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CLIQ Digital (SCALE: CLIQ)

Currency in EUR

Last close As at 06/12/2023

EUR18.50

▲ 1.28 (7.43%)

Market capitalisation

EUR120m

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 84% of global mobile users (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 have been pushing up subscription prices and limiting password sharing to protect revenues.

Latest Insights

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TMT | edison tv

CLIQ Digital: executive interview

TMT | Update

CLIQ Digital — Diversifying marketing channels

TMT | Update

CLIQ Digital — Focusing on more profitable subscribers

TMT | Update

CLIQ Digital — Bundled content driving sales and profit growth
Hello - cliq
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Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Katherine Thompson

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • Ben Bos

    Board member

  • Sebastian McCoskrie

    Head of IR

Balance Sheet

Forecast net cash (€m)

16.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.4 (5.0) (28.6)
Relative (4.9) (7.0) (34.9)
52 week high/low €30.9/€16.6

Financials

CLIQ Digital continues to deliver good progress as it focuses on conversions through its customer base through its bundled content offering. In 9M23, revenue and EBITDA grew by 25% year-on-year to €242m and €39m, respectively, at a maintained margin of 15.9%. CLIQ’s focus on acquiring more profitable customers with a higher lifetime value is delivering progress against key performance indicators, including growth of 21% in the customer base value. Our estimates remain unchanged, while management has reiterated its FY23 and mid-term FY25 guidance. CLIQ continues to trade at a significant discount to our peer group across EV/sales and EV/EBITDA multiples. Our implied share price comes to €62, reflecting continuing upside to the current price on our estimates.

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 6.8 4.5
2022A 276.1 43.5 40.9 445.38 4.2 2.7
2023E 345.0 51.0 46.8 486.29 3.8 2.4
2024E 400.2 59.4 55.4 575.11 3.2 2.1

Research

CLIQ-Digital_resized

Update

TMT

CLIQ Digital — Diversifying marketing channels
Hello - cliq

Update

TMT

CLIQ Digital — Focusing on more profitable subscribers

TMT

edison tv

CLIQ Digital: executive interview
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Further insights

insight

TMT

CLIQ Digital: EKF 2023 QuickView

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
Read latest

Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
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