Spotify Technology (SPOT) Stock Overview
Provides audio streaming subscription services worldwide. More details
| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 2/6 |
| Past Performance | 6/6 |
| Financial Health | 6/6 |
| Dividends | 0/6 |
Rewards
Risk Analysis
No risks detected for SPOT from our risk checks.
SPOT Community Fair Values
Create NarrativeSee what 374 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Top Community Narratives
Spotify Technology S.A. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$432.75 |
| 52 Week High | US$785.00 |
| 52 Week Low | US$405.00 |
| Beta | 1.55 |
| 1 Month Change | -9.08% |
| 3 Month Change | -11.17% |
| 1 Year Change | -30.21% |
| 3 Year Change | 195.76% |
| 5 Year Change | 95.82% |
| Change since IPO | 190.42% |
Recent News & Updates
Seeking Alpha • Apr 29
Spotify: The Sell-Off After Q1 Earnings Is A Gift
Summary I am rating Spotify a 'buy' as valuation multiples have contracted since its peak in 2025, creating an attractive risk-reward profile despite recent post-earnings weakness. SPOT's Q1 FY26 saw revenue of €4.5B (+8% YoY) and operating income of €715M, but forward guidance for Premium subscriber growth and operating profit disappointed. Premium subscriptions drove over 91.5% of revenue, with ARPU remaining resilient even after a February 2026 price hike, though pricing fatigue is a concern. AI-driven investments aim to deepen engagement and support freemium-to-premium conversion, while technical support at $344 and 40% upside to consensus PT underpin bullish positioning. Read the full article on Seeking Alpha
Narrative Update • 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.
Narrative Update • 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.Recent updates
Seeking Alpha • Apr 29
Spotify: The Sell-Off After Q1 Earnings Is A Gift
Summary I am rating Spotify a 'buy' as valuation multiples have contracted since its peak in 2025, creating an attractive risk-reward profile despite recent post-earnings weakness. SPOT's Q1 FY26 saw revenue of €4.5B (+8% YoY) and operating income of €715M, but forward guidance for Premium subscriber growth and operating profit disappointed. Premium subscriptions drove over 91.5% of revenue, with ARPU remaining resilient even after a February 2026 price hike, though pricing fatigue is a concern. AI-driven investments aim to deepen engagement and support freemium-to-premium conversion, while technical support at $344 and 40% upside to consensus PT underpin bullish positioning. Read the full article on Seeking AlphaNarrative Update • 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.Narrative Update • 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.Narrative Update • 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.Narrative Update • 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.Narrative Update • 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.
New Narrative • Feb 27
Spotify (SPOT): The Audio Super-Platform – Scaling Profitability in the "Year of Raising Ambition"
Spotify Technology (SPOT) has decisively silenced the skeptics who questioned its ability to turn massive scale into meaningful profit. Following its Q4 fiscal 2025 earnings report on February 10, 2026 , the stock experienced a powerful 12% surge , eventually stabilizing around $511.84 as of February 27.Narrative Update • 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.
New Narrative • 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%.Analysis Article • 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...Narrative Update • 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.Narrative Update • 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.
Narrative Update • 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.Narrative Update • 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.Narrative Update • 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.Analysis Article • 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...Analysis Article • 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...Narrative Update • 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.Narrative Update • 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.Narrative Update • 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.Narrative Update • 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.Analysis Article • Jul 31
Is It Too Late To Consider Buying Spotify Technology S.A. (NYSE:SPOT)?
Let's talk about the popular Spotify Technology S.A. ( NYSE:SPOT ). The company's shares saw a decent share price...Analysis Article • Jul 02
Spotify Technology (NYSE:SPOT) Could Easily Take On More Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...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
New Narrative • 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
New Narrative • 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 AlphaSeeking Alpha • Oct 03
Spotify: Who's There? TikTok - Buy
Summary I'm maintaining my buy-rating on Spotify in light of TikTok Music's shutdown this November, which I expect will boost Spotify's subscriber base significantly. I expect SPOT to outperform due to momentum in premium subscribers' organic growth and migration from TikTok. I hereon share my positive sentiment on Spotify and why I see more upside in 4Q24 and FY25. Read the full article on Seeking Alpha
New Narrative • Sep 19
Narrative update from Richard Bowman
Monthly active users up 2% Q/Q and 14% Y/YSeeking Alpha • Sep 13
Spotify: Why We Remain Confident In The Position We've Built
Summary Back in 2022, Spotify was trading at roughly $15 billion. Now, just 18 months later, Spotify is valued at about $68 billion - a 4.3x increase. Our average cost basis is $216, as we increased our position as the stock rose. As a result, the stock return from that cost basis stands at 58%. We remain confident in the position we've built, given the company's strong long-term growth and profitability potential. Read the full article on Seeking AlphaSeeking Alpha • Aug 24
Spotify: Beware Slowing MAU Growth, Lock In Gains And Sell (Rating Downgrade)
Summary Shares of Spotify are up more than 80% year to date, and there are significant fundamental risks ahead. The company is reporting slower-than-expected MAU expansion, which hurts the future pipeline of Premium subscribers while also slowing down near-term ad revenue. The stock trades at a significant premium to both the S&P 500 and Netflix. Downgrading Spotify to sell, especially as recent price increases (pushing a Spotify subscription above competitor pricing) may trigger heightened churn. Read the full article on Seeking AlphaNew Narrative • Aug 16
Narrative update from Michael Paige
In terms of market share, nothing has particularly changed, and reports still indicate that it has around one-third of market share in the industry.Seeking Alpha • Jul 23
Spotify Q2: Subscriber Gains With Improved Monetization
Summary Spotify Technology S.A. shows 14% year-over-year growth in monthly active users, highlighting subscriber gains and improved monetization. The company's strategies in podcasts and ad-supported streaming services contribute to subscriber growth and revenue increases. Forecasting 22% revenue growth for FY24, with potential downside risks from competition with Apple Music. Reiterating “Strong Buy” rating with $400 price target. Read the full article on Seeking AlphaSeeking Alpha • Jul 16
Spotify: Ready To Jump As Price And Bundling Adjustment Flow To Earnings
Summary Spotify's price increases and bundling strategy represent a well-calculated move to enhance revenue and improve gross margins. Investors should take Spotify's pricing power as a testament to the company's market leadership and its ability to leverage its vast user base for incremental revenue gains. Looking to Q2, I expect the upcoming earnings report to broader validate Spotify’s strategic direction and its capability to generate long-term shareholder value. I increase my target price for Spotify stock to $453. Spotify remains my top investment pick. Read the full article on Seeking AlphaSeeking Alpha • Jul 08
Spotify's Price Hikes Make It Expensive For Everyone
Summary Spotify's strong performance in 2024 includes a significant increase in premium subscribers and progress towards GAAP profitability. Despite impressive user growth, caution is advised due to recent price hikes in an uncertain inflationary environment and potential consumer pushback. Valuation suggests minimal upside for Spotify stock, with a forward valuation premium of ~63x and risks associated with the second round of price hikes. Read the full article on Seeking AlphaShareholder Returns
| SPOT | US Entertainment | US Market | |
|---|---|---|---|
| 7D | 3.2% | 1.5% | 1.5% |
| 1Y | -30.2% | -10.1% | 25.5% |
Return vs Industry: SPOT underperformed the US Entertainment industry which returned -10.1% over the past year.
Return vs Market: SPOT underperformed the US Market which returned 25.5% over the past year.
Price Volatility
| SPOT volatility | |
|---|---|
| SPOT Average Weekly Movement | 6.9% |
| Entertainment Industry Average Movement | 8.9% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.0% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: SPOT has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: SPOT's weekly volatility (7%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2006 | 7,000 | Alex Norström | www.spotify.com |
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates in two segments, Premium and Ad-Supported. The Premium segment offers online and offline streaming access to its catalog of music and podcasts, including video, lossless music, and audiobooks in select markets through subscription offerings primarily sold directly to end users and partners.
Spotify Technology S.A. Fundamentals Summary
| SPOT fundamental statistics | |
|---|---|
| Market cap | US$86.26b |
| Earnings (TTM) | US$3.18b |
| Revenue (TTM) | US$20.58b |
28.0x
P/E Ratio4.3x
P/S RatioIs SPOT overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| SPOT income statement (TTM) | |
|---|---|
| Revenue | €17.53b |
| Cost of Revenue | €11.86b |
| Gross Profit | €5.67b |
| Other Expenses | €2.96b |
| Earnings | €2.71b |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 13.17 |
| Gross Margin | 32.32% |
| Net Profit Margin | 15.45% |
| Debt/Equity Ratio | 0% |
How did SPOT perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/12 08:32 |
| End of Day Share Price | 2026/05/12 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Spotify Technology S.A. is covered by 71 analysts. 36 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| William Noel Milner | Arete Research Services LLP |
| Richard Kramer | Arete Research Services LLP |
| Samuel Lourensz | Arete Research Services LLP |