CLIQ Digital (SCALE: CLIQ)

Last close As at 22/06/2024

EUR6.45

0.00 (0.00%)

Market capitalisation

EUR42m

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 H223 larger content subscription services saw a return to subscriber base growth despite increased subscription prices and more limited password sharing.

Latest Insights

View More

TMT | Flash note

CLIQ Digital — More profitable customers in FY23

TMT | edison tv

CLIQ Digital: executive interview

Hello - cliq

Sector

TMT

Equity Analyst

Milo Bussell

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)

16.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (25.5) (62.1) (74.9)
Relative (22.9) (62.3) (77.5)
52 week high/low €25.2/€6.5

Financials

CLIQ Digital had a disappointing start to FY24 in Q124, as its membership base fell following a change in refund programmes from credit card providers, making it easier for subscribers to cancel. Revenues fell by 12%, while marketing expenses (a key growth driver for CLIQ) dropped by 9% as management sought to protect its gross margin. The adjusted EBITDA margin fell to 7%, driven by the decline in sales. Management has initiated its ‘Fit for Future’ transformation strategy to drive operational efficiencies, while diversifying its marketing channels from traditional display advertising into search engine advertising, affiliation and B2B partnerships. The company has cut FY24 revenue guidance by 13–17%, while EBITDA is now expected to be 48–50% lower than previously.

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 305.1 26.1 20.2 206.73 3.1 1.7
2025E 329.3 29.5 24.6 253.79 2.5 1.4

Research

Update

TMT

CLIQ Digital — Momentum continuing unabated

Update

TMT

CLIQ Digital — CLIQing the nail on the head

QuickView

TMT

CLIQ Digital — Capturing the market opportunity

edison tv

TMT

CLIQ Digital – executive interview

Update

TMT

CLIQ Digital — Cliq here for entertainment

edison tv

TMT

Executive interview – CLIQ Digital at EKF 2019

Update

TMT

CLIQ Digital — Improving profitability

Initiation

TMT

Cliq Digital — Digital content marketing

Further insights

insight

TMT

CLIQ Digital: EKF 2023 QuickView

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

thematic

TMT

MediaWatch – Still waiting…

thematic

TMT

MediaWatch – Targeting the opportunities

thematic

TMT

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

MediaWatch – Screening well

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

TMT

Direct tech investors

thematic

Consumer

Circular economy business models

thematic

TMT

Quantum dots – all the colours of the rainbow

thematic

TMT

Micro-LEDs – small is beautiful

thematic

Consumer

Illuminator: August Update

thematic

TMT

European video games

thematic

TMT

Diversification and scale for online success

thematic

TMT

UK video games – Heterogeneous not homogeneous

thematic

TMT

Mobile ecosystems

thematic

TMT

Mobile ecosystems

thematic

TMT

Mobile ecosystems

thematic

TMT

NZ – Edison talks tech

thematic

TMT

AUS – Edison talks tech

thematic

TMT

Mobile ecosystems

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

Mobile ecosystems

thematic

Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

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

thematic

TMT

The third pillar

thematic

TMT

The real disruptor

thematic

TMT

Merger mania is back