Boku Inc (BOKU)

Boku Inc BOKU Logo

A carrier billing company allowing payments from virtually any mobile phone in the world.

5-Jul-2018 – 115.5p – £247.1m – PER 99.0

Trading Update For The 6 Months To End June 2018 – Total Processed Value (TPV) $1.5b, up 153% with Revenue due to be up 60% or so (in the range $16.5m to $17m (2017 $10.2m)). 10.3m Monthly Active Users (MAU) is more than double this time last year and earnings are on track to meet FY expectations.

This is a new one to me and it doesn’t look too bad here (although the PER is HUGE!). It’s not yet made a Profit but should do this year and, if forecasts are accurate, Profits are set to 7x the year after with EPS set to 4x. Perhaps worth a “punt” but I will remain Neutral until I see those FY results – Not usually one to “punt”.

4-Sep-2018 – 184p – £394.2m – PER 128.6

Interim Results For The 6 Months To End June 2018 – Payment volume up 153% and number of users up 117%. Revenue is up 66% to $16.9m, Gross Profit Margin up to 92.4% from 90.7% (average for 2017) and there’s a Net Loss of $0.7m vs a Net Loss of $6.6m last time. Average Daily Cash $23.1m (December 2017: $19.2m). Current trading is encouraging with August Payment volume and number of users both up 100% on last year. Expecting to meet recently upgraded FY expectations.

Still tempted here and may well open an initial position at some stage, as I write I remain on the side-lines.

Subsequent note: The reason I remain Neutral is that both Profits and EPS have not yet been positive.

14-Jan-2019 – 82p – £184m – PER 139.2

Trading Update For The 12 Months To End December 2018 – Revenue to be up at least 40%, EBITDA to be at least in-line.

Well, no choice other than to wait to see the actuals!

22-May-2019 – 131p – £320m – PER 57

AGM Statement And Trading Update – 2019 in-line, will hit at least $52m in Revenue. There’s also a new partnership and integration annouced today.

Having attended the presentation at Mello I bought in here. Not my usual purchase as it required faith in growth kicking in in 2 years time, this update and other 2 annoucements seem quite reassuring.

18-Jul-2019 – 127p – £320m – PER 43

Trading Update For The 6 Months To End June 2019 – On track to met FY expectations.

I am Long here and, subject to market reaction, this update will not give me reason to change that at present.

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