Boku - Reiterating outlook for FY19
Boku reported 39% year-on-year revenue growth in H1: 19% growth from the Payments business was boosted by the newly acquired Identity business. This translated to 69% growth in EBITDA and 64% growth in normalised operating profit, despite investment in the Identity business. Management expects a stronger H2 and is maintaining FY19 guidance. We have taken a more cautious approach to our Identity forecasts reflecting longer sales cycles; this reduces our FY19–21 forecasts, although we expect the company to meet FY19 guidance.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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