Boku - FY24 ahead of expectations

Boku's FY24 trading update confirmed that revenue and adjusted EBITDA were ahead of our forecasts, helped by strong growth in total payment volume (TPV) of c 18% (c 23% in constant currency, cc). Revenue was c 20% higher y-o-y (c 24% cc) and the adjusted EBITDA margin of c 31.7% was above the 30% minimum the company has committed to as it invests in scaling the business. We have upgraded our revenue forecasts for FY24-26 and our adjusted EBITDA forecast for FY24. We leave our adjusted EBITDA forecasts unchanged for FY25 and FY26, assuming the company invests any incremental margin in FY25 before allowing margins to expand from FY26. Also factoring in share buybacks in H224, we raise our diluted normalised EPS forecasts by 3.3% in FY24 and 0.5% in FY25 and FY26.

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