SPOTIFY TECHNOLOGY S.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 289.6 USD | +0.20% |
|
+4.99% | +54.11% |
| Apr. 26 | Well, it isn't as bad as feared... |  |
| Apr. 26 | DA Davidson Raises Price Target on Spotify Technology to $315 From $260, Keeps Buy/Add Rating | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 23,885 | 48,842 | 39,429 | 14,247 | 33,222 | 53,995 | - | - |
| Enterprise Value (EV) 1 | 22,750 | 47,672 | 37,710 | 12,580 | 30,704 | 50,149 | 48,225 | 45,827 |
| P/E ratio | -130 x | -83.1 x | -1,144 x | -33.1 x | -62.4 x | 61.3 x | 43.6 x | 35.2 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 3.53 x | 6.2 x | 4.08 x | 1.21 x | 2.51 x | 3.45 x | 3.04 x | 2.69 x |
| EV / Revenue | 3.36 x | 6.05 x | 3.9 x | 1.07 x | 2.32 x | 3.21 x | 2.71 x | 2.28 x |
| EV / EBITDA | 1,625 x | -262 x | 171 x | -25.8 x | -107 x | 44.7 x | 28.9 x | 20.9 x |
| EV / FCF | 51.7 x | 261 x | 136 x | 599 x | 45.3 x | 33.6 x | 24.6 x | 21 x |
| FCF Yield | 1.93% | 0.38% | 0.73% | 0.17% | 2.21% | 2.97% | 4.06% | 4.76% |
| Price to Book | 12.1 x | 17.2 x | 18.7 x | 5.93 x | 13.1 x | 13.4 x | 9.64 x | 6.85 x |
| Nbr of stocks (in thousands) | 179,067 | 189,586 | 191,554 | 193,130 | 195,139 | 199,054 | - | - |
| Reference price 2 | 133.4 | 257.6 | 205.8 | 73.77 | 170.2 | 271.3 | 271.3 | 271.3 |
| Announcement Date | 2/5/20 | 2/3/21 | 2/2/22 | 1/31/23 | 2/6/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,764 | 7,880 | 9,668 | 11,727 | 13,247 | 15,639 | 17,784 | 20,085 |
| EBITDA 1 | 14 | -182 | 221 | -488 | -288 | 1,122 | 1,669 | 2,189 |
| EBIT 1 | -73 | -293 | 94 | -659 | -446 | 989.5 | 1,448 | 1,926 |
| Operating Margin | -1.08% | -3.72% | 0.97% | -5.62% | -3.37% | 6.33% | 8.14% | 9.59% |
| Earnings before Tax (EBT) 1 | -131 | -709 | 249 | -370 | -505 | 1,078 | 1,531 | 2,034 |
| Net income 1 | -186 | -581 | -34 | -430 | -532 | 900.3 | 1,264 | 1,583 |
| Net margin | -2.75% | -7.37% | -0.35% | -3.67% | -4.02% | 5.76% | 7.11% | 7.88% |
| EPS 2 | -1.030 | -3.100 | -0.1800 | -2.230 | -2.730 | 4.427 | 6.226 | 7.701 |
| Free Cash Flow 1 | 440 | 183 | 277 | 21 | 678 | 1,490 | 1,960 | 2,179 |
| FCF margin | 6.51% | 2.32% | 2.87% | 0.18% | 5.12% | 9.53% | 11.02% | 10.85% |
| FCF Conversion (EBITDA) | 3,142.86% | - | 125.34% | - | - | 132.81% | 117.43% | 99.56% |
| FCF Conversion (Net income) | - | - | - | - | - | 165.53% | 155.09% | 137.66% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 2/5/20 | 2/3/21 | 2/2/22 | 1/31/23 | 2/6/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,689 | 2,661 | 2,864 | 3,036 | 3,166 | 3,042 | 3,177 | 3,357 | 3,671 | 3,636 | 3,812 | 3,971 | 4,191 | 4,152 | 4,346 |
| EBITDA 1 | 26 | 31 | -154 | -184 | -181 | -112 | -203 | 68 | -41 | 199 | 275.3 | 315.1 | 342.5 | 372.8 | 404.2 |
| EBIT 1 | -7 | -6 | -194 | -228 | -231 | -156 | -247 | 32 | -75 | 168 | 244.8 | 280.4 | 311.4 | 309.6 | 337 |
| Operating Margin | -0.26% | -0.23% | -6.77% | -7.51% | -7.3% | -5.13% | -7.77% | 0.95% | -2.04% | 4.62% | 6.42% | 7.06% | 7.43% | 7.46% | 7.76% |
| Earnings before Tax (EBT) 1 | -8 | 155 | -90 | -144 | -291 | -206 | -241 | 73 | -131 | 174 | 276.3 | 327.4 | 361.6 | 329.9 | 388.8 |
| Net income 1 | -39 | 131 | -125 | -166 | -270 | -225 | -302 | 65 | -70 | 197 | 226.9 | 267.6 | 295.5 | 276.1 | 312.9 |
| Net margin | -1.45% | 4.92% | -4.36% | -5.47% | -8.53% | -7.4% | -9.51% | 1.94% | -1.91% | 5.42% | 5.95% | 6.74% | 7.05% | 6.65% | 7.2% |
| EPS 2 | -0.2000 | 0.2100 | -0.6500 | -0.8600 | -1.400 | -1.160 | -1.550 | 0.3300 | -0.3600 | 0.9700 | 1.104 | 1.271 | 1.404 | 1.411 | 1.613 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/2/22 | 4/27/22 | 7/27/22 | 10/25/22 | 1/31/23 | 4/25/23 | 7/25/23 | 10/24/23 | 2/6/24 | 4/23/24 | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 1,135 | 1,170 | 1,719 | 1,667 | 2,518 | 3,846 | 5,770 | 8,168 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 440 | 183 | 277 | 21 | 678 | 1,490 | 1,960 | 2,179 |
| ROE (net income / shareholders' equity) | -9.01% | -24% | -1.38% | -19% | -21.6% | 25.3% | 26.1% | 26% |
| ROA (Net income/ Total Assets) | -3.93% | -10.2% | -0.5% | -5.81% | -6.66% | 11% | 12.8% | 14.4% |
| Assets 1 | 4,729 | 5,724 | 6,747 | 7,404 | 7,991 | 8,200 | 9,898 | 11,033 |
| Book Value Per Share 2 | 11.10 | 15.00 | 11.00 | 12.40 | 13.00 | 20.20 | 28.20 | 39.60 |
| Cash Flow per Share 2 | 3.170 | 1.380 | 1.860 | 0.2300 | 3.490 | 7.230 | 9.670 | 11.50 |
| Capex 1 | 135 | 78 | 85 | 25 | 6 | 37.1 | 40.6 | 46.6 |
| Capex / Sales | 2% | 0.99% | 0.88% | 0.21% | 0.05% | 0.24% | 0.23% | 0.23% |
| Announcement Date | 2/5/20 | 2/3/21 | 2/2/22 | 1/31/23 | 2/6/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
36
Last Close Price
271.3
EUR
Average target price
301.3
EUR
Spread / Average Target
+11.06%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +54.11% | 57.64B | |
| +18.66% | 414B | |
| +15.27% | 242B | |
| +12.15% | 144B | |
| +20.63% | 104B | |
| +17.19% | 83.87B | |
| +33.59% | 53.37B | |
| +6.02% | 37.83B | |
| +15.88% | 32.51B | |
| -8.32% | 23.18B |
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- Financials Spotify Technology S.A.
