CLIQ Digital (SCALE: CLIQ)

Last close As at 23/02/2024

EUR17.10

0.02 (0.12%)

Market capitalisation

EUR112m

CLIQ Digital sells subscription-based streaming services that bundle movies and series, music, audiobooks, sports and games to consumers globally. In 9M23, 35% of sales were generated in Europe, 59% in North America, 4% in Latin America and 4% 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. 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 | Flash note

CLIQ Digital — More profitable customers in FY23

TMT | edison tv

CLIQ Digital: executive interview

TMT | Update

CLIQ Digital — Diversifying marketing channels

Hello - cliq

Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Milo Bussell

Associate Analyst, Consumer and Media

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 (21.918) (0.233) (38.043)
Relative (25.006) (8.347) (45.072)
52 week high/low €30.1/€15.1

Financials

CLIQ Digital’s FY23 trading update showed sales coming in below both management’s guidance and our forecasts, although EBITDA was in line. Management noted a slower ramp-up in revenue than was expected despite higher marketing expenditure to drive new customers to the platform. Expansion into new markets and the launch of its low-cost German platform, cliq.de, demonstrate good operational progress made in FY23. Despite the revenue miss, CLIQ delivered good year-on-year growth in revenue and EBITDA, driven by continued development of its bundled content offering and growing marketing expenditure. CLIQ’s strong cash generation resulted in an improved net cash position at end-FY23 of €16m. We will update our forecasts following the publication of the annual report, scheduled for 22 February, at which point management will also provide its outlook for FY24.

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 6.3 4.1
2022A 276.1 43.5 40.9 445.38 3.8 2.5
2023E 345.0 51.0 46.8 486.29 3.5 2.2
2024E 400.2 59.4 55.4 575.11 3.0 1.9

Further insights

insight

TMT

CLIQ Digital: EKF 2023 QuickView

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

TMT

MediaWatch – Still waiting…

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