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Universal Music Spreads Widen On Earnings

COMMUNICATIONS
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Rating: Baa1/BBB+ EUR Spreads 4-7bps Wider

  • UMG EUR lines moving wider; equity analyst takes imply concerns around segment revenues very different to expectations and highly volatile which raises questions around growth sustainability.
  • The Subscriptions and Streaming part of the recorded music segment is drawing particular attention. The unit accounts for roughly half of group revenue and saw +4.1% cFX growth with revenue looking like a 6.5% miss vs. BBG consensus despite the S&S segment showing just a 1% miss and revenue for the group showing a 1.7% beat.
  • Streaming reported Q2 revenue of EUR 343mn which was -3.9% YoY cFX while subscriptions reported EUR 1137mn in revenue which was +6.9% YoY in CFX.

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Rating: Baa1/BBB+ EUR Spreads 4-7bps Wider

  • UMG EUR lines moving wider; equity analyst takes imply concerns around segment revenues very different to expectations and highly volatile which raises questions around growth sustainability.
  • The Subscriptions and Streaming part of the recorded music segment is drawing particular attention. The unit accounts for roughly half of group revenue and saw +4.1% cFX growth with revenue looking like a 6.5% miss vs. BBG consensus despite the S&S segment showing just a 1% miss and revenue for the group showing a 1.7% beat.
  • Streaming reported Q2 revenue of EUR 343mn which was -3.9% YoY cFX while subscriptions reported EUR 1137mn in revenue which was +6.9% YoY in CFX.