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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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 30/11/2022Content on CLIQ Digital
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| Forecast net cash (€m) | 2.5 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Ben Bos | Board member |
| Sebastian McCoskrie | Head of IR |