Boku Regulatory News (BOKU)

London, UK, 6 April 2022

Boku (BOKU): Simplifying mobile commerce

Boku's FY21 results reflect continued strong momentum in the Payments business and improved performance in the since-sold Identity business. Local payment methods added to the Boku network over the last three years showed an accelerating contribution to monthly active user numbers, increasing ninefold over 2021, and made up nearly 10% of new users in the year. We have revised our forecasts to remove revenue from Russian carriers and estimate an EPS CAGR of 13.7% over FY21-24e.

Boku is trading on an FY22e EV/EBITDA multiple of 17.9x, at a 48% discount to the payment processing peer average of 34.5x, compared to a 15% discount last time we wrote. Applying the average multiple would imply a share price of 216.4p. In our view, evidence that strong revenue growth can be sustained will be the main catalyst for the share price, with a growing contribution from local payment methods and new major merchants signing up key indicators.

Click here to view the full report or here to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Katherine Thompson +44 (0)20 3077 5730 tech@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-group-/

Twitter  www.twitter.com/Edison_Inv_Res

YouTube www.youtube.com/edisonitv