Stock WMG WARNER MUSIC GROUP CORP.
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Financials Warner Music Group Corp.

Equities

WMG

US9345502036

Entertainment Production

Market Closed - Nasdaq
Other stock markets
 01:30:00 27/04/2024 am IST 		5-day change 1st Jan Change
32.4 USD +2.69% Intraday chart for Warner Music Group Corp. -1.73% -9.47%
19/04 Believe Board Issues Favorable Opinion for EQT Consortium's Takeover Bid MT
18/04 Loop Capital Adjusts Price Target on Warner Music to $38 From $36, Maintains Hold Rating MT

Valuation

Fiscal Period: September 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 14,657 21,985 11,950 16,202 16,779 - -
Enterprise Value (EV) 1 17,208 24,832 15,098 19,525 19,881 19,528 19,067
P/E ratio -35 x 73.7 x 21.9 x 38.3 x 31.3 x 23 x 19.9 x
Yield 1.36% 1.19% 2.63% 1.94% 2.12% 2.24% 2.35%
Capitalization / Revenue 3.28 x 4.15 x 2.02 x 2.68 x 2.58 x 2.46 x 2.28 x
EV / Revenue 3.86 x 4.68 x 2.55 x 3.23 x 3.06 x 2.86 x 2.59 x
EV / EBITDA 20.6 x 22.8 x 12.6 x 14.9 x 13.7 x 12.5 x 11 x
EV / FCF 45.5 x 45.6 x 24.9 x 34.9 x 25.5 x 23.3 x 19.7 x
FCF Yield 2.2% 2.19% 4.02% 2.87% 3.91% 4.3% 5.07%
Price to Book -233 x 709 x 78.6 x 52.8 x 25.2 x 16.3 x 10.2 x
Nbr of stocks (in thousands) 5,10,000 5,14,386 5,14,849 5,15,993 5,17,881 - -
Reference price 2 28.74 42.74 23.21 31.40 32.40 32.40 32.40
Announcement Date 23/11/20 15/11/21 22/11/22 16/11/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,475 4,463 5,301 5,919 6,037 6,500 6,825 7,352
EBITDA 1 - 837 1,090 1,196 1,311 1,451 1,567 1,738
EBIT 1 - -229 712 714 903 1,051 1,183 1,346
Operating Margin - -5.13% 13.43% 12.06% 14.96% 16.16% 17.34% 18.31%
Earnings before Tax (EBT) 1 - -447 456 740 609 820.6 1,023 1,203
Net income 1 256 -475 304 551 430 567.1 741.9 867.3
Net margin 5.72% -10.64% 5.73% 9.31% 7.12% 8.72% 10.87% 11.8%
EPS 2 - -0.8200 0.5800 1.060 0.8200 1.034 1.410 1.628
Free Cash Flow 1 - 378 545 607 560 778.3 839.1 966.2
FCF margin - 8.47% 10.28% 10.26% 9.28% 11.97% 12.3% 13.14%
FCF Conversion (EBITDA) - 45.16% 50% 50.75% 42.72% 53.64% 53.56% 55.59%
FCF Conversion (Net income) - - 179.28% 110.16% 130.23% 137.24% 113.1% 111.41%
Dividend per Share 2 - 0.3900 0.5100 0.6100 0.6100 0.6861 0.7242 0.7628
Announcement Date 27/11/19 23/11/20 15/11/21 22/11/22 16/11/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 1,376 1,614 1,376 1,432 1,497 1,488 1,399 1,564 1,586 1,748 1,481 1,626 1,652 1,765 1,596
EBITDA 1 237 389 282 263 276 350 308 311 340 461 306.1 343.1 366.7 438.9 345.4
EBIT 1 139 274 185 146 163 251 203 211 238 - 194.8 247.9 272.2 352.4 230.1
Operating Margin 10.1% 16.98% 13.44% 10.2% 10.89% 16.87% 14.51% 13.49% 15.01% - 13.15% 15.25% 16.48% 19.97% 14.42%
Earnings before Tax (EBT) 1 52 263 126 164 187 172 58 167 212 265 100.9 195.7 215.2 267.9 -
Net income 1 28 187 92 124 148 122 34 122 152 159 79.35 146 161.9 - -
Net margin 2.03% 11.59% 6.69% 8.66% 9.89% 8.2% 2.43% 7.8% 9.58% 9.1% 5.36% 8.98% 9.8% - -
EPS 2 0.0500 0.3600 0.1800 0.2400 0.2800 0.2300 0.0600 0.2300 0.2900 0.3000 0.1670 0.2717 0.3094 0.3997 0.2920
Dividend per Share 2 0.1500 0.1500 0.1500 0.1500 0.1600 - 0.1600 0.1600 0.1700 0.1700 0.1649 0.1643 0.1725 0.1683 0.1799
Announcement Date 15/11/21 08/02/22 10/05/22 09/08/22 22/11/22 09/02/23 09/05/23 08/08/23 16/11/23 07/02/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 2,551 2,847 3,148 3,323 3,101 2,749 2,288
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 3.048 x 2.612 x 2.632 x 2.535 x 2.137 x 1.755 x 1.316 x
Free Cash Flow 1 - 378 545 607 560 778 839 966
ROE (net income / shareholders' equity) - - - 358% 187% 125% 89.1% 66.6%
ROA (Net income/ Total Assets) - -7.64% 4.46% 7.1% 5.25% 6.46% 8.14% 9.97%
Assets 1 - 6,214 6,810 7,764 8,187 8,776 9,111 8,701
Book Value Per Share 2 - -0.1200 0.0600 0.3000 0.6000 1.280 1.990 3.170
Cash Flow per Share 2 - 0.9200 1.220 1.430 1.310 1.870 2.000 2.460
Capex 1 - 85 93 135 127 123 129 133
Capex / Sales - 1.9% 1.75% 2.28% 2.1% 1.9% 1.89% 1.81%
Announcement Date 27/11/19 23/11/20 15/11/21 22/11/22 16/11/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Warner Music Group Corp.

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
32.4 USD
Average target price
39.31 USD
Spread / Average Target
+21.33%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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