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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: EUR 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 EUR 500m by 2025 confirmed. Three drivers should contribute
to EUR 500m in sales by 2025: (1) The quality of the membership base is
continuously improving with LTV at EUR 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 > EUR 345m, EBITDA > EUR 50m and marketing
spend > EUR 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 (EUR 15m as of 9M)
and net cash position of EUR 12m should support its 40% payout ratio and
strong 10% dividend yield, going forward.
CLIQ remains a BUY with an unchanged PT of EUR 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.
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