Universal Music Posts Sound 3Q Revenue Growth; Subscriptions Remain Key Topline Driver

Universal Music reported solid third-quarter revenue growth of 16%, or 13% in constant currency, coming in ahead of FactSet consensus expectations. The topline expansion was driven by growth at all three segments as the firm continues to benefit from the expansion of streaming and the return to live music. Similar to its former parent, Vivendi, the firm reports only revenue and total company adjusted EBITDA for the first and third quarters. We are maintaining our FVE of EUR 31.