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(CercleFinance.com) – Oddo BHF reiterates its Outperformance recommendation and its price target of €32 following the presentation of new targets yesterday during its CMD in London.
The group has communicated new guidance until 2028, the main one being an average growth of its adjusted EBITDA of 10%.
‘This objective is in line with our expectations. These are therefore unchanged. The company’s message was positive on the structural trend for paid streaming (around 50% of its turnover), thus invalidating the most pessimistic theses of the consensus suggesting a structural slowdown, particularly in volumes’ indicates Oddo BHF.
‘Despite a slight volatility in its activity (and often underestimated), the long-term outlook remains very solid. UMG thus offers a certain visibility over the long term, which remains rare in the media universe and justifies our Outperformance opinion’ adds the analysis office.
In terms of 2028 guidance, the group is now targeting average growth in its consolidated revenue of 7%, average growth in its Paid Streaming revenue of 8 to 10% (including 50% price effect and 50% volume effect) and average growth in its adjusted EBITDA of 10% and therefore an increase in the margin.
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