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UMG : Q3 more or less in line and positive message on the short term (confirmation of margin guidance) and the medium term (cost savings)
>Outperform opinion confirmed - UMG reported yesterday evening Q3 results that fell very slightly short of our estimates, with EBITDA of € 581m vs. our forecast of € 594m and the consensus of € 585m. Trends remained dynamic in paying streaming (+13%, driven by price hikes), as well as in the free/advertising part, which was stronger than expected (+5%). However, the margin was a little below our estimate. In the conference call following this release, the group confir...
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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