CLIQ Digital - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

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TMT |
Update

27.02.24

CLIQ Digital — Steady progress and share buyback announced

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Flash note

01.02.24

CLIQ Digital — More profitable customers in FY23

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edison tv

22.11.23

CLIQ Digital: executive interview

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Update

03.11.23

CLIQ Digital — Diversifying marketing channels

Hello - cliq

Sector

TMT

Equity Analyst

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

Research

Update

TMT

05.08.22

CLIQ Digital — Making CLIQ a household name

Update

TMT

17.06.22

CLIQ Digital — Strategic update and financials upgrade

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Update

CLIQ Digital — Continuing to execute on strategy

Update

TMT

06.05.22

CLIQ Digital — Momentum continuing unabated

Update

TMT

16.03.22

CLIQ Digital — Delivering growth and profitability

Update

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08.03.22

CLIQ Digital — Delivering growth and profitability

Update

TMT

04.02.22

CLIQ Digital — CLIQing the nail on the head

Update

TMT

09.11.21

CLIQ Digital — Entering its next growth phase

QuickView

TMT

04.11.21

CLIQ Digital — Capturing the market opportunity

edison tv

TMT

23.09.21

CLIQ Digital – executive interview

Flash note

TMT

20.09.21

CLIQ Digital — Guidance raised with growth momentum

Update

TMT

12.08.21

CLIQ Digital — Set to reach strong growth targets in FY21

Update

TMT

27.04.21

CLIQ Digital — Cliq here for entertainment

Update

TMT

31.03.21

Cliq Digital — Moving the dial on marketing effectiveness

Update

TMT

02.09.20

Cliq Digital — Strong sales momentum, especially in the US

Update

TMT

16.04.20

Cliq Digital — Direct media buying paying off

edison tv

TMT

06.12.19

Executive interview – CLIQ Digital at EKF 2019

Update

TMT

11.10.19

CLIQ Digital — Improving profitability

Update

TMT

17.04.19

CLIQ Digital — Increased marketing to drive revenue growth

QuickView

TMT

19.11.18

Cliq Digital — Muted H1, marketing spend to drive H2 uptick

QuickView

TMT

19.11.18

Cliq Digital — Muted H1, marketing spend to drive H2 uptick

Update

TMT

08.10.18

Cliq Digital — Muted H1, marketing spend to drive H2 uptick

Update

TMT

23.04.18

Cliq Digital — Higher marketing spend key to growth

Update

TMT

23.08.17

Cliq Digital — UME adds to strong organic growth

Initiation

TMT

08.05.17

Cliq Digital — Digital content marketing

Further insights

insight

TMT

21.11.23

CLIQ Digital: EKF 2023 QuickView

insight

Consumer

16.11.22

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

26.07.22

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson

Katherine Thompson

Director

kthompson@edisongroup.com 020 3077 5730

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