Bango PLC's (AIM:BGO) trading update on Tuesday showed revenue up 32%, which is ahead of forecasts, said house Liberum, with its 260p target price implying 34% upside from the current share price.
The strong growth has been driven by a combination of new customer wins and growth with existing customers, which the broker said it sees continuing into the 2022 financial year.
Adjusted EBITDA of at least US$6.1mln was in line with last year and in line with Liberum forecasts, reflecting the planned increase in investment in R&D and sales and marketing to drive future growth.
A net cash position of US$9.6mln at year-end is also in line with forecasts.
"Bango’s recent strategy day outlined the attractive growth opportunity in Bango’s Platform and Audiences businesses alongside the continued strong growth in the Payments business," the analysts said.
The shares are "attractively priced", they added, at 7.7 times forecast 2022 sales.