Cliq Digital is a sales and marketing group for digital products and services. It also operates a proprietary payments platform. It is headquartered in Dusseldorf and has an office in Amsterdam. Via its network of affiliate partners and its own direct media buying platform it has customers across the globe. In 2016 82% of sales were generated in Europe, 10% in the Asia Pacific region and 8% in the Americas.
Investment summary
CLIQ Digital experienced a weak Q3, given a lower CLIQ factor, which undermined the potential recovery in H2 expected at the interim results. Having retrenched marketing spend and focused on integrating acquisitions, marketing is back on an upward trend and the customer base value has increased from Q318 to Q418, as expected. This has given management the confidence to guide to a better 2019. The shares continue to trade at a substantial discount to peers.
