Universal Music: Strong Sales and Profit Growth, With Room for More Progress

Excluding the impact of currency headwinds, Universal Music reported double-digit sales and profit growth for both the fourth quarter and full year, with strong performance across all segments. The firm also announced a restructuring plan that it expects will contribute to significant margin expansion over the next few years, and it gave some detail on its dispute with TikTok. We believe the firm is well positioned to continue growing, and we’re maintaining our EUR 31 fair value estimate.