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.
28.02.2024 - 09:02:41Original-Research: CLIQ Digital AG (von NuWays AG): 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 EUR 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 EUR 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 EUR 360-380m in revenues and EUR 52-58m EBITDA. Sales are now seen to come in at c. EUR 375m or +15% yoy (eNuW old: EUR 402m), while EBITDA should amount to c. EUR 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: EUR 157m) as well as elevated licensing fees for higher-quality content (eNuW: EUR 64m). Having said that, several growth drivers should help the company reach its c. EUR 500m mid-term sales target along with strong EBITDA and cash flow generation, including further geographic expansion into Latin America and Asia (currently still You can download the research here: http://www.more-ir.de/d/29001.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions 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 ++++++++++ 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. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
