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UMG : Q3 illustrates the start of normalisation on the pay streaming, but advertising remains tough going. Our 2024 expectations are unchanged
>Outperform rating maintained - UMG’s Q3 results, reported yesterday evening, were in line with expectations, with adjusted EBITDA of € 621m while we forecast € 626m and the consensus € 620m, with margin improvement of 50bp. Growth on constant currencies on the pay streaming portion (+8.2%) just beat our forecast of 7.5%, still underpinned by price increases for the platforms and mainly Spotify. All told, our full-year expectations are unchanged following this release...
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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