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UMG : Model still solid and cost savings plan slightly bigger than we expected
>Outperform rating maintained, slight upgrade to our target price given the details on cost savings - UMG yesterday reported its full-year 2023 results, followed by a conference call. Adjusted EBITDA came in at € 2.369bn vs our forecast of € 2.383bn and € 2.372bn for the consensus. Q4 organic growth came in at 16% with +15% for recorded music, driven by another excellent performance from physical sales but also pay streaming - +300bp of additional growth vs our expect...
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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