CLIQ Digital - Streaming ahead

CLIQ Digital demonstrated another year of strong revenue growth, driven by elevated levels of marketing expenditure in the year. Margins fell slightly year-on-year due to higher advertising prices and investment into platform development and licensed content to support the group’s growing customer base. The substantial uplift in the scale of the business and the strong balance sheet support the 63% increase in the proposed dividend for the year, with the shares offering a premium yield of 6.6% a

CLIQ Digital - Progress made against KPIs

CLIQ Digital’s FY22 update showed strong year-on-year growth across all KPIs, as it continues to roll out its subscription-based bundled-content streaming services. The results were broadly in line with our expectations and CLIQ finished the year with a stronger-than-expected net cash position of €10m. Looking ahead, driven by continued investment into marketing and content, management expects FY23 revenue and EBITDA to exceed €345m and €50m, respectively, reflecting growth of at least 25% and 1

CLIQ Digital - Continuing to execute on strategy

CLIQ Digital delivered strong revenue growth and record EBITDA in 9M22, as targeted marketing spend continued to drive the take up of its subscription-based multi-content streaming services. The results were boosted by particularly strong year-on-year growth in North America of 117%. We have raised our FY22 revenue and EBITDA forecasts by 10% and 15%, respectively, to reflect the strong growth delivered year to date, while noting that management has left its formal guidance unchanged. CLIQ.de, t

CLIQ Digital - Making CLIQ a household name

CLIQ Digital’s H122 results were strong across all KPIs, illustrating that the group is on track to reach management’s FY22 guidance, which saw significant uplifts at its strategy update in June. Our revenue and profit forecasts remain materially unchanged. However, we have updated our balance sheet expectations to reflect CLIQ’s committed investment in its new package offering, CLIQ.de. The new upscaled multi-content platform is designed to be simple but affordable, encouraging widespread adopt

CLIQ Digital - Strategic update and financials upgrade

CLIQ Digital has updated its business plan and lifted guidance, raising the FY22 revenue target from €210m to €250m, with EBITDA up from over €33m to over €38m. We have increased our forecasts, with FY23e revenue also raised (from €290m to €300m). This follows February’s upgrade, implying that its marketing approach continues to pay off. Management is targeting €500m of revenues by FY25, which, in our view, is demanding but achievable. The new packaged content offering will be marketed under the

CLIQ Digital - Momentum continuing unabated

CLIQ Digital (CLIQ) has had a positive start to the year, with Q122 results providing an early indication that it is on track to meet its guidance for strong growth and increased profitability in FY22. Its shift to direct media buying continues to drive rapid growth in the membership base in North America and Europe, with more members now choosing to pay for its multi-content offering. This reflects the success to date of investments in marketing and new content. As expected and guided, the addi

CLIQ Digital - Delivering growth and profitability

CLIQ Digital showed strong profitable growth in its FY21 results, driven by increased marketing spend with a focus on direct media buying. Enriched content on its platform across all channels was also vital for developing its customer base, both in number and lifetime value. The company also announced a proposed 136% y-o-y rise to its dividend to €1.10 (c 5% yield), as a result of its strong trading and 40% payout policy. Management provided detailed FY22 guidance as well as medium-term FY25 gui

CLIQ Digital - Delivering growth and profitability

CLIQ Digital showed strong profitable growth in its FY21 results, driven by increased marketing spend with a focus on direct media buying. Enriched content on its platform across all channels was also vital for developing its customer base, both in number and lifetime value. The company also announced a proposed 136% y-o-y rise in its dividend to €1.10 (c 5.5% yield), as a result of its strong trading and 40% payout policy. We have left our FY22 forecasts virtually unchanged from our last update

CLIQ Digital - CLIQing the nail on the head

CLIQ’s FY21 trading update highlights that the group has both exceeded management’s guidance and met our forecasts for all its core key performance indicators (KPIs), following a strong Q4 across all regions. Increased marketing spend, its direct media buying strategy and enriched content on its platform across all channels drove top-line growth. Direct media buying also led to margin improvements throughout the year by cutting fees paid to affiliates. Management expects this strong momentum to

CLIQ Digital - Entering its next growth phase

CLIQ Digital’s Q3 results were strong, with gross revenue of €40m (+35% y-o-y, +21% q-o-q) and EBITDA of €7.4m (+63% y-o-y), growing in line with management’s raised FY21 guidance announcement. On a nine-month basis, gross revenue was €103m (+34% y-o-y) and EBITDA was €19m (+75% y-o-y), reflecting management’s increased marketing spend, focus on direct media buying and its enriched content offering. We have raised our profit and margin forecasts for FY21 and FY22, reflecting the company’s higher

CLIQ Digital - Capturing the market opportunity

CLIQ Digital is a leading European content provider, which has seen strong revenue growth and margin improvement in 2021, underpinned by its new media buying strategy. Customer growth throughout the year has been robust, supported by its attractive pricing model and extensive all-in-one platform. Enriching its platform’s content should be key to capturing the market opportunity and management has been successful in doing this so far in 2021, particularly in family, gaming and sport. Its Hype ven

CLIQ Digital - Guidance raised with growth momentum

CLIQ Digital (CLIQ) raised its FY21 gross revenue and EBITDA guidance on Friday (17 September), following its strong H121 results and management’s expectation for a dynamic market environment to at least the end of 2021. CLIQ now expects to generate gross revenue of c €145m (previously at least €140m) and EBITDA of c €26m (c €22m), representing year-on-year growth of 36% and 60%, respectively. This would lead to a margin of 17.9%, significantly ahead of our current FY21 forecast of 15.7% and CLI

CLIQ Digital - Set to reach strong growth targets in FY21

CLIQ Digital’s (CLIQ) H121 results highlight that the group’s direct media buying strategy is continuing to drive growth. H121 EBITDA, at €11.6m, was up 83% on the prior year. Management expects performance to continue to build strongly in H2 and has reaffirmed guidance for FY21 revenues of at least €140m and EBITDA of c €22m. Its Hype ventures minority acquisition in the period had an immediate impact on EPS, which should lead to a considerable rise in full year dividend given the group’s targe

CLIQ Digital - Cliq here for entertainment

Cliq Digital is building a substantial business away from the premium end of the entertainment streaming market. Its proposition of a broad spread of content for a relatively low monthly fee is attractive, but the key underlying strength of the group is its customer recruitment marketing. Moving to its own media buying has increased marketing efficiency, and enabled scaling up in North American markets, now set to be replicated in Europe. FY20 figures showed a step change in profitability and ou

Hybridan Small Cap Feast - 21 Feb 23

21 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

New Forecasts: breaking through

With FY22 in line and no changes to our existing FY23 forecasts, our focus is on the introduction of new forecasts for FY24 and FY25. We model Clareti recurring revenue growth of 17% and 18% resp. With Clareti having broken through to positive cash EBITDA for the first time in its history in FY22, we expect operating leverage to drive significant margin expansion over the next three years and beyond (Gresham guides to 40% of ARR dropping through to cash EBITDA). We model cash EBITDA margins of 1

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Morning Note – 7 March 2023

Nothing but NET

Hybridan Small Cap Feast 08/03/22

What’s cooking in the IPO kitchen?** Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023. Onward Opportunities Limited intends to join the AIM market. The Company'

Accretive bolt-on M&A

Microlise is making its first deployment of funds raised at IPO with the £2.1m cash acquisition of UK Transportation Management System vendor Vita Software. Vita offers complementary upstream SaaS software with strengths in the area of order management, which feeds into Microlises best-in-class journey execution solutions. Vita has a long history of uninterrupted profits and cash growth and is being acquired on approximately 4x revenues and 8x EBITDA. As such the acquisition will be immediately

SHORE CAPITAL - FDM (FDM) - House Stock at 854p - Impressive again, and planning ahead

Hybridan Small Cap Feast - 27 Feb 23

27 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

Hybridan Small Cap Feast - 07 Mar 23

7 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Hybridan Small Cap Feast - 09 Mar 23

9 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Raising the sails

Morning Note – 26 January 2023

Fonix Mobile - Strong H1 23 with +12% gross profit and +18% DPS growth

Fonix has announced strong H1 23 results, with +12% gross profit growth, +12% adjusted EBITDA growth, and underlying net cash of £8.4m due to EFCF of £5.1m. Commercial customers have driven mobile payments and mobile messaging growth of +13% and +18%, and gross profit as a % of TPV has increased to 5.7% from 5.1% in H1 22 due to lower charity volumes. The 3 March ITV announcement makes Fonix the de facto SMS interactive services partner for broadcasters in the UK, and it is focused on becoming t

Hybridan Small Cap Feast - 01 Mar 23

01 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv