Original-Research: CLIQ Digital AG (von NuWays AG): BUY
Original-Research: CLIQ Digital AG - von NuWays AG
Einstufung von NuWays AG zu CLIQ Digital AG
Unternehmen: CLIQ Digital AG
ISIN: DE000A35JS40
Anlass der Studie: Update
Empfehlung: BUY
seit: 24.11.2023
Kursziel: € 78,30
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Marie-Thérèse Grübner
Analyst teach-in highlights data-driven content distribution
On Friday, November 17th, CLIQ hosted its first ever analyst teach-in, a welcome step in increasing transparency. Here are our key takeaways:
Savvy performance marketing as USP. While CLIQ offers streaming content, it is anything but a mere streaming platform; its main competitive edge lies in its performance marketing expertise. Aided by proprietary business intelligence and predictive analysis, the company places ad banners on numerous marketing URLs, thereby boosting conversions and traffic on its own landing pages.
Investments in quality content. To increase platform desirability and customer retention, the company continues to improve its content catalogue across all verticals with tailored movies, series, sports, audiobooks, music, and gaming. Particularly CLIQ’s entry into cloud gaming capitalizes on the rapidly advancing market, which is expected to grow by 46% CAGR until 2030, according to Statista. Instead of owning the content outright, the company licenses finished content from well-known partners on either a fixed, revenue-linked, or pay-per-use basis (e.g. 90% of CLIQ's licensing agreements are based on a fixed licensing fee). While this will enable CLIQ to operate a flexible and asset-light business model, higher content quality will result in higher licensing fees, presently captured in our estimates.
Sales target of € 500m by 2025 confirmed. Three drivers should contribute to € 500m in sales by 2025: (1) The quality of the membership base is continuously improving with LTV at € 89.01 as of Q3 (+1.7% qoq; +24% yoy) due to selling bundled content as opposed to single content, which strengthens customer loyalty, (2) geographic expansion (e.g. Latin America), and (3) exploring B2B partnerships and resuming affiliate marketing with trusted partners to position CLIQ as a unique D2C brand.
Outlook. FY 23e guidance of sales > € 345m, EBITDA > € 50m and marketing spend > € 120m is maintained. Although sales developed slightly below expectations due to muted consumer sentiment, management maintains the EBITDA guidance and margins should remain at the levels of 9M, in our view. Importantly, CLIQ’s debt-free balance sheet, strong FCF (€ 15m as of 9M) and net cash position of € 12m should support its 40% payout ratio and strong 10% dividend yield, going forward.
CLIQ remains a BUY with an unchanged PT of € 78.30 based on FCFY 23e & 24e.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28401.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 58,21 | 63,14 | 106,95 | 149,98 | 212,00 | 326,36 | 240,00 | |
| EBITDA1,2 | 3,86 | 5,75 | 15,95 | 27,19 | 34,00 | 50,33 | 13,60 | |
| EBITDA-Margin3 | 6,63 | 9,11 | 14,91 | 18,13 | 16,04 | 15,42 | 5,67 | |
| EBIT1,4 | 2,98 | 4,77 | 15,21 | 26,28 | 31,40 | 45,86 | -3,00 | |
| EBIT-Margin5 | 5,12 | 7,56 | 14,22 | 17,52 | 14,81 | 14,05 | -1,25 | |
| Net Profit (Loss)1 | 2,99 | 3,89 | 10,43 | 18,23 | 18,90 | 31,84 | -4,80 | |
| Net-Margin6 | 5,14 | 6,16 | 9,75 | 12,16 | 8,92 | 9,76 | -2,00 | |
| Cashflow1,7 | 3,85 | 3,84 | 17,64 | 20,77 | 22,00 | 30,39 | 0,00 | |
| Earnings per share8 | 0,34 | 0,35 | 1,16 | 2,71 | 4,45 | 4,82 | -0,74 | |
| Dividend per share8 | 0,00 | 0,28 | 0,46 | 1,10 | 1,79 | 0,04 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Forvis Mazars
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| CLIQ Digital | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A35JS4 | DE000A35JS40 | AG | 34,24 Mio € | 28.11.2005 | 9F386QFP+Q8 | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 8,77 | 9,36 | 0,94 | 3,69 | 0,33 | 1,13 | 0,10 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 1,79 | 0,04 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 11.04.2025 | 08.05.2025 | 07.08.2025 | 07.11.2024 | 20.02.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -3,87% | -35,91% | -73,54% | -72,43% | +0,00% |
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