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UMG : Results a shade above expectations, trend still solid
>Outperform rating reiterated - Yesterday evening UMG reported its H1 2022 results, which came in slightly ahead of forecasts, followed by a conference call. Q2 EBITDA came to € 507m while we looked for € 500m (consensus € 496m). The group continues to show strong growth, notably in streaming (+10% vs +11%e after +14.6% in Q1) and music publishing, which showed growth of 51% driven by a change in accounting practices. Our estimates for 2022 and 2023 are unchanged. In...
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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