Company Valuation: Universal Music Group N.V.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 44,935 40,812 47,011 45,215 40,769 33,526 - -
Change - -9.18% 15.19% -3.82% -9.83% -17.76% - -
Enterprise Value (EV) 1 46,945 42,622 48,700 47,313 43,159 36,604 36,094 35,723
Change - -9.21% 14.26% -2.85% -8.78% -15.19% -1.39% -1.03%
P/E 50.6x 52.3x 38x 21.9x 26.8x 21.9x 19.3x 17x
PBR 22.1x 17.4x 15.9x 9.99x 8.97x 7.36x 6.3x 5.45x
PEG - -4.3x 0.7x 0.3x -1x 11.05x 1.4x 1.3x
Capitalization / Revenue 5.28x 3.95x 4.23x 3.82x 3.26x 2.47x 2.29x 2.15x
EV / Revenue 5.52x 4.12x 4.38x 4x 3.45x 2.7x 2.47x 2.29x
EV / EBITDA 26.3x 20x 20.6x 17.8x 15.4x 12.5x 11.3x 10.2x
EV / EBIT 33.6x 26.6x 34.3x 26.7x 21.6x 16.5x 14.5x 13x
EV / FCF 43.5x 26x 27.6x 43.7x 61.5x 30x 21.8x 18x
FCF Yield 2.3% 3.85% 3.62% 2.29% 1.63% 3.33% 4.6% 5.57%
Dividend per Share 2 0.4 0.51 0.51 0.52 0.52 0.5564 0.5989 0.6447
Rate of return 1.61% 2.27% 1.98% 2.1% 2.34% 3.01% 3.24% 3.49%
EPS 2 0.49 0.43 0.68 1.13 0.83 0.8464 0.9602 1.085
Distribution rate 81.6% 119% 75% 46% 62.7% 65.7% 62.4% 59.4%
Net sales 1 8,504 10,340 11,108 11,834 12,507 13,559 14,618 15,628
EBITDA 1 1,788 2,135 2,369 2,661 2,810 2,919 3,199 3,515
EBIT 1 1,399 1,600 1,418 1,775 1,998 2,224 2,485 2,742
Net income 1 886 782 1,259 2,086 1,533 1,549 1,778 2,026
Net Debt 1 2,010 1,810 1,689 2,098 2,390 3,078 2,568 2,197
Reference price 2 24.78 22.51 25.81 24.72 22.23 18.50 18.50 18.50
Nbr of stocks (in thousands) 18,13,376 18,13,046 18,21,431 18,29,067 18,33,946 18,12,240 - -
Announcement Date 03/03/22 02/03/23 28/02/24 06/03/25 05/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.86x2.7x12.54x3.01% 3.83TCr
44.99x1.75x18.56x0.35% 575.97Cr
11.32x0.73x3.63x2.45% 103.74Cr
11.59x1.16x5.39x1.69% 99Cr
9.15x - - - 14Cr
-6.65x - - - 7.4Cr
7.77x-0.02x-0.28x - 5.4Cr
Average 14.29x 1.26x 7.97x 1.88% 661.55Cr
Weighted average by Cap. 24.18x 2.50x 12.92x 2.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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