Universal Music's Cash Conversion Target Lacks Detail -- Market Talk

Dow Jones09-17 16:43

0843 GMT - Universal Music Group's free cash flow target through the end of 2028 looks reasonable but it lacks detail, Citi analysts write in a research note. The record label behind Taylor Swift, Billie Eilish and Ariana Grande is forecasting a free cash flow conversion rate before investing activity between 60% and 70%, one of several targets that Universal set as part of its Capital Markets Day event in London. "The cash conversion target looks reasonable, albeit without a sense of where investing activity is likely to come in, is somewhat meaningless," the analysts say. Universal Music shares trade 3.7% higher at 24.25 euros. (mauro.orru@wsj.com)

(END) Dow Jones Newswires

September 17, 2024 04:43 ET (08:43 GMT)

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