
Bango plc
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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.
Company Presentations
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 | 1,093.4 | 2,287.3 |
Revenue | 2.6 | 4.2 | 6.6 | 9.3 | 11.7 |
Adj EBITDA | -2.4 | -1.6 | -0.9 | 0.4 | 3.0 |
Fully adj PBT | -4.1 | -3.6 | -2.9 | -2.0 | 0.6 |
Profit & Loss
Year end: December (£m unless shown)
2016 | 2017 | 2018 | 2019 | 2020 | |
---|---|---|---|---|---|
EUS (Non-GAAP) | 132.3 | 271.4 | 558.2 | 1,093.4 | 2,287.3 |
Revenue | 2.6 | 4.2 | 6.6 | 9.31 | 11.7 |
Adj EBITDA | (2.4) | (1.6) | (0.9) | 0.4 | 3.0 |
Reported PBT | (4.7) | (3.9) | (3.6) | (3.1) | (0.6) |
Fully adj PBT | (4.1) | (3.6) | (2.9) | (2.0) | 0.6 |
NOPAT | (2.9) | (2.0) | (1.8) | (0.9) | 1.3 |
Reported EPS | (6.8) | (5.3) | (4.0) | (3.5) | 6.3 |
Fully adj EPS | (6.3) | (5.5) | (4.2) | (2.9) | 0.9 |
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) | 1.0 | 0.3 |
Free Cash flow | (6.0) | (2.2) | (4.4) | (1.2) | (0.4) |
FCF per share | (9.2) | (3.4) | (6.3) | (1.7) | (0.5) |
Acquisitions | 0.0 | 0.0 | (1.8) | 0.0 | (0.4) |
Disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Shares issued | 0.1 | 1.2 | 5.2 | 0.3 | 2.5 |
Currency effects | (0.1) | 0.0 | 0.0 | (0.0) | 0.0 |
Net cash flow | (6.2) | (0.8) | (1.0) | (1.1) | 1.6 |
Cash & equivalents | 5.7 | 4.8 | 3.8 | 2.7 | 4.3 |
Net (Debt)/Cash | 5.6 | 4.6 | 3.5 | 1.6 | 3.7 |
Nav & Returns
Year end: December (£m unless shown)
2016 | 2017 | 2018 | 2019 | 2020 | |
---|---|---|---|---|---|
Net asset value | 12.4 | 10.7 | 16.0 | 14.7 | 20.7 |
NAV/share | 19.1 | 16.2 | 22.9 | 21.1 | 28.5 |
Net Tangible Asset Value | 6.3 | 4.6 | 4.0 | 2.5 | 14.1 |
NTAV/share | 9.7 | 7.1 | 5.8 | 3.6 | 19.3 |
Average equity | 14.1 | 11.5 | 13.3 | 15.3 | 17.7 |
Post-tax ROE (%) | (31.2%) | (30.3%) | (20.8%) | (15.8%) | 25.8% |
Metrics
Year end: December (£m unless shown)
2016 | 2017 | 2018 | 2019 | 2020 | |
---|---|---|---|---|---|
EUS growth | 105.1% | 105.7% | 95.9% | 109.2% | |
Revenue growth | 58.2% | 59.4% | 40.6% | 25.8% | |
Adj EBITDA growth | (35.3%) | (44.7%) | (151.8%) | 560.6% | |
Adj PBT growth | (12.0%) | (19.6%) | (29.3%) | (131.1%) | |
Adj EPS growth | (13.8%) | (23.9%) | (29.3%) | (129.9%) | |
Dividend growth | N/A | N/A | N/A | N/A | |
Margin on EUS | 1.5% | 1.2% | 0.9% | 0.5% |