Bango is in the middle of a big growth upsurge according to analysts at Liberum, who have a share price target of 345p and a 'buy' recommendation.
Underlying growth in the second half of 2022 was more than 50%, said the broker, following the acquisition of DOCOMO Digital in August.
Cost savings are also coming through with management already delivering US$11mln of an identified US$21mln of synergies putting it on track to deliver US$10mln of incremental underlying profits by 2024.
Platform deals signed with five major telcos also offer the potential for significant upgrades, with these expected to deliver U$7.5mln of annual recurring revenue this year.
Management has highlighted that the pipeline of platform opportunities is healthy going into 2023, while its Audiences business is also starting to accelerate.
The shares are rated at a forward price/earnings of 10 times, which Liberum says gives scope for the shares to move higher as confidence in the 2024 forecasts grows, especially as the SaaS-based model increases the forward visibility and earnings quality of the business.
Shares were unchanged at 225p.