CLIQ Digital - Edison Group

CLIQ Digital (SCALE: CLIQ)

Currency in EUR

Last close As at 22/09/2023

EUR19.34

▲ −0.46 (−2.32%)

Market capitalisation

EUR126m

Overview
Price performance
Financials
Research
Sector insights
Thematics

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 the 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

View More

TMT |
Update

08.08.23

CLIQ Digital — Focusing on more profitable subscribers

TMT |
Update

05.05.23

CLIQ Digital — Bundled content driving sales and profit growth

TMT |
Update

27.02.23

CLIQ Digital — Streaming ahead

TMT |
Flash note

01.02.23

CLIQ Digital — Progress made against KPIs

Hello - cliq

Sector

TMT

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)

16.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(5.2)	(24.6)	(16.3)
Relative	(5.7)	(22.0)	(31.6)
52 week high/low	€30.9/€16.6

Financials

CLIQ Digital delivered robust growth in H123, with 37% y-o-y growth in both revenue and EBITDA at a maintained margin of 15.8%. Growth continues to be driven by marketing spend and investment into evolving the bundled content offering. Given a more competitive bidding market, management is focusing on acquiring customers with a higher lifetime value to create a more profitable subscriber base. Management has reiterated both its FY23 and mid-term FY25 guidance and our headline forecasts remain unchanged. Despite CLIQ’s share price performance faring better than the peer average valuation, it remains at a significant discount to peers on both EV/sales and EV/EBITDA multiples. In our view there continues to be significant upside to the current share price on our current 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	7.1	4.7
2022A	276.1	43.5	40.9	445.38	4.3	2.8
2023E	345.0	51.0	46.8	486.29	4.0	2.5
2024E	400.2	59.4	55.4	575.11	3.4	2.1

Research

QuickView

TMT

04.11.21

CLIQ Digital — Capturing the market opportunity

edison tv

TMT

23.09.21

CLIQ Digital – executive interview

TMT

Update

CLIQ Digital — Entering its next growth phase

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

Consumer

16.11.22

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

26.07.22

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson

Katherine Thompson

Director

kthompson@edisongroup.com 020 3077 5730

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