CLIQ Digital

DB: CLIQ

Market Cap€170m

Last Close €26.05

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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Investment summary

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 30/06/2022
Content on CLIQ Digital
CLIQ Digital – Strategic update and financials upgrade
TMT | research Update | 17 June 2022
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CLIQ Digital – Momentum continuing unabated
TMT | research Update | 6 May 2022
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CLIQ Digital – Delivering growth and profitability
TMT | research Update | 16 March 2022
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Share price graph
Balance sheet
Forecast net cash (€m) 12
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.8 (0.8) 0
Relative* 16.8 11.9 21.5
52-week high/low €28.2/€18.2
*% relative to local index
Key management
Ben Bos Board member
Sebastian McCoskrie Head of IR