Edison Investment Research - CLIQ Digital (CLIQ) CLIQ Digital - Strategic update and financials upgrade

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Edison Investment Research

Richard Williamson

CLIQ Digital - Strategic update and financials upgrade

CLIQ Digital has updated its business plan and lifted guidance, raising the FY22 revenue target from €210m to €250m, with EBITDA up from over €33m to over €38m. We have increased our forecasts, with FY23e revenue also raised (from €290m to €300m). This follows February’s upgrade, implying that its marketing approach continues to pay off. Management is targeting €500m of revenues by FY25, which, in our view, is demanding but achievable. The new packaged content offering will be marketed under the CLIQ.de brand and is designed to be simple but affordable, so well suited to a backdrop of pressure on household disposable income. The shares continue to trade at a sizeable discount to peers.

17/06/2022 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 - Strategic update and financials upgrade

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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