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    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
  Report
Delayed Japan Exchange  -  11:44:55 2023-01-29 pm EST
11565.00 JPY   -0.56%
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Exclusive: French music distributor Believe targets 2 billion euro IPO - sources

11/12/2020 | 10:28am EST
FILE PHOTO: Company stock price information are displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris

FRANKFURT (Reuters) - French music distributor Believe is preparing a 2021 stock market flotation that could value it at around 2 billion euros (1.8 billion pounds) as its owners seek to benefit from high valuations for tech companies, people close to the matter said.

The company is working with Rothschild on the potential listing, which could take place in Paris or New York, one of the people said, adding more banks would be brought in later and that the timing and possible valuation were fluid.

Believe and its founders were not available for comment, while Rothschild had no immediate comment.

Paris-based Believe, also known as Believe Digital, Believe Music and Believe Distribution Services, helps connect artists with their audiences, distributing their music and videos digitally to online streaming and download services.

It supplies platforms such as Spotify, Deezer, Apple Music, YouTube, Amazon Music and Napster, and counts labels such as World Circuit, TruThoughts, Soundway and Brownswood Recordings as its clients. Believe features artists including Gaven James, Novo Amor and Parov Stelar on its website.

An initial public offering would allow the fast-growing, profitable company to raise funds to accelerate its expansion plans, one of the people said.

Digitalisation upended the music industry at the break of the century, when file sharing led to a crash in CD sales. Streaming and its recurring revenues saved the industry and intermediaries like Believe now help to connect musicians and labels with the big digital platforms.

In 2015, investors Technology Crossover Ventures (TCV), XAnge, GPBullhound Sidecar and Ventech took stakes in Believe in a $60 million financing round.

According to 2017 media reports, Sony Music Entertainment was at the time in talks to buy the company. But no deal materialised.

French newspaper Les Echos reported last year that Believe was expected to post 700 million euros in 2019 revenues. The company has not published sales or profit figures.

(Reporting by Arno Schuetze; Editing by Mark Potter)

By Arno Schuetze


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.37% 145.93 Delayed Quote.12.31%
DEEZER 0.00% 2.41 Real-time Quote.-17.44%
ROTHSCHILD & CO 0.80% 38 Real-time Quote.1.74%
SONY GROUP CORPORATION -0.56% 11565 Delayed Quote.15.89%
SPOTIFY TECHNOLOGY S.A. 0.93% 102.24 Delayed Quote.29.50%
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Analyst Recommendations on SONY GROUP CORPORATION
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Financials
Sales 2023 11 367 B 87 494 M 87 494 M
Net income 2023 864 B 6 647 M 6 647 M
Net Debt 2023 698 B 5 376 M 5 376 M
P/E ratio 2023 16,5x
Yield 2023 0,62%
Capitalization 14 359 B 111 B 111 B
EV / Sales 2023 1,32x
EV / Sales 2024 1,20x
Nbr of Employees 108 900
Free-Float 98,0%
Chart SONY GROUP CORPORATION
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Technical analysis trends SONY GROUP CORPORATION
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 19
Last Close Price 11 630,00 JPY
Average target price 15 228,42 JPY
Spread / Average Target 30,9%
EPS Revisions
Managers and Directors
Kenichiro Yoshida Chairman, President & Chief Executive Officer
Hiroki Totoki CFO, Director, VP & Head-Business Administration
Shuzo Sumi Co-Chairman
Makoto Toyoda Chief Information Officer & Executive Officer
Tsuyoshi Kodera Head-Information Systems & Security
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