CLIQ Digital (SCALE: CLIQ)

Currency in EUR

Last close As at 08/02/2023

EUR29.40

0.90 (3.03%)

Market capitalisation

EUR191m

CLIQ Digital uses online advertising to sell subscription-based streaming services bundling movies and series, music, audiobooks, sports and games to consumers in over 30 countries, using content licensed from partners.

Demand for mobile entertainment has grown rapidly over the last decade, particularly in 2020 due to COVID-19 and related lockdowns. Smartphone penetration, which is now at 83% of the global population, has been key to driving demand. Mobile gaming is the largest segment and a focus area for CLIQ, and here the value of the global market is forecast to grow from US$1.5bn in FY21 to US$6.3bn by FY24 (Statista).

Hello

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)

2.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 11.6 36.7 19.0
Relative 6.4 20.8 18.1
52 week high/low €32.9/€16.6

Financials

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.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 107.0 15.9 14.4 116.00 25.3 12.1
2021A 150.0 27.2 25.3 271.36 10.8 7.1
2022E 275.0 43.5 40.9 416.67 7.1 4.5
2023E 307.5 51.0 48.5 494.62 5.9 3.8

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