Cliq Digital (DB:CLIQ) - Share price, News & Analysis

Q: What is the Fair Price of CLIQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CLIQ (€27.7) is trading below our estimate of [[fair value]] (€200.82)

CLIQ fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	5/6
Past Performance	6/6
Financial Health	6/6
Dividends	3/6

CLIQ Stock Overview

Cliq Digital AG, a digital lifestyle company, provides streaming entertainment services to end users in Europe, North America, and internationally.

Rewards

Trading at 86.2% below our estimate of its fair value

Earnings are forecast to grow 22.52% per year

Earnings grew by 127% over the past year

Risk Analysis

Unstable dividend track record

Volatile share price over the past 3 months

Cliq Digital Competitors

Beta Systems Software

DB:BSS

€202.4m

Fabasoft

XTRA:FAA

€209.4m

USU Software

XTRA:OSP2

€187.8m

msg life ag

HMSE:MSGL

€127.6m

Price History & Performance

Summary of all time highs, changes and price drops for Cliq Digital
Historical stock prices
Current Share Price	€27.70
52 Week High	€29.00
52 Week Low	€17.92
Beta	1.33
1 Month Change	10.36%
3 Month Change	4.33%
1 Year Change	7.78%
3 Year Change	1,182.41%
5 Year Change	296.79%
Change since IPO	95.07%

Shareholder Returns

	CLIQ	DE Software	DE Market
7D	7.2%	-2.9%	-1.1%
1Y	7.8%	-27.9%	-23.8%

Return vs Industry: CLIQ exceeded the German Software industry which returned -25.6% over the past year.

Return vs Market: CLIQ exceeded the German Market which returned -22.2% over the past year.

Price Volatility

Is CLIQ's price volatile compared to industry and market?
CLIQ volatility
CLIQ Average Weekly Movement	9.3%
Software Industry Average Movement	5.8%
Market Average Movement	5.6%
10% most volatile stocks in DE Market	10.2%
10% least volatile stocks in DE Market	2.8%

Stable Share Price: CLIQ is more volatile than 75% of German stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: CLIQ's weekly volatility (9%) has been stable over the past year, but is still higher than 75% of German stocks.

About the Company

Founded	Employees	CEO	Website
2003	142	Luc Voncken	https://www.cliqdigital.com

Cliq Digital AG, a digital lifestyle company, provides streaming entertainment services to end users in Europe, North America, and internationally. It offers digital entertainment services, such as music, audiobooks, games, sports, and movie content; and digital marketing services. The company was formerly known as Bob Mobile AG.

Cliq Digital Fundamentals Summary

How do Cliq Digital's earnings and revenue compare to its market cap?
CLIQ fundamental statistics
Market Cap	€179.86m
Earnings (TTM)	€20.34m
Revenue (TTM)	€172.51m

8.8x

P/E Ratio

1.0x

P/S Ratio

Is CLIQ overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CLIQ income statement (TTM)
Revenue	€172.51m
Cost of Revenue	€109.21m
Gross Profit	€63.30m
Other Expenses	€42.96m
Earnings	€20.34m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 02, 2022

Earnings per share (EPS)	3.13
Gross Margin	36.69%
Net Profit Margin	11.79%
Debt/Equity Ratio	17.5%

How did CLIQ perform over the long term?

See historical performance and comparison

Dividends

4.0%

Current Dividend Yield

36%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is CLIQ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CLIQ?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CLIQ. This is calculated by dividing CLIQ's market cap by their current preferred multiple.
What is CLIQ's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€179.86m

CLIQ key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1x
Enterprise Value/EBITDA	5.9x
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

How does CLIQ's PE Ratio compare to its peers?

CLIQ PE Ratio vs Peers

The above table shows the PE ratio for CLIQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	21.1x
BSS Beta Systems Software	14.2x	n/a	€202.4m
FAA Fabasoft	30.6x	12.7%	€209.4m
OSP2 USU Software	29.5x	25.0%	€187.8m
MSGL msg life ag	10.4x	n/a	€127.6m
CLIQ Cliq Digital	8.8x	22.5%	€179.9m

Forward PE

Price-To-Earnings vs Peers: CLIQ is good value based on its Price-To-Earnings Ratio (8.8x) compared to the peer average (21.1x).

Price to Earnings Ratio vs Industry

How does CLIQ's PE Ratio compare vs other companies in the DE Software Industry?

Price-To-Earnings vs Industry: CLIQ is good value based on its Price-To-Earnings Ratio (8.8x) compared to the German Software industry average (27.8x)

Price to Earnings Ratio vs Fair Ratio

What is CLIQ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CLIQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.8x
Fair PE Ratio	36x

Price-To-Earnings vs Fair Ratio: CLIQ is good value based on its Price-To-Earnings Ratio (8.8x) compared to the estimated Fair Price-To-Earnings Ratio (36x).

Share Price vs Fair Value

What is the Fair Price of CLIQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CLIQ (€27.7) is trading below our estimate of fair value (€200.82)

Significantly Below Fair Value: CLIQ is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: CLIQ is good value based on its PEG Ratio (0.4x)

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Future Growth

How is Cliq Digital forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

22.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CLIQ's forecast earnings growth (22.5% per year) is above the savings rate (-0.01%).

Earnings vs Market: CLIQ's earnings (22.5% per year) are forecast to grow faster than the German market (8.3% per year).

High Growth Earnings: CLIQ's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CLIQ's revenue (15.6% per year) is forecast to grow faster than the German market (4.7% per year).

High Growth Revenue: CLIQ's revenue (15.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CLIQ's Return on Equity is forecast to be high in 3 years time (35.3%)

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Past Performance

How has Cliq Digital performed over the past 5 years?

Past Performance Score

6/6

Past Performance Score 6/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

46.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CLIQ has high quality earnings.

Growing Profit Margin: CLIQ's current net profit margins (11.8%) are higher than last year (7.9%).

Past Earnings Growth Analysis

Earnings Trend: CLIQ's earnings have grown significantly by 46.6% per year over the past 5 years.

Accelerating Growth: CLIQ's earnings growth over the past year (127%) exceeds its 5-year average (46.6% per year).

Earnings vs Industry: CLIQ earnings growth over the past year (127%) exceeded the Software industry 8.2%.

Return on Equity

High ROE: CLIQ's Return on Equity (31.5%) is considered high.

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Financial Health

How is Cliq Digital's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: CLIQ's short term assets (€51.7M) exceed its short term liabilities (€35.8M).

Long Term Liabilities: CLIQ's short term assets (€51.7M) exceed its long term liabilities (€10.4M).

Debt to Equity History and Analysis

Debt Level: CLIQ has more cash than its total debt.

Reducing Debt: CLIQ's debt to equity ratio has reduced from 18.5% to 17.5% over the past 5 years.

Debt Coverage: CLIQ's debt is well covered by operating cash flow (150.2%).

Interest Coverage: CLIQ's interest payments on its debt are well covered by EBIT (64.2x coverage).

Balance Sheet

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Dividend

What is Cliq Digital current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

3.98%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CLIQ's dividend (3.98%) is higher than the bottom 25% of dividend payers in the German market (1.48%).

High Dividend: CLIQ's dividend (3.98%) is low compared to the top 25% of dividend payers in the German market (4.51%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, CLIQ has been paying a dividend for less than 10 years.

Growing Dividend: CLIQ's dividend payments have increased, but the company has only paid a dividend for 2 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (35.6%), CLIQ's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (56.9%), CLIQ's dividend payments are covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

8.8yrs

Average management tenure

CEO

Luc Voncken (51 yo)

9.67yrs

Tenure

Mr. Luc Voncken is a Co-Founder of Cliq Digital AG and has been its Chairman of Management Board and Chief Executive Officer since October 2012 and serves as its Member of Management Board. Mr. Voncken ser...

Leadership Team

Experienced Management: CLIQ's management team is seasoned and experienced (8.8 years average tenure).

Board Members

Experienced Board: CLIQ's board of directors are considered experienced (9 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/30 00:00
End of Day Share Price	2022/06/30 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31