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Bango plc
(LSE:BGO)
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Rating:49Neutral
Price Target:
62.00 p
▼(-1.59% Downside)
Action:Reiterated
Date:08/27/26
The overall score is driven primarily by moderate but pressured financials, where past revenue growth is outweighed by recent margin compression, rising debt, and inconsistent cash generation; weak technicals, with the price below key moving averages and negative momentum, further drag the rating, while an unattractive valuation due to losses and no dividend support limits near-term upside potential.
Positive Factors
Multi-year revenue scale
Revenue scaled materially from 2020 to 2024, showing the platform can expand over time. Although 2025 softened, the multiyear increase supports the durability of Bango’s partner-enabled digital commerce model and potential operating scale.
Negative Factors
Revenue contraction
The 2025 revenue decline marks a reversal after several years of expansion and may indicate weaker partner activity, customer demand, or monetisation. Sustained contraction would limit operating leverage and make the path to durable profitability more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue scale
Revenue scaled materially from 2020 to 2024, showing the platform can expand over time. Although 2025 softened, the multiyear increase supports the durability of Bango’s partner-enabled digital commerce model and potential operating scale.
Read all positive factors
Bango plc (BGO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£51.24M
Dividend YieldN/A
Average Volume (3M)232.78K
Price to Earnings (P/E)―
Beta (1Y)0.74
Revenue Growth-5.08%
EPS Growth-98.14%
CountryUK
Employees164
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.10
Shares Outstanding77,052,826
10 Day Avg. Volume247,398
30 Day Avg. Volume232,777
Financial Highlights & Ratios
PEG Ratio-0.13
Price to Book (P/B)3.06
Price to Sales (P/S)1.26
P/FCF Ratio13.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£181.00Price Target Upside187.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.02
Revenue Forecast (FY)£53.80M
Bango plc Business Overview & Revenue Model
Company Description
Bango plc, along with its subsidiaries, specializes in developing, marketing, and selling technological solutions that facilitate the promotion and distribution of products and services to mobile phone users. The company's diverse offerings includ...
How the Company Makes Money
Bango makes money primarily by providing subscription commerce and payment-related software/services to business customers (e.g., mobile network operators, merchants, and digital service providers). Key revenue streams include: (1) Platform and se...
Bango plc Earnings Call Summary
Earnings Call Date:Sep 15, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 25, 2026
Earnings Call Sentiment Positive
Bango showed strong growth in its Digital Vending Machine segment and increased its EBITDA significantly. The successful entry into new markets and the refinancing of the capital structure further strengthen its position. However, the transactional business remains flat, and ongoing exceptional costs continue to impact the bottom line. The overall sentiment is positive as the highlights, particularly the growth in DVM and EBITDA, outweigh the lowlights.Positive Updates
Strong Digital Vending Machine (DVM) Growth
DVM business showed a 49% growth CAGR over the period. The ARR for the DVM business is up 20% year-on-year, signaling strong recurring revenue growth.
Negative Updates
Flat Transactional Business Revenue
The transactional business revenue remained steady at $16.4 million, in line with last year, indicating a lack of growth in this segment.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Digital Vending Machine (DVM) Growth
DVM business showed a 49% growth CAGR over the period. The ARR for the DVM business is up 20% year-on-year, signaling strong recurring revenue growth.
Read all positive updates
Company Guidance
During the Bango plc investor presentation, detailed guidance for the first half of fiscal year 2025 was provided, highlighting key metrics and growth strategies. Bango reported a 5% increase in revenue to $25.2 million, with annual recurring revenue growing by 20% year-on-year to $15.6 million, driven by a net revenue retention rate of 108%. The Digital Vending Machine (DVM) business showed strong momentum with a 49% CAGR, contributing significantly to the 66% increase in adjusted EBITDA. The gross margin improved by 350 basis points to 84.3%, and operating expenses were reduced by 9%. Bango’s strategy focuses on expanding in the telco sector, enhancing data differentiation for content providers, exploring new verticals, and extracting value from the payments business. The company secured seven new DVM customers in the first half, increasing the number of active subscriptions to over 19 million, and is on track to deliver revenue and EBITDA in line with expectations for the year.Bango plc Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
65
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 53.31M | 66.77M | 46.10M | 28.55M | 20.70M |
| Gross Profit | 30.16M | 52.29M | 39.62M | 25.87M | 19.47M |
| EBITDA | 14.41M | 11.28M | -720.48K | 1.22M | 4.81M |
| Net Income | -7.74M | -4.57M | -8.97M | -2.14M | 433.52K |
Balance Sheet | |||||
| Total Assets | 76.66M | 68.48M | 69.67M | 73.10M | 42.12M |
| Cash, Cash Equivalents and Short-Term Investments | 5.31M | 3.38M | 4.75M | 12.72M | 9.65M |
| Total Debt | 21.59M | 6.88M | 13.25M | 3.73M | 180.11K |
| Total Liabilities | 54.67M | 42.30M | 42.18M | 40.17M | 5.31M |
| Stockholders Equity | 21.99M | 26.18M | 34.75M | 31.50M | 36.81M |
Cash Flow | |||||
| Free Cash Flow | 5.07M | 3.35M | 1.07M | -5.22M | -357.97K |
| Operating Cash Flow | 6.65M | 18.88M | 1.35M | 5.88M | 6.00M |
| Investing Cash Flow | -15.60M | -15.52M | -18.89M | -936.80K | -7.29M |
| Financing Cash Flow | 10.71M | -3.72M | 7.78M | -76.00K | 2.14M |
Bango plc Technical Analysis
Positive
63.00
Price Trends
64.70
Positive
64.04
Positive
72.57
Negative
Market Momentum
0.21
Negative
63.35
Neutral
74.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BGO, the sentiment is Positive. The current price of 63 is below the 20-day moving average (MA) of 63.28, below the 50-day MA of 64.70, and below the 200-day MA of 72.57, indicating a neutral trend. The MACD of 0.21 indicates Negative momentum. The RSI at 63.35 is Neutral, neither overbought nor oversold. The STOCH value of 74.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BGO.
Bango plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £164.50M | 14.91 | 104.64% | 5.34% | 1.57% | 1.80% | |
69 Neutral | £363.57M | 9.61 | 45.78% | 16.55% | 8.46% | 111.81% | |
63 Neutral | £319.92M | 35.12 | 8.63% | ― | 25.86% | 225.77% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | £47.86M | -106.45 | 31.19% | 9.58% | 17.23% | 29.17% | |
49 Neutral | £51.24M | -8.88 | -32.65% | ― | -5.08% | -98.14% | |
44 Neutral | £706.92M | 1,970.02 | 0.15% | 1.48% | 4.39% | -33.33% |
* Technology Sector Average
GB:BGO
Bango plc
66.50
-26.00
-28.11%
GB:PAY
Paypoint
615.00
-30.73
-4.76%
GB:PCIP
PCI PAL
66.00
20.50
45.05%
GB:BOKU
BOKU
112.00
-108.00
-49.09%
GB:FNX
Fonix Mobile PLC
168.50
-38.12
-18.45%
GB:EWG
WAG Payment Solutions Plc
101.60
-11.72
-10.34%
Bango plc Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Bango grants long-term share options to non-executive directors
Positive
Jul 31, 2026
Bango has granted share options to three of its independent non-executive directors, in line with its established share option policy. Lisa Gansky, Duncan Magrath and Marcus Weldon each received options over 50,000 ordinary shares at an exercise p...
Regulatory Filings and Compliance
Bango Director Ray Anderson Transfers Shares Without Changing Holding
Neutral
Jul 17, 2026
Bango has disclosed a director shareholding transaction involving Non-Executive Director Ray Anderson, who transferred 18,438 ordinary shares from his self-invested personal pension into his own name. The move leaves his total beneficial holding u...
Other
Bango directors boost stakes with share purchases
Positive
Jul 13, 2026
Bango has disclosed director dealings showing increased insider share ownership at the mobile payments and subscriptions technology group. Chief financial officer Matthew Wilson bought 6,438 ordinary shares at 71.5p each, taking his beneficial hol...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Bango lifts recurring revenues and profitability in strong first half
Positive
Jul 9, 2026
Bango reported a strong first half of 2026, driven by recurring revenue growth from its subscription platform and tighter cost control. Annual Recurring Revenue climbed 31% to $20.4m, subscription revenues rose 13% to $12.3m and Net Revenue Retent...
Business Operations and StrategyExecutive/Board Changes
Bango strengthens board with appointment of Duncan Magrath as Audit Chair
Positive
Jun 26, 2026
Bango has appointed Duncan Magrath as a Non-Executive Director and Chair of its Audit Committee, effective immediately, strengthening its board-level financial oversight. Magrath, currently CFO of FTSE 250-listed Alfa Financial Software Holdings, ...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Bango wins full shareholder backing at AGM, securing fresh capital-raising powers
Positive
Jun 25, 2026
Bango shareholders have backed all resolutions at the company’s latest annual general meeting, including the receipt of 2025 accounts, the re-election of the entire board and the reappointment of BDO as auditor. The comprehensive support, de...
Business Operations and StrategyProduct-Related Announcements
Bango powers Turkcell’s new multi-service subscription bundles in Türkiye
Positive
Jun 25, 2026
Bango has entered a partnership with Turkcell, Türkiye’s largest telecoms operator, to deploy its Digital Vending Machine platform to power new multi-party subscription bundles. The move deepens Bango’s presence in the telco secto...
Business Operations and Strategy
Bango Executive Chair Ray Anderson Increases Stake via Share Incentive Plan
Positive
Jun 22, 2026
Bango plc reported that Executive Chair and Director Ray Anderson has increased his stake in the company through its employee Share Incentive Plan, established in 2022. The plan facilitates purchases of ordinary shares and awards matching shares t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.