Boku - Evolving to address wider e-commerce market
Boku reported strong results for FY20, with adjusted revenue and EBITDA growth of 20% and 106% respectively. The Payments business benefited from increased consumer demand during the pandemic, while the Identity business had a more difficult year. Trading year to date has been strong for both businesses and management is confident of meeting expectations for FY21. We have made minor changes to our FY21/22 forecasts. The evolution of the platform to address the wider alternative payments market provides upside potential to our forecasts and the share price.Boku is a holding company. Through its subsidiaries, Co. is engaged in the provision of mobile billing and payment solutions for mobile network operators and merchants. These solutions enable consumers to make online payments using their mobile devices. Co.'s offerings include: Boku Checkout, which is integrated into the billing system of operators allowing merchants to accept payments from mobile phone; Boku Account, which allows a phone number to be stored on file and for merchants to make charges without the consumer having to re-enter payment details on subsequent purchases; and Boku Acquire, which is a tool to support carrier bundling programs.
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