CLIQ Digital

SCALE: CLIQ

Market Cap€168m

Last Close €25.8

CLIQ Digital is a global streaming provider specialising in the direct marketing of affordable entertainment products and offering its members unlimited access to music, audiobooks, sports, movies and games. In 9M22, 37% of sales were generated in Europe, 57% in North America and 5% in other regions.

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Investment summary

CLIQ Digital delivered strong revenue growth and record EBITDA in 9M22, as targeted marketing spend continued to drive the take up of its subscription-based multi-content streaming services. The results were boosted by particularly strong year-on-year growth in North America of 117%. We have raised our FY22 revenue and EBITDA forecasts by 10% and 15%, respectively, to reflect the strong growth delivered year to date, while noting that management has left its formal guidance unchanged. CLIQ.de, the new German multi-content portal, to be priced at €6.99 per month, will be launched on 15 December after extended stress testing. The shares continue to trade at a marked discount to the peer group.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 107.0 15.9 14.4 116.00 22.2 10.6
2021A 150.0 27.2 25.3 271.36 9.5 6.3
2022E 275.0 43.5 40.9 416.67 6.2 3.9
2023E 307.5 51.0 48.5 494.62 5.2 3.3
Industry outlook

Demand for mobile entertainment has grown rapidly over the last decade, particularly in 2020 due to COVID-19 and related lockdowns. Smartphone penetration, which is now at 83% of the global population, has been key to driving demand. Cloud-gaming is a key focus for CLIQ, and here the value of the global market is forecast to grow from US$1.5bn in FY21 to US$6.3bn by FY24 (Statista).

Last updated on 30/11/2022
Content on CLIQ Digital
CLIQ Digital – Continuing to execute on strategy
TMT | research Update | 9 November 2022
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CLIQ Digital – Making CLIQ a household name
TMT | research Update | 5 August 2022
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CLIQ Digital – Strategic update and financials upgrade
TMT | research Update | 17 June 2022
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Share price graph
Balance sheet
Forecast net cash (€m) 2.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 23.2 (0.4) 10.5
Relative* 13.4 (11.2) 15.9
52-week high/low €32.9/€16.6
*% relative to local index
Key management
Ben Bos Board member
Sebastian McCoskrie Head of IR