Edison Investment Research - CLIQ Digital (CLIQ) CLIQ Digital - Guidance raised with growth momentum

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Edison Investment Research

Richard Williamson

CLIQ Digital - Guidance raised with growth momentum

CLIQ Digital (CLIQ) raised its FY21 gross revenue and EBITDA guidance on Friday (17 September), following its strong H121 results and management’s expectation for a dynamic market environment to at least the end of 2021. CLIQ now expects to generate gross revenue of c €145m (previously at least €140m) and EBITDA of c €26m (c €22m), representing year-on-year growth of 36% and 60%, respectively. This would lead to a margin of 17.9%, significantly ahead of our current FY21 forecast of 15.7% and CLIQ’s reported FY20 margin of 15%. Improved EBITDA guidance also highlights its robust financial position, indicated by a net debt to EBITDA ratio of 0.1x for FY21e using our net debt forecast of €2.7m. Management has left all other guidance for FY21 unchanged, which include marketing spend of €46m and a CLIQ factor of 1.6x. We will adjust our forecasts after its Q3 results are released.

20/09/2021 1 EN

Underlying

CLIQ Digital

Cliq Digital AG. CLIQ Digital AG is a Germany-based company engaged in the software industry. The Company specializes in the provision of mobile entertainment with focus on games and other mobile value-added services. It divides its business into four product areas: Mobile Entertainment, providing realtones, wallpapers, celebrity gossip, weather updates, among others; Mobile Games offered following the premium model, as well as freemium service; Mobile Apps, covering various types of applications such as dating, discover, travel, sport, among others, and available for smartphone devices only; and Mobile Software for smartphones, comprising software applications, such as security products, document storage solutions, health apps and Voice Over Internet Protocol (VOIP) applications.

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DE000A0HHJR3 Germany

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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CLIQ Digital - Guidance raised with growth momentum

Cliq Digital Ag: 1 director

CLIQ Digital - Expanding the multi-content offering

CLIQ Digital - Diversifying marketing channels

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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