Universal Music Group NV

UMG: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€63.00	Qwhhg	Zqqfpcsx

Universal Music Earnings: Concerns About Generative AI Overshadows Continued Revenue Growth

Neil Macker

Apr 26, 2023

Universal Music reported strong top-line growth as first-quarter revenue improved by 11%, or 9% in constant currency. The growth at recorded music and music publishing drove the improvement. 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 narrow moat rating and our fair value estimate of EUR 31.

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