Report
UMG : A robust Q1 2022 but margin slightly short of estimates due to the mix
>Q1 results broadly in line with estimates - UMG reported yesterday evening Q1 results which were very slightly above our forecasts, and held a conference call immediately after. EBITDA came to € 454m whilst we had forecast € 444m (consensus: € 436m) but factors in € 20m in one-off profit that we had not expected. Without this effect, EBITDA is slightly below our forecast despite very robust growth that beats our estimate, particularly for music publishing. Our foreca...
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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