Bango plc
Visit Bango plc
Description
Bango’s key product is the Bango Payment Platform (BPP). This is a unique software architecture that allows mobile users to make one-click payments to app stores via their mobile phone bill. The suite is enhanced with the Bango Boost, Bango Dashboard and Bango Grid analytics applications and the Bango 24/7 and Bango Care monitoring and customer service products.
Our view
Bango offers an attractive combination of a growing market backdrop, strong operational momentum and a solid platform with good headroom for growth. This is all underpinned by a strong financial position.
Financial Summary
Year end: December (£m unless shown)
| 2016 | 2017 | 2018 | 2019 | 2020 | |
|---|---|---|---|---|---|
| EUS (Non-GAAP) | 132.3 | 271.4 | 558.2 | 1,143.7 | 2,287.3 |
| Revenue | 2.6 | 4.2 | 6.6 | 9.3 | 14.2 |
| Adj EBITDA | -2.4 | -1.6 | -0.9 | 0.4 | 2.9 |
| Fully adj PBT | -4.1 | -3.6 | -2.9 | -1.8 | 0.6 |
Profit & Loss
Year end: December (£m unless shown)
| 2016 | 2017 | 2018 | 2019 | 2020 | |
|---|---|---|---|---|---|
| EUS (Non-GAAP) | 132.3 | 271.4 | 558.2 | 1,143.7 | 2,287.3 |
| Revenue | 2.6 | 4.2 | 6.6 | 9.3 | 14.2 |
| Adj EBITDA | (2.4) | (1.6) | (0.9) | 0.4 | 2.9 |
| Reported PBT | (4.7) | (3.9) | (3.6) | (2.6) | 0.3 |
| Fully adj PBT | (4.1) | (3.6) | (2.9) | (1.8) | 0.6 |
| NOPAT | (2.9) | (2.0) | (1.8) | (0.9) | 2.0 |
| Reported EPS | (6.8) | (5.3) | (4.0) | (2.3) | 1.8 |
| Fully adj EPS | (6.3) | (5.5) | (4.2) | (2.5) | 0.8 |
| Dividend per share | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Cash Flow & Balance Sheet
Year end: December (£m unless shown)
| 2016 | 2017 | 2018 | 2019 | 2020 | |
|---|---|---|---|---|---|
| Operating cash flow | (2.6) | (0.7) | (2.3) | 0.4 | 0.8 |
| Free Cash flow | (6.0) | (2.2) | (4.4) | (0.8) | 0.1 |
| FCF per share | (9.2) | (3.4) | (6.3) | (1.2) | 0.1 |
| Acquisitions | 0.0 | 0.0 | (1.8) | (0.4) | (0.4) |
| Disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares issued | 0.1 | 1.2 | 5.2 | 0.0 | 0.0 |
| Currency effects | (0.1) | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash flow | (6.2) | (0.8) | (1.1) | (1.2) | (0.4) |
| Cash & equivalents | 5.7 | 4.8 | 3.8 | 2.5 | 2.2 |
| Net (Debt)/Cash | 5.6 | 4.6 | 3.5 | 2.3 | 1.9 |
Nav & Returns
Year end: December (£m unless shown)
| 2016 | 2017 | 2018 | 2019 | 2020 | |
|---|---|---|---|---|---|
| Net asset value | 12.4 | 10.7 | 16.0 | 9.8 | 14.8 |
| NAV/share | 19.1 | 16.2 | 22.9 | 14.0 | 21.2 |
| Net Tangible Asset Value | 6.3 | 4.6 | 4.0 | 1.6 | 4.6 |
| NTAV/share | 9.7 | 7.1 | 5.8 | 2.3 | 6.5 |
| Average equity | 14.1 | 11.5 | 13.3 | 12.9 | 12.3 |
| Post-tax ROE (%) | (31.2%) | (30.3%) | (20.8%) | (12.6%) | 10.4% |
Metrics
Year end: December (£m unless shown)
| 2016 | 2017 | 2018 | 2019 | 2020 | |
|---|---|---|---|---|---|
| EUS growth | 196.1% | 105.1% | 105.7% | 104.9% | 100.0% |
| Revenue growth | 101.8% | 58.2% | 59.4% | 41.1% | 51.8% |
| Adj EBITDA growth | (22.9%) | (35.3%) | (44.7%) | (149.9%) | 566.5% |
| Adj PBT growth | (18.6%) | (12.0%) | (19.6%) | (39.2%) | (133.5%) |
| Adj EPS growth | (33.0%) | (13.8%) | (23.9%) | (39.2%) | (133.5%) |
| Dividend growth | N/A | N/A | N/A | N/A | N/A |
| Margin on EUS | 2.0% | 1.5% | 1.2% | 0.8% | 0.6% |