Thanks, great analysis. I came to the same conclusion on valuation, hard to make it work. on SPOT you could always argue podcasts and education + EM penetration could make it worth, but UMG has less levers to pull in my view
Just brilliant. This is a grand treatise on music and how ut gas crept onto so many parts if our life. The contribution to human development by Universal is far more than we can imagine. I loved going through this and a must read for any music lover.
Thanks, great analysis. I came to the same conclusion on valuation, hard to make it work. on SPOT you could always argue podcasts and education + EM penetration could make it worth, but UMG has less levers to pull in my view
Glad you liked it. I agree Spotify is at least as interesting
Great writeup as always. Is it possible to see to model used?
Thanks! I'll send you the spreadsheet!
Just brilliant. This is a grand treatise on music and how ut gas crept onto so many parts if our life. The contribution to human development by Universal is far more than we can imagine. I loved going through this and a must read for any music lover.
Thanks a lot! Appreciate the kind words.
Fantastic. Such helpful insight here. And kudos for being super straight and saying it’s overvalued.