Stock SPOT SPOTIFY TECHNOLOGY S.A.
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Financials Spotify Technology S.A.

Equities

SPOT

LU1778762911

Internet Services

Market Closed - Nyse
Other stock markets
 04:00:02 2024-05-17 pm EDT 		5-day change 1st Jan Change
302.8 USD +1.58% Intraday chart for Spotify Technology S.A. +2.79% +61.15%
May. 14 VC firm Accel raises $650 mln to invest in AI, cybersecurity startups RE
May. 08 Music streaming firms urge European Commission to reject Apple's proposal in App Store case RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 23,885 48,842 39,429 14,247 33,222 55,241 - -
Enterprise Value (EV) 1 22,750 47,672 37,710 12,580 30,704 51,348 49,386 46,897
P/E ratio -130 x -83.1 x -1,144 x -33.1 x -62.4 x 60.5 x 42.5 x 34.2 x
Yield - - - - - - - -
Capitalization / Revenue 3.53 x 6.2 x 4.08 x 1.21 x 2.51 x 3.53 x 3.09 x 2.74 x
EV / Revenue 3.36 x 6.05 x 3.9 x 1.07 x 2.32 x 3.28 x 2.77 x 2.33 x
EV / EBITDA 1,625 x -262 x 171 x -25.8 x -107 x 45.5 x 29.4 x 21.2 x
EV / FCF 51.7 x 261 x 136 x 599 x 45.3 x 33.8 x 24.9 x 20.5 x
FCF Yield 1.93% 0.38% 0.73% 0.17% 2.21% 2.96% 4.02% 4.87%
Price to Book 12.1 x 17.2 x 18.7 x 5.93 x 13.1 x 13.8 x 9.89 x 7.03 x
Nbr of stocks (in thousands) 179,067 189,586 191,554 193,130 195,139 198,327 - -
Reference price 2 133.4 257.6 205.8 73.77 170.2 278.5 278.5 278.5
Announcement Date 2/5/20 2/3/21 2/2/22 1/31/23 2/6/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,764 7,880 9,668 11,727 13,247 15,651 17,851 20,159
EBITDA 1 14 -182 221 -488 -288 1,129 1,681 2,209
EBIT 1 -73 -293 94 -659 -446 994.1 1,519 2,030
Operating Margin -1.08% -3.72% 0.97% -5.62% -3.37% 6.35% 8.51% 10.07%
Earnings before Tax (EBT) 1 -131 -709 249 -370 -505 1,053 1,605 2,170
Net income 1 -186 -581 -34 -430 -532 919.6 1,324 1,694
Net margin -2.75% -7.37% -0.35% -3.67% -4.02% 5.88% 7.42% 8.4%
EPS 2 -1.030 -3.100 -0.1800 -2.230 -2.730 4.606 6.556 8.154
Free Cash Flow 1 440 183 277 21 678 1,521 1,985 2,285
FCF margin 6.51% 2.32% 2.87% 0.18% 5.12% 9.72% 11.12% 11.34%
FCF Conversion (EBITDA) 3,142.86% - 125.34% - - 134.73% 118.08% 103.46%
FCF Conversion (Net income) - - - - - 165.35% 149.92% 134.93%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/5/20 2/3/21 2/2/22 1/31/23 2/6/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2,689 2,661 2,864 3,036 3,166 3,042 3,177 3,357 3,671 3,636 3,813 3,973 4,215 4,161 4,358
EBITDA 1 26 31 -154 -184 -181 -112 -203 68 -41 199 273.9 314.5 348.7 372.8 404.2
EBIT 1 -7 -6 -194 -228 -231 -156 -247 32 -75 168 242.1 280 317.1 317.3 346.7
Operating Margin -0.26% -0.23% -6.77% -7.51% -7.3% -5.13% -7.77% 0.95% -2.04% 4.62% 6.35% 7.05% 7.52% 7.63% 7.96%
Earnings before Tax (EBT) 1 -8 155 -90 -144 -291 -206 -241 73 -131 174 267.5 320.1 361.7 329.9 388.8
Net income 1 -39 131 -125 -166 -270 -225 -302 65 -70 197 220.4 265.8 300.1 276.1 312.9
Net margin -1.45% 4.92% -4.36% -5.47% -8.53% -7.4% -9.51% 1.94% -1.91% 5.42% 5.78% 6.69% 7.12% 6.64% 7.18%
EPS 2 -0.2000 0.2100 -0.6500 -0.8600 -1.400 -1.160 -1.550 0.3300 -0.3600 0.9700 1.099 1.282 1.443 1.411 1.613
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 2/2/22 4/27/22 7/27/22 10/25/22 1/31/23 4/25/23 7/25/23 10/24/23 2/6/24 4/23/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,135 1,170 1,719 1,667 2,518 3,893 5,855 8,344
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 440 183 277 21 678 1,521 1,985 2,285
ROE (net income / shareholders' equity) -9.01% -24% -1.38% -19% -21.6% 25.3% 26.2% 25.8%
ROA (Net income/ Total Assets) -3.93% -10.2% -0.5% -5.81% -6.66% 11% 12.8% 14.4%
Assets 1 4,729 5,724 6,747 7,404 7,991 8,376 10,371 11,803
Book Value Per Share 2 11.10 15.00 11.00 12.40 13.00 20.20 28.20 39.60
Cash Flow per Share 2 3.170 1.380 1.860 0.2300 3.490 7.230 9.670 11.50
Capex 1 135 78 85 25 6 24.1 29.9 39.7
Capex / Sales 2% 0.99% 0.88% 0.21% 0.05% 0.15% 0.17% 0.2%
Announcement Date 2/5/20 2/3/21 2/2/22 1/31/23 2/6/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Spotify Technology S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
35
Last Close Price
278.5 EUR
Average target price
312.7 EUR
Spread / Average Target
+12.27%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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