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CLIQ Digital (SCALE: CLIQ)

Last close As at 20/11/2024

EUR4.13

▲ 0.18 (4.56%)

Market capitalisation

EUR27m

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 — Focus remains on profitability and cash

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
Hello - cliq
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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)

8.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (37.8) (35.6) (76.0)
Relative (35.7) (37.8) (79.9)
52 week high/low €22.4/€4.0

Financials

CLIQ’s Q3 results show the continuing revenue impact of the shift in credit card providers’ policies on transaction cancellations. Revenues in the quarter were down 35% y-o-y and 21% q-o-q. Given the external factors, management is firmly focused on driving profitability and free cash flow under its ‘Fit for Future’ initiative, which has enabled a small uplift in adjusted EBITDA over the previous quarter. Management’s guidance for full year revenues is unchanged at €260–280m, increasing to €325m for FY25, which would require momentum to build behind new strategic initiatives. CLIQ’s cash positive balance sheet remains sufficiently strong to support this. Our forecasts are broadly unchanged.

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 0.9 0.6
2023A 326.4 50.3 45.0 483.96 0.9 0.5
2024E 261.5 11.1 5.7 60.36 6.8 2.4
2025E 282.5 19.8 13.9 158.26 2.6 1.3

Research

Update

TMT

CLIQ Digital — Sales decline decelerating in Q224

Update

TMT

CLIQ Digital — FY24 outlook weakened

TMT

Update

CLIQ Digital — Focus remains on profitability and cash
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 – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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