Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Non-Executive Director Andrew Fisher was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jun 05
Price target increased by 7.4% to €17.47 Up from €16.27, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of €17.02. The company is forecast to post earnings per share of €0.12 next year compared to a net loss per share of €0.031 last year. Ankündigung • Apr 17
TCMI Inc., EQT X, a fund managed by EQT AB (publ) and Denis Ladegaillerie proposed to acquire remaining 3.35% stake in Believe S.A. (ENXTPA:BLV) for €51.6 million. TCMI Inc., EQT X, a fund managed by EQT AB (publ) and Denis Ladegaillerie proposed to acquire remaining 3.35% stake in Believe S.A. (ENXTPA:BLV) for €51.6 million on April 15, 2025. A cash consideration valued at €15.3 per share will be paid. The board of Believe unanimously favorably welcomed Upbeat BidCo’s intention to file the Offer The transaction is subject to AMF clearance. The Board of Directors of Believe S.A. established an ad hoc Committee for the transaction. The Offer will be filed with the AMF today and, subject to the AMF’s clearance decision, is expected to be open during the second quarter of 2025. After the closing of the Offer, Upbeat BidCo will implement the Squeeze-Out, as the minority shareholders hold less than 10% of the capital and voting rights of Believe. The minority shareholders shall receive a compensation equal to the Offer price in the context of the Squeeze-Out.
Olivier Péronne of FINEXSI, SA, Financial Advisory Arm acted as fairness opinion provider for Believe S.A. Reported Earnings • Mar 14
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €0.03 loss per share (improved from €0.057 loss in FY 2023). Revenue: €988.8m (up 12% from FY 2023). Net loss: €3.05m (loss narrowed 44% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 64%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Entertainment industry in France. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 05
Now 21% undervalued Over the last 90 days, the stock has risen 1.4% to €14.80. The fair value is estimated to be €18.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 40%. Ankündigung • Dec 30
Believe S.A. to Report First Half, 2025 Results on Jul 31, 2025 Believe S.A. announced that they will report first half, 2025 results on Jul 31, 2025 Ankündigung • Aug 07
Believe S.A. (ENXTPA:BLV) signed Share Transfer Agreement to acquire remaining 40% stake in Dogan Müzik Yapim Ve Ticaret A.S. from Dogan Sirketler Grubu Holding A.S. (IBSE:DOHOL) for €38.27 million. Believe S.A. (ENXTPA:BLV) signed Share Transfer Agreement to acquire remaining 40% stake in Dogan Müzik Yapim Ve Ticaret A.S. from Dogan Sirketler Grubu Holding A.S. (IBSE:DOHOL) for €38.27 million on August 6, 2024. The transaction is expected to be completed once all closing conditions, including approval by the Competition Authority, are fulfilled. Reported Earnings • Aug 05
First half 2024 earnings released First half 2024 results: €0.07 loss per share. Revenue: €474.1m (up 14% from 1H 2023). Net loss: €7.57m (down €7.90m from profit in 1H 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Entertainment industry in France. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Ankündigung • Aug 02
Believe S.A. to Report Fiscal Year 2024 Results on Mar 13, 2025 Believe S.A. announced that they will report fiscal year 2024 results After-Market on Mar 13, 2025 Ankündigung • Jul 09
Believe S.A. (ENXTPA:BLV) acquired 25% stake in Global Records SRL. Believe S.A. (ENXTPA:BLV) acquired 25% stake in Global Records SRL on July 8, 2024. Believe S.A. (ENXTPA:BLV) completed the acquisition of 25% stake in Global Records SRL on July 8, 2024. New Risk • Jun 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Ankündigung • Jun 25
Believe SA Appoints Andrew Fisher as Non-Executive Director Non-Executive Director and Chair Andrew Fisher has been appointed as a non-executive director of Believe SA with effect from 21 June 2024. Andrew will also be a member of their Audit and CSR Committees. Price Target Changed • May 23
Price target decreased by 9.1% to €16.01 Down from €17.61, the current price target is an average from 9 analysts. New target price is 6.3% above last closing price of €15.06. Stock is up 23% over the past year. The company is forecast to post earnings per share of €0.11 next year compared to a net loss per share of €0.057 last year. Ankündigung • Apr 08
Warner Music Drops Plans to Bid for France's Believe Warner Music Group Corp. (NasdaqGS:WMG) will not submit an offer to acquire French digital music Believe S.A. (ENXTPA:BLV), the music label said in a statement on April 6, 2024. Warner Music had revealed plans last month to submit a bid of at least €17 ($18.42) per share for Believe, valuing it at €1.65 billion ($1.79 billion), topping an earlier takeover bid from a consortium. The consortium, made up of Believe's shareholders, had offered €15 per share for the company, pegging its value at around €1.52 billion, an offer that was backed by the company's board of directors. Believe said in a statement it will ‘review the situation with all interested parties (including the consortium) to determine next steps in relation to the possible evolution of the company’s control’. Reported Earnings • Mar 15
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: €0.06 loss per share (improved from €0.31 loss in FY 2022). Revenue: €880.3m (up 16% from FY 2022). Net loss: €5.48m (loss narrowed 82% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 35%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Entertainment industry in France. Ankündigung • Mar 14
Believe S.A., Annual General Meeting, Jun 26, 2024 Believe S.A., Annual General Meeting, Jun 26, 2024. Ankündigung • Mar 12
Warner Music Discloses Interest in Buying French Believe Warner Music Group Corp. (NasdaqGS:WMG) confirmed it has offered to acquire French record label Believe S.A. (ENXTPA:BLV) at a total equity valuation of no less than EUR 1.65 billion (USD 1.80bn). A potential transaction could value the target company at least EUR 17 per share, based on currently available public information, the suitor said in a statement on March 07, 2024. WMG’s statement came shortly after Believe last month announced that a consortium led by founder and CEO Denis Ladegaillerie, Swedish private equity firm EQT AB and the company's largest shareholder, US venture capital firm TCV, has agreed to acquire a majority stake in the business at EUR 15 per share and then launch a mandatory tender offer to buy the rest of the shares. The US firm noted further in the press release that as opposed to the purely financial transaction contemplated by the consortium, WMG “would provide Believe with strategic support and financial stability to help the development and growth of the Company, including by accelerating its expansion into new geographies. In addition, WMG envisages financial terms that would be more attractive than those announced by the consortium”. New Risk • Feb 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Ankündigung • Feb 13
Denis Ladegaillerie, EQT X a fund managed by EQT AB (publ) (OM:EQT) and TCMI Inc. agreed to acquire 71.92% stake in Believe S.A. (ENXTPA:BLV) from Xange Private Equity, S.A., Ventech Capital III a fund managed by Ventech SA, Tcv Luxco Bd S.À R.L. and Denis Ladegaillerie for €1.04 billion. Denis Ladegaillerie, EQT X a fund managed by EQT AB (publ) (OM:EQT) and TCMI Inc. agreed to acquire 71.92% stake in Believe S.A. (ENXTPA:BLV) from Xange Private Equity, S.A., Ventech Capital III a fund managed by Ventech SA, Tcv Luxco Bd S.À R.L. and Denis Ladegaillerie for €1.04 billion on February 11, 2024. BidCo would acquire from TCV Luxco BD S.à r.l., XAnge and Ventech, historical shareholders of Believe, the shares they own in Believe’s capital, representing respectively 41.14%, 6.29% and 12.03% of the capital and 42.85%, 3.93%, and 15.05% of the voting rights. In addition, it is contemplated that Denis Ladegaillerie, the founder, would contribute a portion of his Company shares to BidCo (representing 11.17% of the share capital) and sell the remaining portion (representing 1.29% of the share capital) to BidCo, representing in the aggregate 12.46% of the share capital and 15.59% of the voting rights of the Company. The Consortium has also obtained from other shareholders of the Company undertakings to tender their shares in the Offer. These acquisitions would be completed following the receipt of required regulatory approvals, the issuance of a fairness opinion from the independent expert confirming the fairness of the take private offer and the issuance by the Company’s board of directors (the “Board”) of its recommendation with respect to the Offer, following consultation of the Company’s works council. Following these acquisitions, the Consortium would file a mandatory tender offer, at a price of 15 euros in cash, for the remaining shares of Believe outstanding at the time and, if the legal conditions are met at the end of the offer, will request the implementation of a squeeze-out procedure. On February 11, 2024, the Board of Directors of Believe unanimously welcomed the proposed transaction, without prejudice to the reasoned opinion to be issued by the Board following the submission of the report of the independent expert.
the Board of Directors of Believe has appointed Ledouble, represented by its partners Agnès Piniot and Romain Delafont, to act as the independent expert and establish a report on the financial conditions of the Offer, Believe has appointed Citigroup Global Markets Europe AG and Gide Loyrette Nouel as financial and legal advisers to assist the Company and the ad-hoc committee of the Board of Directors in their evaluation of the Offer. Ankündigung • Feb 09
Believe Further Expands in Japan, Unveils New Imprint Dedicated to Championing Japanese Hip-hop with Y=ellow Bucks, Red Eye, and Issei Uno Fifth Believe announced the launch of 'PLAYCODE', a new imprint dedicated to championing the growing Japanese hip-hop music scene, including partnering with some of Japan's leading acts: Y=ellow Bucks, Red Eye, and Issei Uno Fifth. This launch marks a new step in believe believe's expansion in Japan, less than a year since it began operating in the country, in October 2023. As part of believe Japan's Artist Services offering, 'PLAYCODE' aims at nurturing the booming local hip-hop music scene. It will combine believe's unique digital artist development capacities - strategic, marketing and financial support -, unrivalled local hip-hop expertise, and long-term partnerships with key digital players to accompany its artists at all stages of their careers reach wider audiences and grow their careers locally and internationally. With +450K monthly listeners on Spotify and 66,7K followers on YouTube, ¥ellow Bucks is one of the most influential hip-hop artists in Japan, whose breakthrough hit ‘YESSIR’ cumulates +36M views on YouTube and +25M listens on Spotify to date. After Red Eye winning the 16th High School Rap Championship in 2019, Red Eye has become a force to be reckoned within the hip-hop music scene, cumulating over 500K followers across all social platforms, with his ‘POCKET’ series reaching +8 million streams. Issei Uno Fifth’s massive hit ‘SLIDE’ gained popularity on TikTok, reaching +1.6M streams on Spotify and leading him to be one of the winners of TikTok’s Spotlight Programme. After creating a series of hip-hop focused imprints in Thailand (bYOND), Italy (MAST) and France (Avant-Garde, AllPoints and Morning Glory), the launch of ‘PLAYCODE’ confirms Believe’s long-lasting commitment to nurture and drive hip-hop independent artists to their utmost level all around the world, all the while remaining in full control of their creative freedom and careers. Reported Earnings • Aug 07
First half 2023 earnings released First half 2023 results: Revenue: €415.4m (up 18% from 1H 2022). Net income: €334.0k (up €8.80m from 1H 2022). Profit margin: 0.1% (up from net loss in 1H 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, while revenues in the Entertainment industry in France are expected to remain flat. Reported Earnings • Mar 18
Full year 2022 earnings released: €0.31 loss per share (vs €0.34 loss in FY 2021) Full year 2022 results: €0.31 loss per share (improved from €0.34 loss in FY 2021). Revenue: €760.8m (up 32% from FY 2021). Net loss: €29.8m (flat on FY 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Entertainment industry in France. Ankündigung • Feb 15
Believe S.A., Annual General Meeting, Jun 16, 2023 Believe S.A., Annual General Meeting, Jun 16, 2023. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Independent Director Kathleen O’Riordan is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Aug 05
Consensus estimates of losses per share improve by 69% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €704.7m to €726.9m. EPS estimate increased from -€0.13 per share to -€0.04 per share. Entertainment industry in France expected to see average net income growth of 16% next year. Consensus price target up from €16.09 to €16.49. Share price rose 8.5% to €9.79 over the past week. Price Target Changed • Jul 05
Price target decreased to €16.09 Down from €17.49, the current price target is an average from 9 analysts. New target price is 93% above last closing price of €8.34. Stock is down 41% over the past year. The company is forecast to post a net loss per share of €0.13 next year compared to a net loss per share of €0.34 last year. Price Target Changed • Jun 30
Price target decreased to €16.71 Down from €18.46, the current price target is an average from 9 analysts. New target price is 112% above last closing price of €7.90. Stock is down 45% over the past year. The company is forecast to post a net loss per share of €0.13 next year compared to a net loss per share of €0.34 last year. Major Estimate Revision • May 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -€0.10 to -€0.11 per share. Revenue forecast unchanged at €699.8m. Entertainment industry in France expected to see average net income growth of 28% next year. Consensus price target broadly unchanged at €18.79. Share price fell 9.1% to €11.00 over the past week. Major Estimate Revision • Mar 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -€0.09 to -€0.03 per share. Revenue forecast steady at €710.5m. Entertainment industry in France expected to see average net income growth of 30% next year. Consensus price target down from €21.64 to €19.59. Share price rose 11% to €12.90 over the past week. Ankündigung • Jun 11
Believe Société anonyme has completed an IPO in the amount of €300.000012 million. Believe Société anonyme has completed an IPO in the amount of €300.000012 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,384,616
Price\Range: €19.5
Transaction Features: Sponsor Backed Offering