Report
UMG : Q3 a little more lacklustre than expected but Q4 should be better with support from price hikes
>Q3 slightly disappointing for streaming but the outlook remains unchanged, in our view - UMG reported yesterday its Q3 results, a shade above estimates with EBITDA of € 539m while we were expecting € 530m This is based on total organic growth of 13% (vs +10.5% expected) but with a disappointing performance from the streaming division (and conversely a very strong one from merchandising). This weighs on the operating margin, nonetheless helped by a one-off gain of € 5...
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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