CLIQ Digital - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

CLIQ Digital is a leading online performance marketing company selling subscription-based streaming services that bundle movies & series, music, audiobooks, sports and games globally. In FY23, 33% of sales were generated in Europe, 60% in North America, 4% in Latin America and 2% 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. In H124 larger content subscription services saw continued subscriber base growth despite increased subscription prices and more limited password sharing.

Latest Insights

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TMT |
Update

13.08.24

CLIQ Digital — Sales decline decelerating in Q224

TMT |
Update

31.07.24

CLIQ Digital — FY24 outlook weakened

TMT |
Update

14.05.24

CLIQ Digital — Increased churn weakens FY24 outlook

TMT |
Update

27.02.24

CLIQ Digital — Steady progress and share buyback announced

Hello - cliq

Sector

TMT

Equity Analyst

Analyst, Consumer and TMT

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)

8.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	15.5	(20.6)	(68.7)
Relative	9.5	(19.1)	(73.0)
52 week high/low	€22.4/€5.4

Financials

CLIQ Digital’s H124 results were as expected following the July trading update, at which point the company lowered its guidance. The change in the refund policies of credit card providers resulted in revenue falling 12% to €141m, due to higher churn in the customer base. To focus on profitability, CLIQ lowered the cost per acquisition in line with the group’s lower lifetime value of a new customer, resulting in fewer new customer acquisitions. CLIQ is progressing with its Fit for Future transformation programme, seeking productivity gains and cost efficiencies. Management has discontinued the promotion of cliq.de, its first own-brand platform in Germany, aiming to relaunch an own-brand platform in a more favourable geography.

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2022A	276.1	43.5	40.9	445.38	1.4	0.9
2023A	326.4	50.3	45.0	483.96	1.3	0.8
2024E	261.5	11.1	5.2	55.35	11.2	3.8
2025E	282.5	19.8	13.8	152.00	4.1	2.0

Research

Update

TMT

27.02.23

CLIQ Digital — Streaming ahead

Hello - cliq

Flash note

TMT

01.02.23

CLIQ Digital — Progress made against KPIs

Hello - cliq

TMT

Update

CLIQ Digital — Bundled content driving sales and profit growth

Hello - cliq

Update

TMT

09.11.22

CLIQ Digital — Continuing to execute on strategy

Update

TMT

05.08.22

CLIQ Digital — Making CLIQ a household name

Update

TMT

17.06.22

CLIQ Digital — Strategic update and financials upgrade

Update

TMT

06.05.22

CLIQ Digital — Momentum continuing unabated

Update

TMT

16.03.22

CLIQ Digital — Delivering growth and profitability

Update

TMT

08.03.22

CLIQ Digital — Delivering growth and profitability

Update

TMT

04.02.22

CLIQ Digital — CLIQing the nail on the head

Update

TMT

09.11.21

CLIQ Digital — Entering its next growth phase

QuickView

TMT

04.11.21

CLIQ Digital — Capturing the market opportunity

edison tv

TMT

23.09.21

CLIQ Digital – executive interview

Flash note

TMT

20.09.21

CLIQ Digital — Guidance raised with growth momentum

Update

TMT

12.08.21

CLIQ Digital — Set to reach strong growth targets in FY21

Update

TMT

27.04.21

CLIQ Digital — Cliq here for entertainment

Update

TMT

31.03.21

Cliq Digital — Moving the dial on marketing effectiveness

Update

TMT

02.09.20

Cliq Digital — Strong sales momentum, especially in the US

Update

TMT

16.04.20

Cliq Digital — Direct media buying paying off

edison tv

TMT

06.12.19

Executive interview – CLIQ Digital at EKF 2019

Update

TMT

11.10.19

CLIQ Digital — Improving profitability

Update

TMT

17.04.19

CLIQ Digital — Increased marketing to drive revenue growth

QuickView

TMT

19.11.18

Cliq Digital — Muted H1, marketing spend to drive H2 uptick

QuickView

TMT

19.11.18

Cliq Digital — Muted H1, marketing spend to drive H2 uptick

Update

TMT

08.10.18

Cliq Digital — Muted H1, marketing spend to drive H2 uptick

Update

TMT

23.04.18

Cliq Digital — Higher marketing spend key to growth

Update

TMT

23.08.17

Cliq Digital — UME adds to strong organic growth

Initiation

TMT

08.05.17

Cliq Digital — Digital content marketing

Further insights

insight

TMT

21.11.23

CLIQ Digital: EKF 2023 QuickView

insight

Consumer

16.11.22

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

26.07.22

Deutsches Eigenkapitalforum (EKF) 2022

thematic

TMT

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back