Report
UMG : Feedback from the 2024 CMD: confident on growth of streaming and therefore in the margin
>1st CMD since the IPO three years ago - UMG held its CMD in London yesterday. The group announced new guidance out to 2028, the main item being average growth in adjusted EBITDA of 10%. This is in line with our estimates which are therefore unchanged. The company’s message was positive on the structural trend for pay streaming (~50% of revenues), invalidating the most pessimistic consensus scenarios for a structural slowdown, notably in volumes. This was not our scen...
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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