Daily Stock Market Report (Fri 2nd Jan 2026) - BOKU, PPHC, SEE, IES, TAP

Good morning and welcome to the opening report of 2026! I'm not expecting much news today, but let's have a look!

Spreadsheet accompanying this report: link (updated to 16/12).
I'm sorry there was so little to look at today - see you next week when the year should kick off in earnest!

Companies Reporting
Name (Mkt Cap)RNSSummaryOur View (Author)Boku (LON:BOKU) (£623m | SR53)Share Buyback ProgrammeSP +5%The board has approved the buyback of up to 4 million shares (current share count: 297 million). Shares purchased may be used to satisfy warrant holders or the staff bonus programme.AMBER= (Graham) [no section below]Checking the most recent interim report, I find that there were 5.1 million warrants (issued to Amazon) that were expected to vest. This company also has a history of significant share-based payments (e.g. $5m in H1 2025). These two factors say to me that the company needs this share buyback in order to offset dilution. I'd be far more impressed if this buyback caused the share count to permanently reduce. Also, this share has a ValueRank of 17 and a P/E multiple of 26x (before today's gains); a buyback is not obviously a good investment...