Buy
Original-Research: CLIQ Digital AG - from NuWays AG
Classification of NuWays AG to CLIQ Digital AG
Company Name: CLIQ Digital AG
ISIN: DE000A35JS40
Reason for the research: Update
Recommendation: Buy
from: 28.02.2024
Target price: 65.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Marie-Thérèse Grübner
Solid FY figures & sizable share buyback; est. & PT chg.
Topic: CLIQ reported final FY23 figures on Thursday (update on prelims from Feb. 5th) and announced a € 13m share repurchase program. Here are our key takeaways:
Strong bundled content share boosts higher-LTV customer base. At 94% of FY23 total revenues (88% in FY22), bundled content across 25+ portals continued to grow its share of total revenues at the expense of single content (300+ portals), strengthening customer retention due to offering several streaming verticals “all-in-one.' This strategy has proven very rewarding over the past quarters and has increased LTV per customer by 17% yoy to now € 85. The company is on track to improve its content catalogue across all verticals, and particularly CLIQ’s position in cloud gaming looks promising since it capitalizes on the rapidly advancing market, expected to grow by 46% CAGR until 2030 (Statista).
2024e guidance & growth outlook. Management released a weaker-than-expected
2024 guidance of € 360-380m in revenues and € 52-58m EBITDA. Sales are now
seen to come in at c. € 375m or +15% yoy (eNuW old: € 402m), while EBITDA
should amount to c. € 55m or +10% yoy (eNuW old: 63m), mainly driven by (1)
ongoing headwinds in traffic acquisition and conversion in a still
challenging macroeconomic environment and (2) increased costs for both
customer acquisition (eNuW: € 157m) as well as elevated licensing fees for
higher-quality content (eNuW: € 64m). Having said that, several growth
drivers should help the company reach its c. € 500m mid-term sales target
along with strong EBITDA and cash flow generation, including further
geographic expansion into Latin America and Asia (currently still
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Contact for questions
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Email: research@nuways-ag.com
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