Currency in EUR

Last close As at 07/06/2023


0.45 (1.96%)

Market capitalisation


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.




Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Key Management

  • Ben Bos

    Board member

  • Sebastian McCoskrie

    Head of IR

Balance Sheet

Forecast net cash (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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

Further insights



MediaWatch – April 2023

Digital Marketing and Internet Media Technology Platform


MediaWatch – January 2023


IPO apocalypse


ESG, moving beyond the box tick

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