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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: 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 EUR 326.4m (eNuW: EUR 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 EUR 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 EUR 85, likely due to a heightened focus on
bundled content.
EBITDA: FY'23 EBITDA came in slightly lower than expected at EUR 50.3m (eNuW:
EUR 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 EUR 135m (+21% yoy) as well as one-off other
operating expenses in Q4'23.
Free cash flow: Operating free cash flow amounted to EUR 18.6m, up 21% yoy,
building up the already formidable net cash position by 60% yoy to c. EUR 16m
(eNuW: EUR 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. EUR 401.5m (eNuW old: EUR 407.5m), EBITDA is still
seen to come in at c. EUR 63m (eNuW old: EUR 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 EUR ~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 EUR 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
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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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