“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in EUR
Last close As at 07/06/2023
EUR23.40
▲ 0.45 (1.96%)
Market capitalisation
EUR152m
CLIQ Digital sells subscription-based streaming services that bundle movies and series, music, audiobooks, sports and games to consumers globally. In FY22, 37% of sales were generated in Europe, 57% in North America and 6% in other regions.
Demand for mobile entertainment has grown rapidly over the last decade, boosted by increased smartphone penetration, now at 83% of the global population (Statista). While boundaries between types of content are becoming increasingly blurred, mobile gaming is the largest segment. The larger content subscription services have been struggling to maintain momentum in their subscriber base and delivery of perceived value to the consumer is becoming a more important consideration.
Director, TMT
Ben Bos
Board member
Sebastian McCoskrie
Head of IR
Forecast net cash (€m)
20.3
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (6.0) | (19.6) | (7.0) |
| Relative | (6.0) | (21.6) | (15.1) |
| 52 week high/low | €32.9/€16.6 |
CLIQ Digital had a very strong start to FY23, with a 58% y-o-y revenue uplift in Q123 (to €83m) and an EBITDA margin of 15.4% (Q122: 15.8%). Raised levels of marketing spend continue to drive momentum, generating growth in both the lifetime value of the customer base and in the number of paid members. CLIQ is inherently highly cash generative and net cash was €10.9m at the quarter-end. Management has reiterated both FY23 and mid-term 2025 sales guidance, and our forecasts are unchanged, underpinned by the strong Q123 performance. CLIQ’s valuation remains at a significant discount to peers on EV/sales and EV/EBITDA multiples, with substantial potential upside to the current share price on current estimates, in our view.
| Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 150.0 | 27.2 | 25.3 | 271.36 | 8.6 | 5.7 |
| 2022A | 276.1 | 43.5 | 40.9 | 445.38 | 5.3 | 3.4 |
| 2023E | 345.0 | 51.0 | 48.9 | 498.87 | 4.7 | 3.0 |
| 2024E | 400.2 | 59.4 | 57.3 | 584.18 | 4.0 | 2.6 |
Get access to the very latest content matched to your personal investment style.
