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: 05.02.2024
Kursziel: 75.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Marie-Thérèse Grübner
Solid FY prelims & strong cash generation; est. & PT chg.
This week, CLIQ released solid preliminary FY'23 results, marked by a slightly softer-than-expected top and bottom line, but strong cash generation:
Sales: FY'23 sales were up 18.2% yoy to € 326.4m (eNuW: € 331m), albeit below expectations due to a slower-than-expected revenue ramp-up, but solid overall, considering the rather demanding comps from FY'22, in which sales had grown 84% yoy to € 276m. Top line development was mainly driven by online advertising campaigns aimed at increasing the quality of the membership base. As a result, the company significantly increased the LTV per customer by 17% yoy to € 85, likely due to a heightened focus on bundled content.
EBITDA: FY'23 EBITDA came in slightly lower than expected at € 50.3m (eNuW: € 53m) with the margin contracting by c. 40bps yoy to 15.4% (eNuW: 15.9%), largely driven by higher customer acquisition and marketing costs (higher ad prices) amounting to € 135m (+21% yoy) as well as one-off other operating expenses in Q4'23.
Free cash flow: Operating free cash flow amounted to € 18.6m, up 21% yoy, building up the already formidable net cash position by 60% yoy to c. € 16m (eNuW: € 17m), roughly in line with our expectations. CLIQ’s debtfree balance sheet and strong FCF generation should support its 40% payout ratio and ~10% dividend yield.
Growth drivers and 2024e outlook. Although sales are likely to be affected by a continued muted consumer sentiment, leading us to slightly adjust our FY24e sales estimates to c. € 401.5m (eNuW old: € 407.5m), EBITDA is still seen to come in at c. € 63m (eNuW old: € 63.4m) for the full year. Three drivers should contribute to this development: (1) The quality of the membership base is continuously improving with an LTV at € ~90 due to selling bundled content as opposed to single content, (2) further geographic expansion (e.g. Latin America and Asia), and (3) exploring B2B partnerships and intensifying affiliate marketing with trusted partners to position CLIQ as a unique D2C brand.
CLIQ remains a BUY with a changed PT of € 75.00 based on FCFY 24e.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28807.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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
++++++++++
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.
++++++++++
-------------------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% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
