Stock WMG WARNER MUSIC GROUP CORP.
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Financials Warner Music Group Corp.

Equities

WMG

US9345502036

Entertainment Production

Real-time Estimate Cboe BZX
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 17:48:04 12/06/2024 BST 		5-day change 1st Jan Change
30.98 USD +1.59% Intraday chart for Warner Music Group Corp. +2.31% -13.41%
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Valuation

Fiscal Period: September 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 14,657 21,985 11,950 16,202 15,796 - -
Enterprise Value (EV) 1 17,208 24,832 15,098 19,525 18,965 18,624 18,140
P/E ratio -35 x 73.7 x 21.9 x 38.3 x 28.5 x 21.6 x 18.6 x
Yield 1.36% 1.19% 2.63% 1.94% 2.27% 2.43% 2.6%
Capitalization / Revenue 3.28 x 4.15 x 2.02 x 2.68 x 2.44 x 2.32 x 2.15 x
EV / Revenue 3.86 x 4.68 x 2.55 x 3.23 x 2.93 x 2.73 x 2.47 x
EV / EBITDA 20.6 x 22.8 x 12.6 x 14.9 x 13 x 11.9 x 10.4 x
EV / FCF 45.5 x 45.6 x 24.9 x 34.9 x 25.3 x 22.4 x 18.9 x
FCF Yield 2.2% 2.19% 4.02% 2.87% 3.95% 4.46% 5.3%
Price to Book -233 x 709 x 78.6 x 52.8 x 27.8 x 16.7 x 10.4 x
Nbr of stocks (in thousands) 510,000 514,386 514,849 515,993 517,914 - -
Reference price 2 28.74 42.74 23.21 31.40 30.50 30.50 30.50
Announcement Date 23/11/20 15/11/21 22/11/22 16/11/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Settembre 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,475 4,463 5,301 5,919 6,037 6,482 6,811 7,340
EBITDA 1 - 837 1,090 1,196 1,311 1,462 1,570 1,741
EBIT 1 - -229 712 714 903 1,035 1,190 1,358
Operating Margin - -5.13% 13.43% 12.06% 14.96% 15.97% 17.47% 18.51%
Earnings before Tax (EBT) 1 - -447 456 740 609 795.4 1,022 1,204
Net income 1 256 -475 304 551 430 560.1 744.6 872.5
Net margin 5.72% -10.64% 5.73% 9.31% 7.12% 8.64% 10.93% 11.89%
EPS 2 - -0.8200 0.5800 1.060 0.8200 1.070 1.410 1.641
Free Cash Flow 1 - 378 545 607 560 749.6 830.5 961.3
FCF margin - 8.47% 10.28% 10.26% 9.28% 11.56% 12.19% 13.1%
FCF Conversion (EBITDA) - 45.16% 50% 50.75% 42.72% 51.28% 52.9% 55.23%
FCF Conversion (Net income) - - 179.28% 110.16% 130.23% 133.82% 111.53% 110.17%
Dividend per Share 2 - 0.3900 0.5100 0.6100 0.6100 0.6917 0.7420 0.7924
Announcement Date 27/11/19 23/11/20 15/11/21 22/11/22 16/11/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 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 2025 Q3
Net sales 1 1,614 1,376 1,432 1,497 1,488 1,399 1,564 1,586 1,748 1,494 1,608 1,638 1,763 1,593 1,777
EBITDA 1 389 282 263 276 350 308 311 340 461 312 335 361 434.4 350.3 373.4
EBIT 1 274 185 146 163 251 203 211 238 370 229 237.2 266.7 352.7 244.7 290.9
Operating Margin 16.98% 13.44% 10.2% 10.89% 16.87% 14.51% 13.49% 15.01% 21.17% 15.33% 14.75% 16.28% 20% 15.36% 16.37%
Earnings before Tax (EBT) 1 263 126 164 187 172 58 167 212 265 114 182.8 209.4 267.8 247.3 -
Net income 1 187 92 124 148 122 34 122 152 159 96 136.8 157.4 199.6 184.4 -
Net margin 11.59% 6.69% 8.66% 9.89% 8.2% 2.43% 7.8% 9.58% 9.1% 6.43% 8.51% 9.61% 11.32% 11.58% -
EPS 2 0.3600 0.1800 0.2400 0.2800 0.2300 0.0600 0.2300 0.2900 0.3000 0.1800 0.2589 0.3026 0.3984 0.3332 0.3410
Dividend per Share 2 0.1500 0.1500 0.1500 0.1600 - 0.1600 0.1600 0.1700 0.1700 0.1700 0.1688 0.1793 0.1799 0.1799 0.1785
Announcement Date 08/02/22 10/05/22 09/08/22 22/11/22 09/02/23 09/05/23 08/08/23 16/11/23 07/02/24 09/05/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 2,551 2,847 3,148 3,323 3,169 2,827 2,343
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 3.048 x 2.612 x 2.632 x 2.535 x 2.168 x 1.801 x 1.346 x
Free Cash Flow 1 - 378 545 607 560 750 831 961
ROE (net income / shareholders' equity) - - - 358% 187% 134% 108% 93.8%
ROA (Net income/ Total Assets) - -7.64% 4.46% 7.1% 5.25% 6.56% 8.31% 10.1%
Assets 1 - 6,214 6,810 7,764 8,187 8,536 8,961 8,598
Book Value Per Share 2 - -0.1200 0.0600 0.3000 0.6000 1.100 1.820 2.940
Cash Flow per Share 2 - 0.9200 1.220 1.430 1.310 1.800 1.970 2.450
Capex 1 - 85 93 135 127 118 127 132
Capex / Sales - 1.9% 1.75% 2.28% 2.1% 1.83% 1.87% 1.8%
Announcement Date 27/11/19 23/11/20 15/11/21 22/11/22 16/11/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Warner Music Group Corp.

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
30.5 USD
Average target price
39.17 USD
Spread / Average Target
+28.42%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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