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Bango plc
(LSE:BGO)
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Rating:57Neutral
Price Target:
77.00 p
▲(22.22% Upside)
Action:Reiterated
Date:09/29/26
The score is held back primarily by inconsistent profitability and increased leverage despite improved recent free cash flow. Offsetting this, the latest earnings call was notably constructive with strong ARR, retention, margin, and EBITDA progress plus guidance pointing to continued improvement and deleveraging. Technicals are supportive but tempered by overbought conditions, while valuation remains challenged due to negative earnings and no dividend support.
Positive Factors
Recurring revenue and retention
Rapid ARR growth supported by expansion from existing customers and 119% net revenue retention indicates strong platform engagement. Zero reported subscription churn further supports revenue durability, improving visibility and creating a base for continued compounding over the next several quarters.
Negative Factors
Payments revenue contraction
The payments segment is undergoing a deliberate restructuring that is reducing headline revenue and may cause further low-single-digit variation. Although management expects limited EBITDA impact, the transition creates near-term growth pressure and requires successful replacement with higher-quality routes.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue and retention
Rapid ARR growth supported by expansion from existing customers and 119% net revenue retention indicates strong platform engagement. Zero reported subscription churn further supports revenue durability, improving visibility and creating a base for continued compounding over the next several quarters.
Read all positive factors
Bango plc (BGO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£60.49M
Dividend YieldN/A
Average Volume (3M)136.99K
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue Growth-6.58%
EPS Growth-85.28%
CountryUK
Employees164
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.07
Shares Outstanding77,052,826
10 Day Avg. Volume133,017
30 Day Avg. Volume136,989
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
£160.00Price Target Upside153.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.02
Revenue Forecast (FY)£53.78M
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 primarily makes money by providing platform services that enable digital commerce and subscription bundling across its network of partners.
Key revenue streams include:
- Platform fees from payment enablement (e.g., carrier billing/direct c...
Bango plc Earnings Call Summary
Earnings Call Date:Sep 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 16, 2027
Earnings Call Sentiment Positive
The call was strongly positive. Highlights significantly outweighed the lowlights, with substantial growth in ARR, net revenue retention, adjusted EBITDA and cash EBITDA; positive operating profit and adjusted profit after tax; improving gross margin and recurring revenue quality; continued DVM wins; and expectations for subscriptions to become cash EBITDA positive in fiscal 2027. The main negatives were the planned decline in headline payments revenue, remaining net debt, temporary exceptional cash costs, revenue recognition timing and slower development in non-telco verticals.Positive Updates
Annual Recurring Revenue Surpassed $20 Million
Annual recurring revenue grew 31% year-on-year from $15.6 million to $20.4 million in the first half of fiscal 2026. More than 60% of the growth came from existing customers.
Negative Updates
Headline Payments Revenue Declined
Payments headline revenue decreased 5% year-on-year because Bango continued restructuring and removing low-margin, high-cost-of-sales routes. Management said the restructuring of the remaining routes could result in a low single-digit variation to payments revenue, with negligible impact on adjusted EBITDA.
Read all updates
Q2-2026 Updates
Positive
Negative
Annual Recurring Revenue Surpassed $20 Million
Annual recurring revenue grew 31% year-on-year from $15.6 million to $20.4 million in the first half of fiscal 2026. More than 60% of the growth came from existing customers.
Read all positive updates
Company Guidance
Bango said trading remains in line with full year market expectations; the restructuring of high cost of sales routes will complete this year, although depending on the final outcome there may be a low single-digit variation to payments revenue with negligible impact on adjusted EBITDA, and payments should still have a weighting towards H2. Subscriptions is still expected to be cash EBITDA positive in fiscal '27, while net debt is forecast to achieve a similar reduction in the second half as in the first half and analyst forecasts indicate net debt of low single digits around sort of $2 million to end fiscal year '27. D&A is set to peak next year in fiscal year '27, after which a reduction in D&A will come through the income statement, and meaningful deleveraging is expected in fiscal year '27.Bango plc Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 52.48M | 53.31M | 66.77M | 46.10M | 28.55M | 20.70M |
| Gross Profit | 29.39M | 30.16M | 52.29M | 39.62M | 25.87M | 19.47M |
| EBITDA | 17.05M | 14.41M | 8.34M | -3.13M | 1.22M | 4.89M |
| Net Income | -5.07M | -7.74M | -4.57M | -8.97M | -2.14M | 433.52K |
Balance Sheet | ||||||
| Total Assets | 72.00M | 76.66M | 68.48M | 69.67M | 73.10M | 42.12M |
| Cash, Cash Equivalents and Short-Term Investments | 5.26M | 5.31M | 3.38M | 4.75M | 12.72M | 9.65M |
| Total Debt | 20.60M | 21.59M | 6.88M | 13.25M | 3.73M | 180.11K |
| Total Liabilities | 50.19M | 54.67M | 42.30M | 42.18M | 40.17M | 5.31M |
| Stockholders Equity | 21.81M | 21.99M | 26.18M | 34.75M | 31.50M | 36.81M |
Cash Flow | ||||||
| Free Cash Flow | 8.90M | 5.07M | 3.35M | 1.07M | -5.22M | -357.97K |
| Operating Cash Flow | 10.43M | 6.65M | 18.88M | 1.35M | 5.88M | 6.00M |
| Investing Cash Flow | -13.05M | -15.60M | -15.52M | -18.89M | -936.80K | -7.29M |
| Financing Cash Flow | 3.40M | 10.71M | -3.72M | 7.78M | -76.00K | 2.14M |
Bango plc Technical Analysis
Positive
63.00
Price Trends
68.52
Positive
66.39
Positive
68.29
Positive
Market Momentum
2.78
Negative
74.37
Negative
85.00
Negative
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 73.98, below the 50-day MA of 68.52, and below the 200-day MA of 68.29, indicating a bullish trend. The MACD of 2.78 indicates Negative momentum. The RSI at 74.37 is Negative, neither overbought nor oversold. The STOCH value of 85.00 is Negative, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | £179.71M | 15.22 | 107.46% | 5.03% | 14.52% | 6.84% | |
78 Outperform | £373.90M | 37.02 | 9.32% | ― | 10.38% | 2.60% | |
74 Outperform | £420.58M | 11.25 | 45.78% | 14.53% | 8.46% | 111.81% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | £60.49M | -15.85 | -23.16% | ― | -6.58% | -85.28% | |
56 Neutral | £746.02M | -261.40 | -1.33% | 1.48% | 15.98% | -131.06% | |
55 Neutral | £53.30M | -118.55 | 31.19% | 9.58% | 17.23% | 29.17% |
* Technology Sector Average
GB:BGO
Bango plc
78.50
-20.50
-20.71%
GB:PAY
Paypoint
720.00
61.62
9.36%
GB:PCIP
PCI PAL
73.50
27.00
58.06%
GB:BOKU
BOKU
131.00
-112.00
-46.09%
GB:FNX
Fonix Mobile PLC
184.00
7.30
4.13%
GB:EWG
WAG Payment Solutions Plc
107.20
14.38
15.49%
Bango plc Corporate Events
Business Operations and StrategyExecutive/Board Changes
Bango Grants Performance-Linked Share Options to Senior Management
Positive
Sep 28, 2026
Bango has granted new share options to selected directors and senior managers under its established Employee Share Option Scheme, issuing options over ordinary shares at the nominal price of 20 pence. The awards include 75,000 options for CEO Paul...
Business Operations and StrategyFinancial Disclosures
Bango boosts recurring revenue and margins as subscription business scales
Positive
Sep 25, 2026
Bango reported interim results for the six months to 30 June 2026 showing modest top-line growth but a strong shift toward higher-quality recurring revenues and improved profitability. Group revenue rose 3% year-on-year to $25.9M, as Subscriptions...
Business Operations and StrategyFinancial Disclosures
Bango Sets Date for Interim Results and Investor Presentation
Positive
Sep 3, 2026
Bango PLC will publish its interim results for the six months ended 30 June 2026 on 25 September 2026, as the digital payments and subscriptions technology provider continues to expand its role in enabling global content monetization. The company ...
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...
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.