Spotify Technology (BMV:SPOT N) Stock Valuation, Peer Comparison & Price Targets

Share Price vs Fair Value

What is the Fair Price of SPOT N when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPOT N (MX$9603) is trading above our estimate of fair value (MX$8557.64)

Significantly Below Fair Value: SPOT N is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SPOT N?

Key metric: As SPOT N is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SPOT N. This is calculated by dividing SPOT N's market cap by their current earnings.
What is SPOT N's PE Ratio?
PE Ratio	131.5x
Earnings	€701.00m
Market Cap	€92.18b

SPOT N key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	5.8x
Enterprise Value/EBITDA	76.6x
PEG Ratio	4.4x

Price to Earnings Ratio vs Peers

How does SPOT N's PE Ratio compare to its peers?

The above table shows the PE ratio for SPOT N vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	32x
CIE B Corporación Interamericana de Entretenimiento. de	9.8x	n/a	Mex$14.5b
UMG Universal Music Group	26.7x	6.5%	€41.3b
DIS Walt Disney	42.1x	19.3%	US$209.4b
NFLX Netflix	49.3x	15.9%	US$383.8b
SPOT N Spotify Technology	131.5x	29.6%	Mex$96.0b

Price-To-Earnings vs Peers: SPOT N is expensive based on its Price-To-Earnings Ratio (131.5x) compared to the peer average (32x).

Price to Earnings Ratio vs Industry

How does SPOT N's PE Ratio compare vs other companies in the Global Entertainment Industry?

25 Companies	Price / Earnings	Estimated Growth	Market Cap

25 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SPOT N is expensive based on its Price-To-Earnings Ratio (131.5x) compared to the Global Entertainment industry average (23.3x).

Price to Earnings Ratio vs Fair Ratio

What is SPOT N's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SPOT N PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	131.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SPOT N's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SPOT N forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	Mex$9,603.00	Mex$9,592.18 -0.1%	15.0%	Mex$12,482.19	Mex$4,797.37	n/a	34
Nov ’25	Mex$7,880.00	Mex$8,127.13 +3.1%	13.3%	Mex$10,060.91	Mex$4,923.10	n/a	34
Oct ’25	Mex$7,245.00	Mex$7,833.55 +8.1%	13.5%	Mex$10,037.53	Mex$4,911.65	n/a	35
Sep ’25	Mex$6,680.02	Mex$7,808.11 +16.9%	13.1%	Mex$9,250.06	Mex$4,890.84	n/a	33
Aug ’25	Mex$6,320.00	Mex$7,169.25 +13.4%	13.1%	Mex$8,541.09	Mex$4,548.57	n/a	33
Jul ’25	Mex$5,728.00	Mex$6,314.62 +10.2%	13.7%	Mex$7,340.15	Mex$3,853.58	n/a	31
Jun ’25	Mex$5,200.00	Mex$5,740.23 +10.4%	14.2%	Mex$6,762.98	Mex$3,557.02	n/a	32
May ’25	Mex$4,850.00	Mex$5,671.75 +16.9%	15.7%	Mex$6,802.03	Mex$3,577.56	n/a	33
Apr ’25	Mex$4,410.00	Mex$4,457.42 +1.1%	14.2%	Mex$5,485.45	Mex$2,712.95	n/a	33
Mar ’25	Mex$4,430.00	Mex$4,532.66 +2.3%	13.6%	Mex$5,658.07	Mex$2,798.33	n/a	32
Feb ’25	Mex$3,726.00	Mex$3,768.52 +1.1%	14.9%	Mex$5,192.17	Mex$2,823.79	n/a	30
Jan ’25	Mex$3,202.00	Mex$3,620.91 +13.1%	15.4%	Mex$5,234.66	Mex$2,593.80	n/a	30
Dec ’24	Mex$3,183.40	Mex$3,267.90 +2.7%	13.0%	Mex$4,415.67	Mex$2,364.64	n/a	29
Nov ’24	Mex$2,928.00	Mex$3,283.77 +12.2%	15.0%	Mex$4,505.06	Mex$1,899.95	Mex$7,880.00	30
Oct ’24	Mex$2,698.51	Mex$2,922.38 +8.3%	15.2%	Mex$4,247.64	Mex$1,849.75	Mex$7,245.00	30
Sep ’24	Mex$2,614.51	Mex$2,823.87 +8.0%	15.5%	Mex$4,184.94	Mex$1,822.45	Mex$6,680.02	31
Aug ’24	Mex$2,556.00	Mex$2,851.33 +11.6%	15.2%	Mex$4,166.77	Mex$1,812.50	Mex$6,320.00	32
Jul ’24	Mex$2,740.00	Mex$2,728.15 -0.4%	13.1%	Mex$3,239.97	Mex$1,833.59	Mex$5,728.00	31
Jun ’24	Mex$2,700.00	Mex$2,709.26 +0.3%	12.7%	Mex$3,181.35	Mex$1,862.07	Mex$5,200.00	30
May ’24	Mex$2,442.00	Mex$2,716.06 +11.2%	14.5%	Mex$3,313.16	Mex$1,644.55	Mex$4,850.00	30
Apr ’24	Mex$2,410.00	Mex$2,482.28 +3.0%	17.3%	Mex$3,455.20	Mex$1,649.82	Mex$4,410.00	29
Mar ’24	Mex$2,169.00	Mex$2,373.66 +9.4%	17.8%	Mex$3,287.63	Mex$1,467.30	Mex$4,430.00	29
Feb ’24	Mex$2,213.00	Mex$2,384.08 +7.7%	16.1%	Mex$3,484.25	Mex$1,555.06	Mex$3,726.00	29
Jan ’24	Mex$1,530.00	Mex$2,411.50 +57.6%	18.2%	Mex$3,573.36	Mex$1,776.46	Mex$3,202.00	29
Dec ’23	Mex$1,519.50	Mex$2,307.39 +51.9%	18.4%	Mex$3,388.60	Mex$1,684.61	Mex$3,183.40	29
Nov ’23	Mex$1,612.60	Mex$2,306.44 +43.0%	18.4%	Mex$3,385.89	Mex$1,683.26	Mex$2,928.00	29

Analyst Forecast: Target price is lower than the current share price.

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Spotify Technology Valuation