Shares were up strongly yesterday, as Boku reiterated FY26 and medium-term guidance, such that while growth will likely moderate over the near term, this was enough to reassure the market. We leave FY26’s forecasts materially unch. (sales and EBITDA growth: +22% and +30% y/y a/h of cons.) while also introduce maiden FY27E, which are broadly in line, implying moderating growth, but still ‘rule of 50’ metrics. We reduce our TP (from 300p to 240p) but retain our Buy Rec. In a subdued (UK tech) sector, we continue to view Boku as a rare asset, which is operating at scale and pace, even in the absence of optimal pipeline conversion.
