Added to YB: 2026-06-25
Pitch date: 2026-04-20
SPOT [bullish]
Spotify Technology S.A.
-13%
current return
Author Info
No bio for this author
Company Info
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide.
Market Cap
N/A
Pitch Price
$540.00
Price Target
846.00 (+80%)
Dividend
N/A
EV/EBITDA
N/A
P/E
32.31
EV/Sales
N/A
Sector
Entertainment
Category
growth
Spotify Technology S.A. - $SPOT
SPOT: Long, 2Y PT $846 (+64%, ~28% IRR). Shifting from low-margin distributor to discovery/demand-gen platform. GM +700bps L3Y to 33%, path to 37%+ GM, 22%+ EBITDA margin by '28; 27% EBITDA CAGR '25-'28. Variant: €5.5B FY28 EBITDA (+13% vs cons), driven by Marketplace, US pricing, non-music. De-rated >1STDEV on AI fears; PT at 25x FY28 EBITDA. Catalysts: May'26 Investor Day (AI roadmap, superfan tier), ad recovery, GM surprise. Risks: AI disintermediation, label economics.
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