UMG : Momentum remains favourable underpinned by the increase in FCF, change to management incentive plan, now partly in shares

>The outlook remains solid and a share distribution plan for employees - Yesterday, UMG published its full-year results followed by a conference call. EBITDA was € 2,135m vs € 2,090m for the consensus. This publication therefore came in a shade above expectations with a small difference essentially due to costs. We note organic growth of 5.6% for the recorded music activity, of which +11% for paid streaming. As was the case last year, the group has issued no guidance ...