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    UMG   NL0015000IY2

UNIVERSAL MUSIC GROUP N.V.

(UMG)
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Universal Music Group’s core earnings up 21%, boosted by streaming

10/27/2021 | 12:13pm EST

AMSTERDAM, Oct 27 (Reuters) - Universal Music Group NV (UMG) , the record label behind many of the music industry's biggest stars, on Wednesday reported a 21% rise in third quarter core earnings it attributed to growing revenue from streaming and social media platforms.

UMG's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 461 million euros ($535 million) compared with 382 million euros in the same period a year ago.

"I firmly believe the music industry is only at the beginning of a new wave of growth and evolution," said CEO Lucian Grainge in a presentation.

It is the first time the label behind stars such as Lady Gaga, Billie Eilish and Taylor Swift has published earnings as an independent public company after it was spun off from former parent Vivendi in September in Europe's largest listing of the year.

Grainge said the results showed the strength and diversity of Universal's artist catalogue, noting important deals struck in recent months with South Korean pop band BTS, Indian rapper Badshah and German singer Helene Fischer, as well as innovative deals with U.S. rock band Aerosmith and Sweden's ABBA.

UMG is also betting that a boom in music streaming led by Spotify, that has fuelled royalty revenue and profit growth for several years, still has a long way to run in a music industry it dominates along with Warner and Sony Music .

Universal's quarterly revenue rose 16% to 2.15 billion euros, it said, citing growth in recordings, publishing and merchandising.

It has forecast full year 2021 revenue to grow by more than 10% and adjusted EBITDA by more than 20%.

Universal's shares surged on their first day of trading last month, at one point rising more than 30% from the listing reference price of 18.50 euros. They have since traded sideways, closing on Wednesday at 25.135 euros.

Spotify earlier on Wednesday reported better than expected third quarter subscriber growth.

CFO Boyd Muir told analysts Spotify's results were "very encouraging" but cautioned against assuming that UMG's results would "align with that of any one company".

He said when it reports full-year earnings, UMG will detail the share of revenue it receives from both subscriptions and from advertisements on platforms such as Spotify, TikTok, YouTube, Apple Music, Instagram and others. ($1 = 0.8624 euros) (Reporting by Toby Sterling Editing by Mark Potter, Kirsten Donovan)


© Reuters 2021
Stocks mentioned in the article
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BELIEVE -7.23% 18.284 Real-time Quote.0.00%
SONY GROUP CORPORATION -1.93% 13985 End-of-day quote.35.97%
UNIVERSAL MUSIC GROUP N.V. -0.29% 25.5 Real-time Quote.0.00%
WARNER MUSIC GROUP CORP. 0.05% 42.98 Delayed Quote.13.14%
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Analyst Recommendations on UNIVERSAL MUSIC GROUP N.V.
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Financials
Sales 2021 8 333 M 9 431 M 9 431 M
Net income 2021 1 118 M 1 266 M 1 266 M
Net Debt 2021 1 751 M 1 981 M 1 981 M
P/E ratio 2021 43,4x
Yield 2021 1,15%
Capitalization 46 241 M 52 327 M 52 336 M
EV / Sales 2021 5,76x
EV / Sales 2022 5,22x
Nbr of Employees 9 370
Free-Float 52,0%
Chart UNIVERSAL MUSIC GROUP N.V.
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Universal Music Group N.V. Technical Analysis Chart | MarketScreener
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Technical analysis trends UNIVERSAL MUSIC GROUP N.V.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 25,50 €
Average target price 27,17 €
Spread / Average Target 6,54%
EPS Revisions
Managers and Directors
Lucian C. Grainge Co-Chairman & Chief Executive Officer
Boyd Johnston Muir President-Operations, Chief Financial Officer
Judy Sarah Jarman Craymer Co-Chairman
William Lloyd Tanous Chief Administrative Officer & Executive VP
Margaret Frerejean-Taittinger Independent Non-Executive Director
Sector and Competitors
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