The decision to expand from its heritage DCB business and into Local Payment Methods (‘LPMs) has been an inspired one, as has led to alignment with the one of the hottest areas (from a Fintech perspective) and in turn accelerated growth to +29% ccy in H1. Even more importantly, this has changed the company’s vision such Boku is now aiming at a much large prize and hence why we foresee growth compounding for a number of years. It’s in this context the shares continue to look undervalued, trading on 24x FY26e P/E or 21x (cash adjusted).