Spotify Technology S.A.

Factors to consider:

• Total employees count: 3651 as of 2018
• Current price 17.8% above estimated high
• Earnings for 9 months up through Q3 exceed our estimates

Stock Forecast*

* forecast is subjective and experimental, should not be used for any investment decisions

Long term estimates were made for the period from 2024-12-31 to 2026-12-31

• 2024-12-31 to 2025-12-31 estimated range: [260.83$, 476.40$]
• 2025-12-31 to 2026-12-31 estimated range: [209.27$, 397.33$]

Financial Metrics affecting the SPOT estimates:

• Negative: with PPE of 78.6 at the end of fiscal year the price was very high
• Positive: 7.86 < Operating profit margin, % of 8.71
• Positive: 41.86 < Shareholder equity ratio, % of 46.02 <= 63.39
• Positive: Return on assets ratio (scaled to [-100,100]) of 8.66 > 6.04
• Positive: Interest expense per share per price, % of 0.04 <= 0.79
• Positive: Inventory ratio change, % of 0.33 <= 0.84
• Positive: Industry inventory ratio change (median), % of 0 <= 0.28
• Negative: Industry earnings per price (median), % of 0 <= 0
• Negative: Industry operating cash flow per share per price (median), % of 0.77 <= 5.52