Spotify Technology (SPOT) Resumen de Acciones
Spotify Technology S.A., junto con sus filiales, ofrece servicios de suscripción de streaming de audio en todo el mundo. Saber más
| Puntuación del snowflake | |
|---|---|
| Valoración | 3/6 |
| Crecimiento futuro | 2/6 |
| Rendimiento pasado | 6/6 |
| Salud financiera | 6/6 |
| Dividendos | 0/6 |
Recompensas
Análisis de riesgos
No se han detectado riesgos en SPOT a partir de nuestros controles de riesgos.
SPOT Community Fair Values
Create NarrativeSee what 360 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Top Community Narratives
Competidores de Spotify Technology S.A.
Historial de precios y rendimiento
| Precios históricos de las acciones | |
|---|---|
| Precio actual de la acción | US$512.82 |
| Máximo en las últimas 52 semanas | US$745.00 |
| Mínimo de 52 semanas | US$405.00 |
| Beta | 1.58 |
| Cambio en 1 mes | 7.25% |
| Variación en 3 meses | 15.24% |
| Cambio de 1 año | -30.02% |
| Variación en 3 años | 288.88% |
| Variación en 5 años | 136.72% |
| Variación desde la OPV | 244.15% |
Noticias y actualizaciones recientes
Actualización de narrativa • Aug 14
SPOT: AI Monetization Tests And Mixed Outlook Will Shape Balanced Risk Profile
Analysts have slightly lifted the blended price target for Spotify Technology to $485.49, with recent research pointing to mixed Q3 expectations, refreshed Q2 models, and ongoing debate about how new AI driven features and pricing tests might influence growth, margins, and valuation multiples. Analyst Commentary Recent research on Spotify Technology shows a wide range of price targets and ratings, with opinions splitting around how much value to assign to the company’s AI roadmap, pricing experiments, and long term margin goals.Seeking Alpha • Aug 03
Spotify: AI Threatens The Platform Ahead Of Q2 2026 Earnings - Strong Sell
Summary Spotify (SPOT) faces structural risks from AI-generated content, threatening platform quality, operating costs, and artist negotiations ahead of Q2 2026 earnings. SPOT remains heavily dependent on major music labels, with 72% of streams controlled by four entities, limiting content control and inflating royalty expenses. Valuation metrics—P/E, P/S, and EV/EBITDA—show SPOT trades at a significant premium to peers despite lagging gross profit margins. I am closely watching Q2 2026 for ad-supported revenue trends, AI/cloud cost escalation, and monetization from new content formats beyond subscriber growth. Read the full article on Seeking AlphaRecent updates
Actualización de narrativa • Aug 14
SPOT: AI Monetization Tests And Mixed Outlook Will Shape Balanced Risk Profile
Analysts have slightly lifted the blended price target for Spotify Technology to $485.49, with recent research pointing to mixed Q3 expectations, refreshed Q2 models, and ongoing debate about how new AI driven features and pricing tests might influence growth, margins, and valuation multiples. Analyst Commentary Recent research on Spotify Technology shows a wide range of price targets and ratings, with opinions splitting around how much value to assign to the company’s AI roadmap, pricing experiments, and long term margin goals.Seeking Alpha • Aug 03
Spotify: AI Threatens The Platform Ahead Of Q2 2026 Earnings - Strong Sell
Summary Spotify (SPOT) faces structural risks from AI-generated content, threatening platform quality, operating costs, and artist negotiations ahead of Q2 2026 earnings. SPOT remains heavily dependent on major music labels, with 72% of streams controlled by four entities, limiting content control and inflating royalty expenses. Valuation metrics—P/E, P/S, and EV/EBITDA—show SPOT trades at a significant premium to peers despite lagging gross profit margins. I am closely watching Q2 2026 for ad-supported revenue trends, AI/cloud cost escalation, and monetization from new content formats beyond subscriber growth. Read the full article on Seeking Alpha
Actualización de narrativa • Jul 31
SPOT: AI Roadmap And Premium Add Ons Will Support Future Margins
Spotify Technology's updated analyst price target framework points to a modest fair value adjustment to about $606 per share. Analysts cite steady execution on growth and margins, an expanded AI driven product roadmap, and new premium offerings that refine assumptions for revenue growth, profit margins, and future P/E levels.
Actualización de narrativa • Jun 30
SPOT: AI Licensing And Premium Add Ons Will Drive Future Margins
Spotify Technology's analyst price target has been raised by roughly $80 to the mid $500s, as analysts point to the company's AI-driven product roadmap, new monetization tools, and long-term financial targets highlighted at its recent investor day. Analyst Commentary Recent Street research around Spotify Technology centers on how its AI product roadmap, new premium tiers, and licensing deals could influence long-term growth, execution, and valuation.Actualización de narrativa • Jun 16
SPOT: AI Personalization And Pricing Tests Will Shape Balanced Risk Profile
Analyst price targets for Spotify have shifted higher by roughly $50 to $150, into a $520 to $650 range, as analysts react to the investor day focus on AI driven personalization, new premium tiers, and licensing deals with Universal Music Group and Live Nation that are seen as supportive of engagement, monetization, and the updated profit margin and future P/E assumptions. Analyst Commentary Recent research shows a wide spread of views on Spotify, with several firms lifting price targets into a higher range following the investor day, while others remain more cautious on how the story plays out in practice.Actualización de narrativa • Jun 01
SPOT: AI Partnerships And Premium Add Ons Will Drive Future Margin Expansion
Analysts trimmed the fair value estimate for Spotify to $734 from $787, even as many raised price targets into the $520 to $650 range. This reflects enthusiasm around the company's AI driven product roadmap, new Universal Music Group partnerships, and perceived visibility into mid term growth and monetization.Actualización de narrativa • May 13
SPOT: Price Increases And AI Investments Will Support Future Margin Expansion
Spotify Technology's updated analyst price target has moved lower to reflect a fair value estimate now around $590, as analysts factor in slightly higher revenue growth assumptions along with more conservative long term profit margins and a reduced future P/E multiple. Analyst Commentary Recent research on Spotify Technology reflects a mix of optimism on execution and margins, alongside more cautious views on valuation and future growth assumptions.Actualización de narrativa • Apr 29
SPOT: Future Margin Expansion Will Rely On Recurring Price Hikes
Analysts trimmed Spotify Technology's fair value estimate slightly to $786.63. This reflects lower price targets across several firms, balanced by views that improved profit margins and an updated future P/E assumption still support the long-term case.Actualización de narrativa • Apr 15
SPOT: 2026 Price Hikes And AI Features Will Support Margins
The analyst price target for Spotify has edged slightly lower by about $2 to reflect a modestly higher discount rate and slightly softer revenue growth assumptions, even as analysts continue to highlight potential support from improving profit margins and product investments, including AI features. Analyst Commentary Recent research on Spotify reflects a mixed but engaged view, with analysts actively revisiting ratings and price targets as they reassess AI risk, margin trajectory, and the pace of price changes.Actualización de narrativa • Mar 31
SPOT: Recurring Price Increases Will Support Future Margin Expansion Potential
Analysts have nudged their price target framework for Spotify higher to $784.59 from $767.84, reflecting slightly firmer assumptions around revenue growth, profit margins, and future P/E in light of a mix of supportive rating actions, incremental price hike expectations, and ongoing debate over AI related risks. Analyst Commentary Recent research on Spotify centers on two themes you should keep in mind: pricing power in Premium subscriptions and how much AI changes the risk profile for the business.Actualización de narrativa • Mar 17
SPOT: Recurring Price Hikes And Firmer Margins Will Support Revaluation Potential
Spotify's analyst fair value estimate has been adjusted from $889.24 to $767.84 as analysts factor in slightly higher discount rates and a lower future P/E, partly offset by firmer margin expectations and views that AI related risks to the platform and its pricing power are limited. Analyst Commentary Recent research on Spotify highlights a split view on AI risk and pricing power, but there is a clear cluster of bullish analysts who still see upside in the story despite a period of target cuts across the Street.Actualización de narrativa • Mar 03
SPOT: 2026 Price Hikes Will Support Margins Despite AI Concerns
Analysts have slightly reduced their price target on Spotify to $649 from $662. This reflects a modest increase in the discount rate and slightly lower assumptions for revenue growth and future P/E.Actualización de narrativa • Feb 17
SPOT: 2026 U.S. Price Hike Will Offset Rising AI Subscription Risk
Analysts have trimmed their average price target on Spotify, reflected in a lower fair value estimate of $662.14 from $733.44, as they factor in higher perceived AI related risk to paid streaming, modestly softer growth assumptions, a richer discount rate, and a more conservative future P/E multiple, despite higher projected profit margins. Analyst Commentary Recent research on Spotify Technology points to a mixed but highly engaged analyst backdrop, with multiple firms revisiting their models around AI risk, pricing, and execution on product initiatives.
Nueva narrativa • Feb 13
Spotify - A Fundamental and Historical Valuation
️Business Overview Key Metrics Total: -1/17 +1 ✅ Projected Operating Margin: 17.56% +1 ✅ Projected 5-Year Revenue CAGR: 10.87% +0 ⚠️ Last 5-Year ROIC: 4.68% -2 ❌ Estimated Cost of Capital: 7.71% (greater than ROIC) -1 ❌ Last 5-Year Shares Outstanding CAGR: +2.07% +1 ✅ Projected 5-Year EPS CAGR: 15.46% +0 ⚠️ Projected 5-Year Dividend CAGR: N/A +1 ✅ Estimated Debt Rating: A1 -1 ❌ Morningstar Moat: Narrow -1 ❌ Morningstar Uncertainty: High Despite its Narrow Moat rating by Morningstar, Spotify still shows an operating margin around ~15-20% and expanding. Its revenue and EPS growth is also solid between 10-15%.Artículo de análisis • Feb 05
Spotify Technology S.A.'s (NYSE:SPOT) 26% Cheaper Price Remains In Tune With Earnings
The Spotify Technology S.A. ( NYSE:SPOT ) share price has fared very poorly over the last month, falling by a...Actualización de narrativa • Feb 03
SPOT: Free Tier Funnel And 2026 U.S. Price Hike Will Support Leadership
Analysts have trimmed their blended price target for Spotify, with our fair value estimate easing from US$748.60 to about US$733.44. This reflects slightly lower assumed future P/E multiples, which more than offset modestly higher long term revenue growth and profit margin expectations following a wave of recent target cuts and rating changes across the Street.Actualización de narrativa • Jan 20
SPOT: Future Price Increases And Margin Goals Will Drive Rerating Potential
Analysts have trimmed their Spotify Technology price targets, with our fair value estimate moving from US$913.70 to US$889.24. They are factoring in slightly softer margin assumptions, modestly lower growth estimates, and a higher future P/E, while still referencing potential benefits from pricing changes and longer term margin goals.Actualización de narrativa • Jan 06
SPOT: Pricing Power And AI Collaboration Will Shape Balanced Risk Reward Outlook
Analysts have nudged their price targets for Spotify higher, citing a supportive mix of pricing power, a constructive view on music industry economics, and a willingness to underwrite a richer future P/E multiple of around 38.7x. Analyst Commentary Recent research on Spotify reflects a mix of enthusiasm for the business model and pricing potential alongside debate over how much optimism is already reflected in the share price.Actualización de narrativa • Dec 14
SPOT: Pricing Power And AI Will Shape Balanced Risk Reward Outlook
Our fair value estimate for Spotify Technology has been raised by about $37 to roughly $569 per share, as analysts grow more confident in accelerating revenue growth, expanding profit margins, and the earnings power implied by recent price target revisions across the Street. Analyst Commentary Recent Street commentary on Spotify highlights a mix of optimism around pricing power, product innovation, and artificial intelligence, alongside a more measured tone on valuation and execution risk.Actualización de narrativa • Nov 18
SPOT: User Gains From Free Tier Funnel Will Drive Competitive Leadership
Spotify’s analyst price target has been modestly increased from approximately $736 to $749, as analysts point to rising expectations for revenue growth and margin expansion. This outlook is fueled by upcoming price increases and ongoing product enhancements.Artículo de análisis • Nov 11
We Think Spotify Technology's (NYSE:SPOT) Profit Is Only A Baseline For What They Can Achieve
Even though Spotify Technology S.A. ( NYSE:SPOT ) posted strong earnings, investors appeared to be underwhelmed. We...Artículo de análisis • Nov 07
Spotify Technology S.A. Just Recorded A 63% EPS Beat: Here's What Analysts Are Forecasting Next
Last week, you might have seen that Spotify Technology S.A. ( NYSE:SPOT ) released its quarterly result to the market...Actualización de narrativa • Nov 01
SPOT: Upcoming Price Increases And Product Changes Will Drive Future Upside
Analysts have slightly lowered their fair value estimate for Spotify Technology by approximately $10 to $736. They cite a balanced outlook in light of evolving industry pricing opportunities and the company's recent financial performance trends.Actualización de narrativa • Oct 17
Generative AI And Personalization Will Shape Future Entertainment
Spotify’s consensus analyst price target has been adjusted slightly lower, from $747.78 to $746.42. This change reflects updated expectations around revenue growth and profit margins as analysts weigh recent price increases, user engagement momentum, and the outlook for cost management.Actualización de narrativa • Oct 03
Generative AI And Personalization Will Shape Future Entertainment
Analysts have slightly lowered their fair value estimate for Spotify Technology, adjusting the price target from $756 to $748. More balanced risk-reward expectations and moderated growth outlooks for key metrics offset recent model updates and price increases.Actualización de narrativa • Sep 17
Generative AI And Personalization Will Shape Future Entertainment
Analysts have raised Spotify’s price targets, citing robust subscriber growth, improved product differentiation and engagement, and greater pricing power despite near-term cost headwinds, leading to a consensus Analyst Price Target increase from $739.83 to $756.18. Analyst Commentary Bullish analysts are raising price targets on expectations of continued price increases in key markets and further upward revisions to long-term revenue and profit estimates.Seeking Alpha • Apr 16
Spotify Is Executing Brilliantly, But The Stock Isn't A Buy Anymore (Rating Downgrade)
Summary Spotify's stock has surged 85.1% since my initial “cautious buy” rating, driven by better-than-expected company improvements and strong execution. Despite impressive growth, the reduced margin of safety now requires greater optimism for a favorable valuation, prompting a downgrade to “cautious hold”. Spotify has achieved significant milestones, including a +30% gross margin and +670 million MAUs, through strategic initiatives and cost management. Risks remain, such as dependency on record labels and increasing competition, making long-term growth visibility less clear and necessitating cautious optimism. Read the full article on Seeking AlphaSeeking Alpha • Mar 14
Spotify: The Road Ahead Is Tough, But It Is Positioned Well
Summary Spotify continues to lead in music streaming with strong growth, innovative features, and a dominant market position, despite recent stock price declines. The company achieved record Q4 results and profitability in 2024, but faces challenges in further margin expansion and increased competition from YouTube. Future success hinges on maintaining efficiency, better monetizing emerging markets users, and significantly improving ads and video capabilities. Considering the challenges ahead, Spotify's Valuation is a bit too high at 46 times forward earnings, making it a 'Hold'. Read the full article on Seeking AlphaSeeking Alpha • Feb 14
Spotify: Just Getting Started
Summary The monetization process is just getting started. Spotify may have multiple years of high earnings growth and increasing FCF. Growing premium subscribers with higher ARPU is the main earnings driver, boosting EBITDA and free cash flow and enhancing shareholder value. Spotify is beginning to gain pricing power from music labels that adds upside risk to its monetization story. The stock's valuation is transitioning to higher EPS-based multiples, I target a price of $770 by YE26. Competition from Amazon and Apple poses a risk, but Spotify's monetization strategy and profitability shift support a continued buy rating. Read the full article on Seeking AlphaSeeking Alpha • Feb 05
Spotify Q4: Profitability Is Only Getting Better
Summary Spotify released its Q4 earnings on 2/4, impressing the market. This was mostly off the back of growing premium subscribers from Q4 2024, and continued growth into Q1 2025. MAUs are up, revenue is up, and expenses are down; Spotify is in a great position and has finally turned a profit for a full year. Compound this with its high valuation, and you have a set-up for success or failure depending on future earnings and if growth can maintain its trajectory. Read the full article on Seeking Alpha
Nueva narrativa • Feb 05
Narrative update from Michael Paige
Retain Dominant Market Share Position In Paid Music StreamingThis assumptions appears to be tracking well and ahead of my conservative estimates. I estimated 8% growth per year in MAU and premium subsSeeking Alpha • Jan 22
Spotify Q4 Preview: Changing Creator Incentives
Summary Spotify's shares have surged 31.99% since October, driven by AI optimization and enhanced user experiences, boosting demand and premium subscriptions. The new creator incentive program, offering 50% ad revenue share, is a game changer, attracting more high-quality content to Spotify. Despite market pessimism, I believe Spotify's Q4 earnings will exceed expectations due to these creator innovations and strong user engagement metrics. SPOT's strong free cash flow growth and competitive creator incentives position it for significant upside, making it a strong buy heading into Q4 earnings. Read the full article on Seeking AlphaSeeking Alpha • Jan 15
Spotify: The Operational Leverage Run Is Close To Being Over, What's Next?
Summary Spotify emerged stronger from the 2022 market selloff, with its stock up over 6x since December 2022 due to margin expansion and consistent growth. Key growth drivers included aggressive cost-cutting, gaining leverage over music labels, and diversifying into podcasts and audiobooks. Future growth will depend on emerging markets and advertising, though these come with lower ARPU and more uncertainty. Spotify's operational leverage has limits, and the company faces challenges in maintaining the margin expansion story while making strides into video and competing with YouTube. The current valuation and consensus estimates don't reflect the higher uncertainty, leading to a 'Hold' rating. Read the full article on Seeking AlphaSeeking Alpha • Dec 15
Spotify: My Top Investment Pick For 2025
Summary I recommend a "Strong Buy" for Spotify as I highlight robust growth, pricing power, and profitability improvements. Spotify's Q3 results were stellar, with gross margins at 31.1%, revenue up 19% YoY, and free cash flow soaring 230% to $711 million. The platform's scalable, low-cost model, AI-driven personalization, and new subscription tiers ensure sustained growth and high margins without significant overhead. Looking ahead, Spotify's video podcast push, new "Superfan" tier, and enhanced ad tools will drive further revenue and margin gains, with analysts projecting €3.6 billion in FCF by 2026. Read the full article on Seeking AlphaSeeking Alpha • Dec 08
From $15 Billion To $100 Billion: Lessons From Our Spotify Investment
Summary Spotify's stock surged from $132 to $500 per share since its 2018 IPO, delivering a 23% annualized return over 6.5 years. Despite past doubts about its profitability, Spotify's recent improvements in gross margins and cost discipline have renewed optimism in its long-term potential. The company's strategic shift towards advertising and price increases has driven revenue growth and positioned it for future profitability. Adopting a principle of letting winners naturally concentrate in the portfolio has proven effective, with Spotify now representing 15% of our holdings. Read the full article on Seeking Alpha
Nueva narrativa • Nov 24
Expanding Audiobook Offerings And AI Innovation Propel Dynamic Growth Trajectory
Expansion into audiobooks and AI-enhanced music discovery are set to boost user engagement and revenue growth.Seeking Alpha • Nov 12
Spotify Q3: Strong Subscriber Growth And Margin Improvement
Summary I reiterate a Strong Buy on Spotify Technology S.A. stock with a one-year price target of $500 per share, due to strong subscriber growth and improved monetization. Spotify's potential launch of an ads exchange platform could enhance video ad offerings, reduce reliance on Alphabet and Meta, and boost ad revenue. Spotify's Q3 results showed 19% revenue growth and 11.5% growth in monthly active users, with new features enhancing user experience and reducing churn. Despite SPOT's ongoing legal battles with the Mechanical Licensing Collective, I project 16% annual revenue growth, driven by subscriber gains, price increases, and advertising expansions. Read the full article on Seeking AlphaRentabilidad de los accionistas
| SPOT | US Entertainment | Mercado US | |
|---|---|---|---|
| 7D | 5.1% | 3.7% | 0.6% |
| 1Y | -30.0% | -22.0% | 20.1% |
Rentabilidad vs. Industria: Los resultados de SPOT fueron inferiores a los de la industria US Entertainment, que obtuvo un rendimiento del -22% el año pasado.
Rentabilidad vs. Mercado: SPOT obtuvo unos resultados inferiores a los del mercado US, que fueron del 20.1% el año pasado.
Volatilidad de los precios
| SPOT volatility | |
|---|---|
| SPOT Average Weekly Movement | 6.4% |
| Entertainment Industry Average Movement | 9.2% |
| Market Average Movement | 7.1% |
| 10% most volatile stocks in US Market | 16.3% |
| 10% least volatile stocks in US Market | 3.1% |
Precio estable de las acciones: SPOT no ha tenido una volatilidad de precios significativa en los últimos 3 meses en comparación con el mercado US.
Volatilidad a lo largo del tiempo: La volatilidad semanal de SPOT (6%) se ha mantenido estable durante el año pasado.
Acerca de la empresa
| Fundada | Empleados | CEO | Página web |
|---|---|---|---|
| 2006 | 7,000 | Alex Norström | www.spotify.com |
Spotify Technology S.A., junto con sus filiales, ofrece servicios de suscripción de streaming de audio en todo el mundo. Opera en dos segmentos, Premium y Ad-Supported. El segmento Premium ofrece acceso en línea y fuera de línea a su catálogo de música y podcasts, incluidos vídeos, música sin pérdidas y audiolibros en mercados seleccionados a través de ofertas de suscripción que se venden principalmente a usuarios finales y socios.
Resumen de fundamentos de Spotify Technology S.A.
| Estadísticas fundamentales de SPOT | |
|---|---|
| Capitalización bursátil | US$105.43b |
| Beneficios(TTM) | US$3.86b |
| Ingresos (TTM) | US$20.95b |
27.3x
Ratio precio-beneficio (PE)5.0x
Ratio precio-ventas (PS)¿Está SPOT sobrevalorada?
Ver valor justo y análisis de valoraciónBeneficios e Ingresos
| Cuenta de resultados (TTM) de SPOT | |
|---|---|
| Ingresos | €18.11b |
| Coste de los ingresos | €12.18b |
| Beneficio bruto | €5.94b |
| Otros gastos | €2.60b |
| Beneficios | €3.34b |
Últimos beneficios comunicados
Jun 30, 2026
Próxima fecha de beneficios
n/a
| Beneficios por acción (BPA) | 16.24 |
| Margen bruto | 32.77% |
| Margen de beneficio neto | 18.43% |
| Ratio deuda/patrimonio | 0% |
¿Cómo se ha desempeñado SPOT a largo plazo?
Ver rendimiento histórico y comparativaAnálisis de la empresa y estado de los datos financieros
| Datos | Última actualización (huso horario UTC) |
|---|---|
| Análisis de la empresa | 2026/08/16 18:21 |
| Precio de las acciones al final del día | 2026/08/14 00:00 |
| Beneficios | 2026/06/30 |
| Ingresos anuales | 2025/12/31 |
Fuentes de datos
Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.
| Paquete | Datos | Marco temporal | Ejemplo Fuente EE.UU. * |
|---|---|---|---|
| Finanzas de la empresa | 10 años |
| |
| Estimaciones del consenso de analistas | +3 años |
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| Precios de mercado | 30 años |
| |
| Propiedad | 10 años |
| |
| Gestión | 10 años |
| |
| Principales avances | 10 años |
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* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.
A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.
Modelo de análisis y copo de nieve
Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.
Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.
Métricas industriales y sectoriales
Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.
Fuentes analistas
Spotify Technology S.A. está cubierta por 65 analistas. 37 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.
| Analista | Institución |
|---|---|
| Samuel Lourensz | Arete Research Services LLP |
| Richard Kramer | Arete Research Services LLP |
| William Noel Milner | Arete Research Services LLP |