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

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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
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 
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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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The result of this research does not constitute investment advice
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