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CLIQ Digital (SCALE: CLIQ)

Last close As at 24/10/2024

EUR6.13

▲ −0.33 (−5.11%)

Market capitalisation

EUR40m

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 H124 larger content subscription services saw continued subscriber base growth despite increased subscription prices and more limited password sharing.

Latest Insights

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TMT | Update

CLIQ Digital — Sales decline decelerating in Q224

TMT | Update

CLIQ Digital — FY24 outlook weakened

TMT | Update

CLIQ Digital — Increased churn weakens FY24 outlook

TMT | Update

CLIQ Digital — Steady progress and share buyback announced
Hello - cliq
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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)

8.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.1) 5.7 (64.4)
Relative (4.3) 0.0 (72.8)
52 week high/low €22.4/€5.4

Financials

CLIQ Digital’s H124 results were as expected following the July trading update, at which point the company lowered its guidance. The change in the refund policies of credit card providers resulted in revenue falling 12% to €141m, due to higher churn in the customer base. To focus on profitability, CLIQ lowered the cost per acquisition in line with the group’s lower lifetime value of a new customer, resulting in fewer new customer acquisitions. CLIQ is progressing with its Fit for Future transformation programme, seeking productivity gains and cost efficiencies. Management has discontinued the promotion of cliq.de, its first own-brand platform in Germany, aiming to relaunch an own-brand platform in a more favourable geography.

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 0.7
2024E 261.5 11.1 5.2 55.35 11.1 3.7
2025E 282.5 19.8 13.8 152.00 4.0 1.9

Research

Update

TMT

CLIQ Digital — FY24 outlook weakened

Update

TMT

CLIQ Digital — Increased churn weakens FY24 outlook

TMT

Update

CLIQ Digital — Sales decline decelerating in Q224
View All

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 – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
View All

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