UNIVERSAL MUSIC GROUP N.V. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 27.58 EUR | +2.22% |
|
+2.99% | +6.86% |
| Apr. 13 | SAG-AFTRA union secures AI protections for artists in deal with major record labels | RE |
| Apr. 11 | Taylor Swift music back on TikTok despite fight with Universal Music, FT reports | RE |
Valuation
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 44,935 | 40,812 | 47,011 | 50,236 | - | - |
| Enterprise Value (EV) 1 | 46,945 | 42,622 | 48,700 | 51,735 | 50,845 | 49,937 |
| P/E ratio | 50.6 x | 52.3 x | 38 x | 37.4 x | 30.5 x | 26.6 x |
| Yield | 1.61% | 2.27% | 1.98% | 1.94% | 2.15% | 2.33% |
| Capitalization / Revenue | 5.28 x | 3.95 x | 4.23 x | 4.27 x | 3.96 x | 3.7 x |
| EV / Revenue | 5.52 x | 4.12 x | 4.38 x | 4.4 x | 4 x | 3.68 x |
| EV / EBITDA | 26.3 x | 20 x | 20.6 x | 19.8 x | 17 x | 15 x |
| EV / FCF | 43.5 x | 26 x | 27.6 x | 36 x | 29.1 x | 24.7 x |
| FCF Yield | 2.3% | 3.85% | 3.62% | 2.78% | 3.44% | 4.04% |
| Price to Book | 22.1 x | 17.4 x | - | 15.3 x | 12.3 x | 10.3 x |
| Nbr of stocks (in thousands) | 1,813,376 | 1,813,046 | 1,821,431 | 1,821,451 | - | - |
| Reference price 2 | 24.78 | 22.51 | 25.81 | 27.58 | 27.58 | 27.58 |
| Announcement Date | 3/3/22 | 3/2/23 | 2/28/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Net sales 1 | 8,504 | 10,340 | 11,108 | 11,752 | 12,697 | 13,587 |
| EBITDA 1 | 1,788 | 2,135 | 2,369 | 2,608 | 2,986 | 3,331 |
| EBIT 1 | 1,399 | 1,600 | 1,418 | 1,950 | 2,385 | 2,664 |
| Operating Margin | 16.45% | 15.47% | 12.77% | 16.59% | 18.78% | 19.6% |
| Earnings before Tax (EBT) 1 | 1,165 | 900 | 1,721 | 1,820 | 2,252 | 2,541 |
| Net income 1 | 886 | 782 | 1,259 | 1,331 | 1,632 | 1,872 |
| Net margin | 10.42% | 7.56% | 11.33% | 11.33% | 12.86% | 13.78% |
| EPS 2 | 0.4900 | 0.4300 | 0.6800 | 0.7365 | 0.9048 | 1.038 |
| Free Cash Flow 1 | 1,079 | 1,639 | 1,764 | 1,438 | 1,748 | 2,018 |
| FCF margin | 12.69% | 15.85% | 15.88% | 12.23% | 13.77% | 14.86% |
| FCF Conversion (EBITDA) | 60.35% | 76.77% | 74.46% | 55.13% | 58.55% | 60.6% |
| FCF Conversion (Net income) | 121.78% | 209.59% | 140.11% | 107.99% | 107.08% | 107.84% |
| Dividend per Share 2 | 0.4000 | 0.5100 | 0.5100 | 0.5339 | 0.5919 | 0.6416 |
| Announcement Date | 3/3/22 | 3/2/23 | 2/28/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,153 | 2,520 | 2,199 | 2,535 | 4,734 | 2,664 | 2,942 | 5,606 | 2,451 | 2,697 | 5,148 | 2,752 | 3,208 | 5,960 | 2,590 | 2,883 | 5,413 | 2,919 | 3,390 | 6,030 | - |
| EBITDA 1 | 461 | 503 | 455 | 507 | 962 | 553 | 620 | 1,173 | 522 | 590 | 1,112 | 581 | 677 | 1,257 | 564.6 | 632 | 1,196 | 655 | 735.5 | 1,351 | - |
| EBIT 1 | - | 359.5 | 383 | 383 | 765 | 425.5 | 409 | 835 | - | - | 591 | - | - | 827 | 270.4 | 512.2 | 1,008 | 516.3 | 591.2 | 1,148 | - |
| Operating Margin | - | 14.27% | 17.42% | 15.11% | 16.16% | 15.97% | 13.9% | 14.89% | - | - | 11.48% | - | - | 13.88% | 10.44% | 17.77% | 18.62% | 17.69% | 17.44% | 19.04% | - |
| Earnings before Tax (EBT) | - | 284 | - | - | 193 | - | - | 707 | - | - | 854 | - | - | 867 | - | - | 815 | - | - | 993 | - |
| Net income | - | 217 | - | - | 241 | - | - | 541 | - | - | 625 | - | - | 634 | - | - | 595 | - | - | 725 | - |
| Net margin | - | 8.61% | - | - | 5.09% | - | - | 9.65% | - | - | 12.14% | - | - | 10.64% | - | - | 10.99% | - | - | 12.02% | - |
| EPS 2 | - | 0.1200 | - | - | 0.1300 | - | - | 0.3000 | - | - | 0.3400 | - | - | 0.3400 | 0.1572 | 0.1698 | 0.3300 | 0.2072 | 0.1798 | 0.4000 | - |
| Dividend per Share 2 | 0.1000 | 0.2000 | 0.1200 | 0.1200 | 0.2000 | - | - | 0.3100 | - | - | 0.2400 | - | - | 0.2700 | - | - | - | - | 0.5984 | - | - |
| Announcement Date | 10/27/21 | 3/3/22 | 5/3/22 | 7/27/22 | 7/27/22 | 10/27/22 | 3/2/23 | 3/2/23 | 4/26/23 | 7/26/23 | 7/26/23 | 10/26/23 | 2/28/24 | 2/28/24 | - | - | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 2,010 | 1,810 | 1,689 | 1,499 | 609 | - |
| Net Cash position 1 | - | - | - | - | - | 299 |
| Leverage (Debt/EBITDA) | 1.124 x | 0.8478 x | 0.713 x | 0.5749 x | 0.2041 x | - |
| Free Cash Flow 1 | 1,079 | 1,639 | 1,764 | 1,438 | 1,748 | 2,019 |
| ROE (net income / shareholders' equity) | 69.4% | 66.4% | - | 50.7% | 48.2% | 44.9% |
| ROA (Net income/ Total Assets) | 10.8% | 12.3% | - | 11.8% | 13.6% | 14.1% |
| Assets 1 | 8,238 | 6,382 | - | 11,326 | 11,982 | 13,277 |
| Book Value Per Share 2 | 1.120 | 1.290 | - | 1.800 | 2.240 | 2.670 |
| Cash Flow per Share 2 | 0.6300 | 0.9500 | 1.040 | 0.9800 | 1.200 | 1.330 |
| Capex 1 | 61 | 93 | 121 | 142 | 150 | 158 |
| Capex / Sales | 0.72% | 0.9% | 1.09% | 1.21% | 1.18% | 1.16% |
| Announcement Date | 3/3/22 | 3/2/23 | 2/28/24 | - | - | - |
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
20
Last Close Price
27.58
EUR
Average target price
29.74
EUR
Spread / Average Target
+7.83%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.86% | 53.63B | |
| -13.70% | 6.1B | |
| +5.24% | 2.59B | |
| -34.16% | 1.61B | |
| +42.86% | 1.55B | |
| -12.05% | 1.37B | |
| -6.29% | 369M | |
| +36.33% | 181M | |
| -10.20% | 130M |
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- Financials Universal Music Group N.V.
