Report
UMG : 2021 results in line and further EBITDA growth in 2022 and further out
>Neutral rating maintained but UMG is gradually looking more attractive - UMG yesterday evening reported its full-year 2021 results which were in line with our expectations and held its conference call. EBITDA came to € 1.788bn while we forecast € 1.805bn. The group did not provide guidance for 2022, but indicated that EBITDA is expected to grow (we forecast +16%). Our expectations are broadly unchanged for 2022-23. Our medium-term scenario remains as before: rather ...
Underlying
UNIVERSAL MUSIC GROUP NV
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Jerôme Bodin
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