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 (MAU) numbers, increasing ninefold over 2021, and made up nearly 10% of new users in the year. 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 in January 2022. Applying the average multiple would imply a share price of 216.4p with a current price of 122.5p. Boku operates a billing platform that connects merchants with mobile network operators and alternative payment methods.
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