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Research: TMT
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 will update our numbers following the publication of the annual report, scheduled for 21 February.
CLIQ Digital |
FY22 update |
Media |
1 February 2023 |
Share price performance Business description
Analysts
CLIQ Digital is a research client of Edison Investment Research Limited |
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 will update our numbers following the publication of the annual report, scheduled for 21 February.
Year end |
Revenue (€m) |
EBITDA |
EPS* |
DPS |
P/E |
Yield |
12/20 |
107.0 |
15.9 |
1.16 |
0.46 |
25.3 |
1.6 |
12/21 |
150.0 |
27.2 |
2.71 |
1.10 |
10.8 |
3.7 |
12/22e |
276.1** |
43.5** |
4.17 |
1.69 |
7.0 |
5.8 |
12/23e |
307.5 |
51.0 |
4.95 |
2.01 |
5.9 |
6.8 |
Note: *EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. Note: *EPS are diluted. **Reported.
CLIQ’s results were broadly in line with our expectations, delivering revenue of €276m (Edison: €275m, FY21: €150m) and EBITDA of €43.5m (Edison: €43.5m, FY21: €27m). Operating free cash flow was slightly lower in the year, although ahead of our expectations, at €15m (Edison: €11.4m, FY21: €16m), as a result of the higher marketing expenditure and launch in December of the cliq.de platform, CLIQ’s relatively low-cost German subscription multi-entertainment portal. cliq.de is priced at €6.99 a month and includes a free 30-day trial period, which we believe should continue to drive an increase in sales and customer stickiness, helped by increased marketing spend.
CLIQ also reported some progress against stated KPIs: growing member numbers, the lifetime value of customer base and CLIQ’s profitability index. Paid memberships saw strong growth of 45% in the year, bringing the total number to 1.9m (FY21: 1.3m). The lifetime value of the customer base continued to grow, reaching €141m in the year (FY21: €87m), ahead of management’s expectation of €110m. The sustained high levels of investment in marketing in the period resulted in a fall in CLIQ’s profitability index (six month expected revenue per customer over cost of acquiring them) to 1.45x (FY21: 1.59x). Although below prior guidance of 1.51x, CLIQ notes the increased marketing expenditure was in order to recognise higher gross profit.
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Previously published reports can still be accessed via our website.
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