Universal Music Group NV

UMG: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€95.00	Cdgdx	Ptftbfnllh

Universal Music: Strong Q1 That Should Improve as TikTok Returns and Cost-Cutting Takes Hold

Matthew Dolgin

May 3, 2024

Universal Music posted a solid first quarter, with strength across multiple lines of revenue, though currency headwinds damped top-line growth. The firm also announced it has reached an agreement with TikTok that puts Universal’s music back onto TikTok immediately after being off that platform for about three months. With the firm tracking our full-year forecast, excluding currencies, we are maintaining our EUR 31 fair value estimate.

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