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. 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

13.11.24

CLIQ Digital — Focus remains on profitability and cash

TMT |
Update

13.08.24

CLIQ Digital — Sales decline decelerating in Q224

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Update

31.07.24

CLIQ Digital — FY24 outlook weakened

TMT |
Update

14.05.24

CLIQ Digital — Increased churn weakens FY24 outlook

Hello - cliq

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

Hello - cliq

Update

TMT

05.05.23

CLIQ Digital — Bundled content driving sales and profit growth

Update

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27.02.23

CLIQ Digital — Streaming ahead

Hello - cliq

TMT

Update

CLIQ Digital — Focusing on more profitable subscribers

Hello - cliq

Hello - cliq

Flash note

TMT

01.02.23

CLIQ Digital — Progress made against KPIs

Update

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09.11.22

CLIQ Digital — Continuing to execute on strategy

Update

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05.08.22

CLIQ Digital — Making CLIQ a household name

Update

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17.06.22

CLIQ Digital — Strategic update and financials upgrade

Update

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06.05.22

CLIQ Digital — Momentum continuing unabated

Update

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16.03.22

CLIQ Digital — Delivering growth and profitability

Update

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08.03.22

CLIQ Digital — Delivering growth and profitability

Update

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04.02.22

CLIQ Digital — CLIQing the nail on the head

Update

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09.11.21

CLIQ Digital — Entering its next growth phase

QuickView

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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

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12.08.21

CLIQ Digital — Set to reach strong growth targets in FY21

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27.04.21

CLIQ Digital — Cliq here for entertainment

Update

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31.03.21

Cliq Digital — Moving the dial on marketing effectiveness

Update

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02.09.20

Cliq Digital — Strong sales momentum, especially in the US

Update

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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

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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

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23.04.18

Cliq Digital — Higher marketing spend key to growth

Update

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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

thematic

Consumer

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

TMT

21.04.22

Seven things every investor needs to know about SenSen

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

14.07.21

Five things every investor needs to know about Mynaric

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back