Original-Research: CLIQ Digital AG (von NuWays AG): BUY
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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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