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UMG : What to expect from Q3? Full-year estimates unchanged
>Outperform rating reiterated - We provide an update here on our expectations for UMG for Q3 2022. We are forecasting organic growth of 10.5%, reflecting a slight sequential slowdown vs Q2 (+17.3%) and Q1 (+16.5%). This difference is mainly due to a slight dip in advertising (in line with the trend at other advertising players) and a normalisation of physical sales (+2%e), even though visibility remains poor on this business. The momentum of pay streaming should rema...
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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