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BGO.L227.50GBp2.50 (+1.11%)

52wk Low / High
65.00 / 247.00
Market Cap
£148.79m
Shares in Issue
65.40m
Earnings Per Share (TTM)
-
Current PE Ratio (TTM)
-
Div / Yield
- / -

Quotes delayed, except where indicated otherwise. Currency in GBp.

Overview

Bango Plc (AIM: BGO) allows smartphone and tablet users to pay for apps, games, music and video via one click, which adds the payment to their phone bill. This is known as Direct Carrier Billing (DCB), and Bango take a fee from each transaction going through their system.

Bango’s technology sits on both the app stores and mobile operators servers – acting as an interface between mobile users, the app stores and network operators. And because they are gathering and analysing data from all these parties, they are able to advise  partners of potential optimisations  – recommendations which help increase end user spend and conversion rates.

Global leaders plugging into Bango include Amazon, Google, Samsung, and Microsoft, and the company have over 140 payment routes activated, with a 40% share of the direct carrier billing market (Progressive Equity Research, March 2016).

www.bango.com

Directors

  • Ray Anderson (CEO): Co-founder. Established IXI, early leader in creation of web. Co-founder Torch Computers, sold to CATSCO. Founding investor; Electronic Share Information (sold to E*Trade)
  • Rachel Elias-Jones (CFO): 5 years at ‘Top 5’ audit firms
  • Gerry Tucker (Strategic Partners Dir): Ex CFO PLUS Markets
  • Anil Malhotra (Chief Marketing Officer): Co-founder. 16yrs marketing exp; Logotron, CyberLife, Millenium Interactive & IXI
  • David Sear (Chair & NED): CEO of Weve. Chair Semafone. Div MD at Travelex (2006-2012)
  • Martin Rigby (NED): Founder & MD of ET Capital, a shareholder
  • Rudy Burger (NED): Managing partner of Woodside Capital

Financials

P&L2015
£~000
2016
£~000
End user spend44.7132.3
Revenue1.32.6
Gross Profit1.32.6
Proft/ (Loss) Before Tax(5.0)(4.7)
BALANCE SHEET2015
£~000
2016
£~000
Total Assets17.414.1
Total Liabilities1.51.8
Cash & Cash equivalents12.15.7

Peer Group

  • Monitise (LSE:MONI): Mobile banking platform
  • EservGlobal (AIM:ESG): Mobile banking & financial services software
  • Paysafe (AIM: PAYS): Online money transfer service
  • Planet Payment (NASDAQ: PLPM): International payment and data processor

Major Shareholders

Management

  • Ray Anderson – 10.17%
  • Anil Malhotra – 6.12%
  • Gerry Tucker – 0.03%
  • Martin Rigby – 0.02%
  • Rachel Elias-Jones – 0.01%

Others

  • Liontrust Asset Management – 16.82%
  • Herald – 14.24%
  • Odey AM – 10.87%
  • Hargreave Hale – 5.08%
  • Inflection Point Investments – 4.75%
  • Cavendish Asset M’gt – 3.86%

Macro Indicators

Gartner (Sep 2013)
“Mobile app stores will see 11.1 billion paid-for downloads in 2014.”

IDC Worldwide Quarterly Mobile Phone Tracker 2014
“A total of 1,004.2 million smartphones were shipped in 2013, up 38.4% from 725.3 million in 2012.”

Gartner (Sep 2013)
“In 2013 there were 102 billion app store downloads globally, amounting to $26bn in sales. By 2017, it is projected that there will be 268 billion app downloads annually, amounting to $77bn in revenue.”

Media Coverage

This is Money (Aug 2016)
“SMALL CAP IDEAS: Payment processor Bango set to be boosted by stampede for Pokemon Go”

Business Weekly (July 2016)
“Bango payment platform ‘comfortably’ handling $1bn turnover”

Investors Chronicle (July 2016)
“Bango and Nintendo soar on success of Pokémon Go”

 

 

 

 

Broker Coverage

Progressive Equity Research (Mar 2016)
“(Bango) offers an attractive combination of a growing market backdrop, strong market positioning, positive operational momentum and a business platform with good headroom for growth. This is all underpinned by a strong financial position. With net cash at 42% of the current market capitalisation, management expect the business to be funded through to profitability..”

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