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 FY21, 42% of sales were generated in Europe, 50% in North America and 8% in other regions.
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CLIQ Digital has updated its business plan and lifted guidance, raising the FY22 revenue target from €210m to €250m, with EBITDA up from over €33m to over €38m. We have increased our forecasts, with FY23e revenue also raised (from €290m to €300m). This follows February’s upgrade, implying that its marketing approach continues to pay off. Management is targeting €500m of revenues by FY25, which, in our view, is demanding but achievable. The new packaged content offering will be marketed under the CLIQ.de brand and is designed to be simple but affordable, so well suited to a backdrop of pressure on household disposable income. The shares continue to trade at a sizeable discount to peers.
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 | 22.5 | 10.7 |
| 2021A | 150.0 | 27.2 | 25.3 | 259.16 | 10.1 | 6.3 |
| 2022E | 250.0 | 38.0 | 36.5 | 371.80 | 7.0 | 4.5 |
| 2023E | 300.0 | 47.6 | 45.9 | 468.61 | 5.6 | 3.6 |
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 78% of the global population, has been key to driving demand. Cloud-gaming is one of CLIQ’s current primary focuses, where Grand View Research’s forecast is for global sales growth of 48% y-o-y until 2027.
Last updated on 30/06/2022Content on CLIQ Digital
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| Forecast net cash (€m) | 12 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Ben Bos | Board member |
| Sebastian McCoskrie | Head of IR |