CLIQ Digital

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

Latest Insights

TMT |
Update

13.11.24

CLIQ Digital — Focus remains on profitability and cash

TMT |
Update

13.08.24

CLIQ Digital — Sales decline decelerating in Q224

TMT |
Update

31.07.24

CLIQ Digital — FY24 outlook weakened

TMT |
Update

14.05.24

CLIQ Digital — Increased churn weakens FY24 outlook

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Sector

TMT

Equity Analyst

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.