Cliq Digital — Direct media buying paying off

CLIQ Digital (SCALE: CLIQ)

Last close As at 27/03/2024

EUR16.12

−0.14 (−0.86%)

Market capitalisation

EUR106m

More on this equity

Research: TMT

Cliq Digital — Direct media buying paying off

CLIQ Digital performed strongly in H219, with gross revenues up by 24% against H218. This reflects the successful strategic change to direct media buying, which attracted more – and more profitable – customers. With further investments in content and the COVID-19 pandemic boosting people’s appetite for digital entertainment as their options are more limited, management has outlined ambitious targets for FY20 growth. The shares continue to trade at a substantial discount to peers.

Fiona Orford-Williams

Written by

Fiona Orford-Williams

Director, TMT

TMT

CLIQ Digital

Direct media buying paying off

Media

Scale research report - Update

16 April 2020

Price

€4.2

Market cap

€26m

Share price graph

Share details

Code

CLIQ

Listing

Deutsche Börse Scale

Shares in issue

6.2m

Last reported net debt at 31 December 2019

€9.6m

Business description

CLIQ Digital is a leading direct marketing and sales organisation for digital products, with its own global payments and distribution platform. It works with in 34 countries. In 2019 77% of sales were generated in Europe, 14% in North America, 9% in other regions.

Bull

Well placed to benefit from increased consumer appetite for digital entertainment.

Increasing mobile bandwidth.

Agility through using licensed content.

Bear

As the group scales it may become harder to maintain the same rate of marketing efficiency.

Dependence on major payment service providers.

Competitive markets.

Analysts

Fiona Orford-Williams

+44 (0)20 3077 5737

Russell Pointon

+44 (0)20 3077 5757

CLIQ Digital performed strongly in H219, with gross revenues up by 24% against H218. This reflects the successful strategic change to direct media buying, which attracted more – and more profitable – customers. With further investments in content and the COVID-19 pandemic boosting people’s appetite for digital entertainment as their options are more limited, management has outlined ambitious targets for FY20 growth. The shares continue to trade at a substantial discount to peers.

H219 accelerating growth

CLIQ Digital continues to improve its use of data to target its marketing and drive conversion of web and mobile traffic to active subscriptions. Being in control of its own spend, rather than reliant on affiliates, is also helping attract more profitable subscribers. CLIQ group uses the ratio of average revenue per user (ARPU, taken over their first six months) to cost per customer acquisition (CPA), termed the ‘CLIQ factor’, to measure this metric. This was 1.36x for FY18, climbing to 1.40x for H119 then 1.51x for the full year. Marketing spend is the key variable, driving customer recruitment, and this increased 18% year-on-year. Operating expenses grew by 2% in FY19 (excluding impairment), less than the 13% increase in net revenues after third-party costs, lifting EBITDA margins from 6.7% in FY18 to 9.1% in FY19.

Favourable factors for FY20

Market consensus is a little under that indicated by management in its outlook statement. This statement envisages gross revenue increasing by 19% to €75.0m in FY20, with EBITDA climbing from €5.8m in FY19 to €7.5m. The underlying market attributes of growing numbers of increasingly sophisticated mobile devices, with constant demand for entertainment (games, video, eSports, audiobooks etc) providing a strong backdrop. The COVID-19 situation is possibly beneficial as people have more time on their hands and fewer opportunities for other activities.

Valuation: Discount to peers

CLIQ Digital’s share price fell from €4.21 in mid-February to €2.29 in mid-March as markets struggled to evaluate the coronavirus impact. It has since recovered to above previous highs. At 0.6x FY20e consensus sales and 10.2x FY20e net earnings, CLIQ still trades at a substantial discount to a broader peer set of user-acquisition groups, although the range of multiples is very wide. Continued delivery on improving revenue and margin could lead to this discount to peers narrowing.

Consensus estimates

Year
end

Revenue
(€m)

PBT
(€m)

EPS
(€)

DPS
(€)

EV/EBIT
(x)

P/E
(x)

Yield
(%)

12/18

58.2

3.4

0.34

0.0

13.0

12.5

N/A

12/19

63.1

3.9

0.35

0.0

8.1

12.2

N/A

12/20e

70.7

5.6

0.43

0.0

6.3

10.2

N/A

12/21e

74.2

6.3

0.55

0.0

5.7

7.7

N/A

Source: Refinitiv

Edison Investment Research provides qualitative research coverage on companies in the Deutsche Börse Scale segment in accordance with section 36 subsection 3 of the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse (as of 1 March 2017). Two to three research reports will be produced per year. Research reports do not contain Edison analyst financial forecasts.

Review of FY19 results

Exhibit 1 below details CLIQ’s operational performance during FY19 and the trends between half years. The beneficial effect of the change of marketing strategy from an affiliate-derived model to one where media is bought directly, implemented in late 2018 and into early 2019, is apparent in the figures. These show the decline in gross revenue slowing in H1 and reversing in H2.

Generally, the third-party share of revenue varies widely between countries and can be as low as 25% or as high as 70%. However, there is a benefit from the increasing consumer acceptance to the use of linked credit cards for mobile purchases, which reduces the cost of sales attributable to third parties.

Exhibit 1: P&L highlights

2017

H118

H218

2018

H119

H219

2019

Revenue (€m)

70.5

30.0

28.2

58.2

28.2

34.9

63.1

Growth y-o-y %

-13

-22

-17

-8

24

8

Net revenue (€m)

42.5

19.6

19.5

39.1

20.5

23.7

44.2

Growth y-o-y %

-8

5

22

13

Gross profit (€m)

17.9

8.4

7.7

16.1

7.9

10.9

18.8

Growth y-o-y %

-10

-6

42

16

Opex (€m)

12

6.7

5.3

12.3

5.6

7.4

13.0

Growth y-o-y %

-2

-16

40

6

EBITDA (€m)

5.5

2.0

1.9

3.9

1.8

4.0

5.8

EBIT (€m)

5.2

1.5

1.5

3.0

2.4

2.4

4.8

Growth y-o-y %

-38

-46

-42

1

60

60

PBT (€m)

4.5

2.05

1.35

3.4

1.9

2.0

3.9

Attributable profit (€m)

3.3

1.41

0.79

2.2

0.47

1.73

2.21

EPS diluted (€)

0.52

0.22

0.12

0.34

0.08

0.27

0.35

Growth y-o-y %

-4

-59

-35

-64

125

3

Gross profit margin

25.4%

27.5%

27.8%

27.7%

28.0%

31.2%

29.8%

EBITDA margin

7.8%

6.5%

6.9%

6.7%

6.4%

11.5%

9.1%

EBIT margin

7.4%

4.9%

5.4%

5.2%

8.5%

6.9%

7.6%

Attributable profit margin

4.7%

4.6%

2.9%

3.8%

1.7%

5.0%

3.5%

Source: Company accounts, Edison Investment Research

Key to the improving EBITDA/EBIT margins has been the management of operating expenses. This relates to both personnel costs and other operating expenses and partly reflects the better co-ordination and integration of the commercial offerings across the group’s different territories. This could relate to expertise, specific digital entertainment services (such as audio books or eSports), technology or market connections. Of note is that ownership of the UK subsidiary (Red27Mobile) was increased from 51% to 80% on 1 April 2019, which will have made this process simpler.

There is also a benefit to the group from reporting and operational synergies, as well as cost savings. Exhibit 2 shows how the group’s FY19 performance compared to management’s previously published guidance, outperforming on all the identified criteria.

Exhibit 2: FY19 KPI targets

FY19 target

FY19 outcome

Revenue

Steady organic growth

8%

Gross margin

Increase

27.7% in FY18 to 29.8%

ARPU/CPA (CLIQ factor)

Stable

Good improvement

Marketing spend (€m)

Increase

18% increase

EBITDA (€m)

Increase

49% increase

Net income (€m)

Sustainable increase

3% for shareholders, doubling for minorities

Source: Company accounts

Marketing spend increasing

Exhibit 3 below highlights how the KPIs have driven the P&L performance through 2018 and 2019. Management has also published its expectations for FY20, which are included here and show a further increase in marketing spend, but at a slightly lower rate of increase than revenue.

Exhibit 3: Development of KPIs

FY17

H118

H218

FY18

H119

H219

FY19

FY20e guidance

Revenue (€m)

70.5

30.6

27.7

58.2

28.2

34.9

63.1

75.0

Growth y-o-y %

8

-13

-22

-17

-8

26

8

19

CLIQ factor (ARPA/ CPA)

1.47

1.38

1.36

1.40

1.51

1.58

Growth y-o-y %

4

-7

-7

+1

11

5

Customer base value (€m)

26

25

24

24.5

26

Growth y-o-y %

24

-7

-8

-2

8

Marketing spend (€m)

18.6

10.6

8.2

18.8

9.8

12.4

22.2

26.0

Growth y-o-y %

-14

10

1

-1

51

18

17

Source: Company accounts, Edison Investment Research

Balance sheet reflects high H219 growth

In FY19, the company generated net operating cash flow of €2.5m, which looks low compared to both the EBITDA of €5.8m and the prior year figure of €3.8m. However, this reflects the busy run up to the group’s financial year-end, where marketing costs must be settled immediately but the revenue they generate is accrued over a longer period. Financing activities consumed €5.0m, with the largest element being the payment of €3.4m of the costs of increasing the Red27Mobile stake. €0.9m was spent to repay borrowings, with associated costs of these two items adding another €0.4m. Lease instalments of €0.3m constituted the balance. With capex of €0.4m (down from €0.6m in FY18), this resulted in an FY19 free cash net outflow of €2.9m.

At the balance sheet date, the group had net debt of €9.6m (€10.2m including leases under IFRS16). This comprised cash of €0.7m and bank debt of €10.3m, including €0.4m of capitalised finance expenses. The balance sheet also carries contingent consideration of €1.2m and deferred payments of €0.8m relating to the acquisition of the additional 29% share in Red27Mobile.

Consensus forecasts and valuation

Marketing spend is key to driving traffic, with an inevitable slight lag to come through into revenue, so again, higher spend in H219 would be expected to result in growing revenues for FY20. As shown in Exhibit 3, above, management expects a further improvement in the CLIQ factor for FY20 to 1.58x from 1.51x. The big step up in FY19 reflects the lengthening record of data collection and experience built around conversion and it seems to us reasonable that further progress should be made here. The more efficient the marketing effort, the lower the CPA. The more targeted the marketing spend is towards a higher revenue generating cohort of customers, the greater the ARPU.

However, it is of no longer-term value to be increasing the sales effort if there is no transfer of value to the subscriber and CLIQ has also been working to improve the attractiveness of its consumer offering through adding content. It should be noted that CLIQ does not develop any significant content itself. Its expertise is in finding and licensing multiple content categories of the type will attract consumers. These are bundled within one subscription and in one place, without any device restrictions. The current product range comprises of music, audiobooks, sports, movies and games.

Management guidance is for revenue to increase by 19% to €75.0m and for EBITDA to climb from €5.8m to €7.5m in FY20, a 29% gain and an improvement in EBITDA margin from 9.2% to 10.0%. Assuming gross margin stays around 30%, this implies the increase in operating expenses is restricted to 15%, which looks a reasonable assumption.

Current market estimates have not yet been updated post publication of the full report and accounts and are for slower top-line growth of 12% in FY20, but with a similar increment in margin.

Exhibit 4: Peer comparison

Name

Market cap (m)

Sales growth (%)

EV/sales (x)

EV/EBIT (x)

P/E
(x)

Hist div yield (%)

1FY

2FY

1FY

2FY

1FY

2FY

1FY

2FY

Last

IMImobile

£229

21

15

1.5

1.3

15.0

12.3

18.8

15.9

N/A

XLMedia

£38

(34)

(4)

0.2

0.3

0.8

1.7

2.5

3.7

27.8

Tremor

£182

30

-

0.4

-

2.3

-

8.4

3.8

N/A

Claranova

€162

56

18

0.4

0.3

9.4

5.2

31.2

10.9

N/A

Kape Technologies

£260

84

12

2.4

2.1

8.7

7.6

16.5

12.4

N/A

Average

31

10

1.0

1.0

7.2

6.7

14.6

9.3

N/A

CLIQ Digital

€27

12

5

0.6

0.5

6.3

5.7

10.2

7.9

N/A

Discount

61%

50%

37%

47%

12%

15%

30%

15%

Source: Refinitiv. Note: Prices at 14 April 2020. Note: Claranova is a research client of Edison Investment Research.

The shares continue to trade at a substantial discount to the wider peer group across all metrics. The average of EV/sales, EV/EBIT (used to eliminate discrepancies between those who have reported under IFRS 16 and those that have not) and P/E across current year and forecast year is 26%. Given the improvement in the financial performance of CLIQ Digital, we feel the extent of this discount is probably too great, particularly as the business model is more resilient to the current economic backdrop than some of the others cited here which are more dependent on general levels of advertising spend.

General disclaimer and copyright

This report has been prepared and issued by Edison. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the Edison analyst at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd who holds an Australian Financial Services Licence (Number: 427484). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document (nor will such persons be able to purchase shares in the placing).

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a) (11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been prepared and issued by Edison. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the Edison analyst at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd who holds an Australian Financial Services Licence (Number: 427484). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document (nor will such persons be able to purchase shares in the placing).

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a) (11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

More on CLIQ Digital

View All

Latest from the TMT sector

View All TMT content

Research: Healthcare

Redhill Biopharma — COVID-19 challenges and opportunities

The ongoing COVID-19 pandemic is causing unprecedented challenges for most companies. According to the latest business update (25 March), the impact on RedHill’s activities remains limited, but the global crisis also provides a significant opportunity for the company. RedHill has identified its anti-cancer/anti-inflammatory asset opaganib (Yeliva, formerly ABC294640) as a potential treatment for COVID-19. It has managed to fast-track compassionate use programmes where opaganib is now offered to COVID-19 patients (first experience also reported). RedHill indicated that it is working with major countries to increase opaganib’s availability via compassionate use programmes, but also on potential clinical development. Until more details are released, we keep our R&D model unchanged (opaganib for cholangiocarcinoma), but there is potential to expand it. RedHill’s shares are now trading at prices higher than pre-COVID-19 levels. Our last published valuation is $638m or $18.1 per ADS.

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free