This note details material upgrades to forecasts and our price target, in response to Boku’s strong H1 update, where company disclosed +29% ccy u/l sales growth. Our new FY25/26 estimates are slightly higher than cons. (both wrt. sales and EBITDA) and yet it’s still conceivable that Boku outperforms our numbers, should current trends continue. Our new 300p TP is based on 25x FY27 P/E (prev. 23x) which we think is warranted, given the very strong growth
