Cliq Digital : Preliminary figures – Negative one-offs still possible

Cliq Digital AG

Recommendation:

Under review (BUY)

Risk:

MEDIUM (MEDIUM)

Price Target:

Under review (8.00)

03 April 2014

Preliminary figures - Negative one-offs still possible

We put all estimates and recommendation under review

▪ Preliminary figures: Today Cliq Digital AG published its preliminary figures for FY13. According to the statement, the group achieved group revenues of EUR 51.0m which was slightly below our expectation of EUR 52.1m. Group EBITDA amounted to EUR 6.8m which was substantially below our forecast

of EUR 10.3m and also way below the company guidance. However, so far the preliminary figures do not show the OPEX allocation, hence, we can not evaluate that topic. Net result stood at EUR 2.0m which was lower than we had anticipated (CBSRe: EUR 2.1m), however as there is currently a general tax audit regarding the business years 2007 to 2011 additional provisions might be possible. Overall, in case these provisions have to be made, this would have a substantial negative impact on the net result for
2013. It is not stated if there might be additional effects taking place for the business year 2014.

▪ Estimates on under review: Given that the final figures might deviate significantly from the presented preliminary figures and the impact is not yet fully foreseeable, we put all our estimates under review. We feel not confident to estimate these effects as well as the impact on the mid-term of

Cliq Digital. As soon as we have new insight, we will reevaluate all of our estimates.

▪ Recommendation under review: As a result of the aforementioned uncertainties, we also put our recommendation under review as long as

this matter is an incalculable risk.

Y/E 31 Dec, EURm		2010	2011	2012	2013E	2014E	2015E
Sales revenues		40.7	35.1	66.2	u.r.	u.r.	u.r.
EBITDA		3.1	-0.3	8.5	u.r.	u.r.	u.r.
EBIT		2.7	-2.5	-1.8	u.r.	u.r.	u.r.
Net income/loss		1.3	-3.8	-3.6	u.r.	u.r.	u.r.
EPS*		0.88	-2.27	-0.91	u.r.	u.r.	u.r.
EBITDA margin		7.6%	-0.9%	12.9%	-	-	-
EBIT margin		6.6%	-7.2%	-2.7%	-	-	-
EV/EBITDA		12.2	-123.3	neg.	-	-	-
EV/EBIT		13.9	-14.9	neg.	-	-	-
P/E		3.6	-1.4	neg.	-	-	-

Source: Cliq Digital AG, CBS Research AG

Please notice the information on the preparation of this document, the disclaimer, the advice regarding possible conflicts of interests, and the mandatory information required by § 34b WpHG (Securities Trading Law) at the end of this document. This financial analysis in accordance with § 34b WpHG is exclusively intended for distribution to individuals that buy or sell financial instruments at their own account or at the account of others in connection with their trading activities, occupation, or employment.

Cliq Digital AG

Research

Schillerstrasse 27 - 29

60313 Frankfurt am Main

Phone: +49 (0)69 - 977 8456-0

Roger Peeters +49 (0)69 - 977 8456- 12

Member of the Board [e-mail]
Martin Decot +49 (0)69 - 977 8456- 13 Igor Kim +49 (0)69 - 977 8456- 15 (Equities) [e-mail] (Equities) [e-mail]

Gennadij Kremer +49 (0)69 - 977 8456- 23 Daniel Kukalj +49 (0)69 - 977 8456- 21

(Corporate Credit) [e-mail] (Equities) [e-mail]

Carsten Kunold +49 (0)69 - 977 8456- 28 Ralf Marinoni +49 (0)69 - 977 8456- 17

(Equities) [e-mail] (Equities) [e-mail]

Manuel Martin +49 (0)69 - 977 8456- 16 Felix Parmantier +49 (0)69 - 977 8456- 22

(Equities) [e-mail] (Equities) [e-mail]

Roland Pfänder +49 (0)69 - 977 8456- 26 Dr. Oliver Pucker +49 (0)69 - 977 8456- 27

(Equities) [e-mail] (Equities) [e-mail]

Nicolas Pütz +49 (0)69 - 977 8456- 24 Marcus Silbe +49 (0)69 - 977 8456- 14

(Support) [e-mail] (Equities) [e-mail]

Simone Steymann +49 (0)69 - 977 8456- 25 Veysel Taze +49 (0)69 - 977 8456- 18

(Support) [e-mail] (Equities) [e-mail]

Ivo Višić +49 (0)69 - 977 8456- 19 Sergey Weinberg +49 (0)69 - 977 8456- 20

(Equities) [e-mail] (Corporate Credit) [e-mail]

Institutional Sales

Schillerstrasse 27 - 29

60313 Frankfurt am Main

Phone: +49 (0)69 - 9 20 54-400

Karl Filbert [phone] (Head of Sales) [e-mail]

Klaus Korzilius [phone] Stefan Krewinkel [phone]

(Benelux, Scandinavia) [e-mail] (Sales Trading, Germany, UK) [e-mail]
Bruno de Lencquesaing [phone] Dr. James Jackson [phone] (Benelux, France) [e-mail] (UK) [e-mail]
Claudia Jurewecz [phone] Markus Laifle [phone] (Germany, Austria, Switzerland) [e-mail] (Sales Trading, Execution) [e-mail]

Angela Leser [phone] Mirella Mancuso [phone]

(Germany, Austria, Switzerland) [e-mail] (Sales Support) [e-mail]

Enikö-Sofia Matyas [phone] Carsten Pfersdorf [phone]

(Germany, France) [e-mail] (Sales Trading, Execution) [e-mail]

Carsten Schlegel [phone] Christopher Seedorf [phone]

(UK, Ireland, Spain) [e-mail] (Switzerland) [e-mail]

Bas-Jan Walhof [phone] Nils Wittenhagen [phone]

(Benelux, Scandinavia) [e-mail] (UK, Germany) [e-mail]
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Cliq Digital AG

Disclaimer and statement according to § 34b German Securities Trading Act ("Wertpapierhandelsgesetz") in combination with the provisions on financial analysis ("Finanzanalyseverordnung" FinAnV)

This report has been prepared independently of the company analysed by Close Brothers Seydler Research AG and/ or its cooperation partners and the analyst(s) mentioned on the front page (hereafter all are jointly and/or individually called the 'author'). None of Close Brothers Seydler Research AG, Close Brothers Seydler Bank AG or its cooperation partners, the Company or its shareholders has independently verified any of the information given in this document.
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Recommendation System:

Close Brothers Seydler Research AG uses a 3-level absolute share rating system. The ratings pertain to a time horizon of up to 12 months:
BUY: The expected performance of the share price is above +10%.
HOLD: The expected performance of the share price is between 0% and +10%. SELL: The expected performance of the share price is below 0%.
Recommendation history over the last 12 months for the company analysed in this report:

Date	Recommendation	Price at change date	Price target
15 July 2013	BUY	EUR 4.15	EUR 8.00
26 August 2013	BUY	EUR 4.40	EUR 8.00
03 April 2013	Under review	EUR 3.19	Under review

Risk-scaling System:

Close Brothers Seydler Research AG uses a 3-level risk-scaling system. The ratings pertain to a time horizon of up to 12 months:
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Cliq Digital AG

LOW: The volatility is expected to be lower than the volatility of the benchmark MEDIUM: The volatility is expected to be equal to the volatility of the benchmark HIGH: The volatility is expected to be higher than the volatility of the benchmark
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