over-year increase from USD 82.7 million in FY23. This growth was primarily driven by an 11% increase in Direct Carrier Billing and a significant 56% surge in Local Payment Methods (LPMs), which accounted for 30% of total revenues by year-end.

Adjusted EBITDA rose to USD 31.4 million, up 21.8% from the previous year, reflecting disciplined cost management and operating leverage, even amidst strategic investments in product development and delivery capacity.

Cash balances grew by 17.6% to USD 177.3 million, supported by USD 42 million in operating cash flow and resilient internal funding, despite a USD 10.7 million share buyback executed during the year.

Recent Business Update

The group repurchased 4.7 million shares for USD 10.7 million as part of its share buyback programs, underscoring management’s confidence in the company’s valuation and commitment to enhancing shareholder returns, all while maintaining a debt-free balance sheet.

Company Outlook

The company’s board anticipates revenue growth exceeding 20% in FY25, well above the consensus estimate of USD 109.6 million, driven by an expanding pipeline of global merchant opportunities. Adjusted EBITDA margin is expected to remain above 30%, with further expansion from 2026 as the company leverages automation, global treasury capabilities, and platform scalability.

Over the medium term, management projects an organic revenue CAGR of over 20%, reflecting rising global adoption of Local Payment Methods (LPMs) and increased dependence on Boku’s payment infrastructure by international merchants.

Top 10 Shareholders

Boku’s top 10 shareholders collectively hold approximately 61.22% of the company’s total shares. Octopus Investments Limited is the largest shareholder, with a stake of around 12.89%, followed by Vitruvian Partners LLP, which holds roughly 9.02%.

Stock Information

Over the past month, Boku’s stock has gained approximately 9%, though it remains down around 15.32% over the last three months. The stock is currently trading at GBX 163.00 as of 06 May 2025, below the midpoint of its 52-week range between GBX 144.00 and GBX 200.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 06 May 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.