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    VIV   FR0000127771

VIVENDI SE

(VIV)
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Universal Music to Start Trading With Nearly $40 Billion Market Cap

09/14/2021 | 03:52am EST

By Mauro Orru

Universal Music Group will have a market capitalization of about 33 billion euros ($38.98 billion) when the world's largest music company starts trading on the Euronext Amsterdam stock exchange next Tuesday, its listing prospectus shows.

Universal, home to stars including The Weeknd, Billie Eilish, Post Malone, and Taylor Swift, is set to join its smaller rival Warner Music Group Corp. in the public market, hoping to cash in on a resurgent music industry that has been growing thanks to the rise of streaming services such as Spotify Technology SA and Apple Inc.'s Apple Music.

The listing marks an opportunity for Universal to broaden artist opportunities and increase its appeal both within the industry and among investors, who so far have had to invest in its owner Vivendi SE to get exposure to the record label.

Universal's listing prospectus indicates the approximately EUR33 billion market capitalization is based on the recent acquisition of a 10% stake by Pershing Square Holdings Ltd., the investment firm controlled by hedge-fund billionaire William Ackman.

Tencent Holdings Ltd. owns about 20% of Universal after the Chinese internet conglomerate doubled its stake last year in a deal that valued the business at about EUR30 billion.

Vivendi, the media conglomerate steered by the family of French billionaire Vincent Bollore that controls 70% of Universal, said Tuesday that the Euronext Amsterdam stock exchange should reveal the technical reference price of Universal shares on Sept. 20 after market close.

Vivendi shareholders in June backed plans to distribute 60% of Universal's shares to existing Vivendi shareholders and to list the company in the Netherlands.

Vivendi will disclose the final distribution ratio--currently expected to be of one Universal share for every eligible Vivendi share held--based on Universal's opening price on Sept. 21, with settlement of the distribution slated for Sept. 23.

Universal's entry to the public market comes as the company targets double-digit percentage growth in earnings and revenue this year while the industry continues to benefit from consumers spending more time listening to music, a trend accelerated by the coronavirus pandemic.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

09-14-21 0552ET

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -1.89% 169.8 Delayed Quote.-4.38%
BOLLORÉ SE -0.49% 4.836 Real-time Quote.-1.71%
DJ INDUSTRIAL -1.51% 35368.47 Delayed Quote.-1.17%
PERSHING SQUARE HOLDINGS, LTD. -3.06% 38.05 Real-time Quote.-7.42%
SPOTIFY TECHNOLOGY S.A. -3.52% 210.87 Delayed Quote.-9.90%
TENCENT HOLDINGS LIMITED -2.75% 452.8 End-of-day quote.-0.88%
UNIVERSAL MUSIC GROUP N.V. -3.20% 22.7 Real-time Quote.-8.39%
VIVENDI SE -1.37% 11.845 Real-time Quote.-0.38%
WARNER MUSIC GROUP CORP. -3.10% 39.02 Delayed Quote.-9.63%
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Financials
Sales 2021 9 455 M 10 716 M 10 716 M
Net income 2021 429 M 486 M 486 M
Net cash 2021 876 M 993 M 993 M
P/E ratio 2021 26,3x
Yield 2021 2,90%
Capitalization 12 424 M 14 078 M 14 082 M
EV / Sales 2021 1,22x
EV / Sales 2022 1,17x
Nbr of Employees 42 800
Free-Float -
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Number of Analysts 17
Last Close Price 11,85 €
Average target price 13,76 €
Spread / Average Target 16,1%
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Managers and Directors
Arnaud Roy de Puyfontaine Chairman-Management Board & CEO
HervÚ Philippe Chief Financial Officer
Yannick BollorÚ Chairman-Supervisory Board
StÚphane Roussel Executive VP-Development & Organization
Caroline Le Masne de Chermont Senior VP-Legal Affairs, CSR & Compliance
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