Spotify Technology SA (SPOT) – Despite tremendous user growth, revenue and margins squeezed

Spotify Technology SA (SPOT) (Q2FY23)

Stock Performance: Spotify’s stock price showed a volatile trend in the past 3-month period and gave (1%) return. The stock price rose by 36% in the past 1-year. The stock has a 52-week high of €159 and a 52-week low of €68.35.

Quarter Performance : In Q2FY23, revenue increased 11% to €3.17bn as compared to €2.86bn in Q2FY22. In the six-month period, revenue rose 13% to €6.21bn as compared to €5.52bn in the prior period due to an increase in premium segment revenue.

Management Guidance for Q3FY23: Revenue is expected to be is €3.3bn, total MAUs expected to be 572mn, total premium subscribers expected to be 224mn, and gross margin is expected to be 26%..

Highlights

SPOT has established itself as a major player in the music streaming industry, competing with the likes of Apple Music and Amazon Music while mitigating the risks posed by pirated content.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– CrispIdea Segment Forecast
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Segment Performance
– Key Metrics
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 31

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