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Cliq Digital

Muted H1, marketing spend to drive H2 uptick

Update | Technology | 08 Oct 2018

Due to product launch delays at the end of FY17, CLIQ Digital (CLIQ) saw H1 revenues and operating profits fall by 12% and 38% y-o-y. However, net income benefited from a non-recurring credit of EUR 0.8m due to reductions in estimated contingent consideration. Nevertheless, we are encouraged by the growing marketing expenditure, which should drive improved performance in H2. The shares trade at a substantial discount to peers.

Cliq Digital

Higher marketing spend key to growth

Update | Technology | 23 Apr 2018

CLIQ Digital’s FY17 results were slightly short of guidance and consensus estimates, yet still delivered 23% increase in net income underpinned by improved marketing efficiency and lower overall marketing spend in H217. With new products launched in Q118 and the benefit of the recent acquisitions, CLIQ plans to increase marketing spend again in FY18, key to delivering its target for another year of double-digit improvements to net income. While the backdrop of increasing media spend accountability has affected the overall sector rating, CLIQ trades at a 30%+ discount to peers on a multiples basis. Evidence of delivery to plan could prompt a re-rating.

Cliq Digital

UME adds to strong organic growth

Update | Technology | 23 Aug 2017

CLIQ Digital’s H117 results reflect a continuation of the strong organic growth delivered in Q117 and one month’s contribution from the recently acquired Universal Mobile Enterprises (UME), leaving the group comfortably on track to deliver management’s full-year guidance for double-digit growth across all key P&L lines, which it has reiterated. The shares trade at a slight discount to the peer group average FY17 P/E; but given the solid H1 results and potential upgrades to consensus following the UME deal, the shares may resume their upwards trajectory.

Cliq Digital

Digital content marketing

Initiation | Technology | 08 May 2017

Cliq Digital’s strategy to focus its marketing investment on higher ARPU European markets achieved another year of strong revenue growth in FY16, and with a steady marketing efficiency coefficient, this converted to a doubling of net profit. Momentum remains strong and management expects another year of double-digit sales and profit growth. The shares trade in line with peers on FY18 P/E; however, evidence that the group can maintain its marketing effectiveness as it grows could drive further upside.