“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 24/03/2023
EUR27.85
▲ −0.45 (−1.59%)
Market capitalisation
EUR184m
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 become 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 | 0.9 | 14.8 | 11.0 |
| Relative | 2.1 | 5.0 | 5.5 |
| 52 week high/low | €32.9/€16.6 |
CLIQ Digital’s FY22 update showed strong year-on-year growth across all KPIs, as it continues to roll out its subscription-based bundled-content streaming services. The results were broadly in line with our expectations and CLIQ finished the year with a stronger-than-expected net cash position of €10m. Looking ahead, driven by continued investment into marketing and content, management expects FY23 revenue and EBITDA to exceed €345m and €50m, respectively, reflecting growth of at least 25% and 15%. We are reviewing our numbers following the publication of the annual report on 21 February.
| 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 | 10.3 | 6.8 |
| 2022A | 276.1 | 43.5 | 40.9 | 445.38 | 6.3 | 4.1 |
| 2023E | 345.0 | 51.0 | 48.9 | 498.87 | 5.6 | 3.6 |
| 2024E | 400.2 | 59.4 | 57.3 | 584.18 | 4.8 | 3.1 |
