CLIQ Digital (SCALE: CLIQ)

Last close As at 20/04/2024

EUR14.20

0.18 (1.28%)

Market capitalisation

EUR93m

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. 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

Milo Bussell

Associate Analyst, Consumer and Media

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)

35.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (19.3) (36.3) (50.5)
Relative (18.9) (40.9) (55.9)
52 week high/low €28.2/€14.0

Financials

CLIQ Digital showed robust revenue and profit growth in FY23 despite a more challenging backdrop. Revenue was below management guidance and Edison estimates, but profits were in line. Margins dipped only slightly despite higher advertising bidding prices (ie customer acquisition costs). Management announced a share buyback programme of up to €13m in place of a dividend to generate returns for shareholders and also for tax efficiency reasons. We have adjusted out FY24 forecasts to reflect management’s updated guidance and have introduced our FY25 forecasts.

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 3.2 2.1
2023A 326.4 50.3 45.0 483.96 2.9 1.7
2024E 375.3 56.0 51.6 543.79 2.6 1.7
2025E 439.1 65.5 59.7 628.13 2.3 1.4

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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