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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Sony Corporation    6758   JP3435000009

SONY CORPORATION

(6758)
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Exclusive: French music distributor Believe targets 2 billion euro IPO - sources

11/12/2020 | 10:28am EST
FILE PHOTO: Company stock price information are displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris

FRANKFURT (Reuters) - French music distributor Believe is preparing a 2021 stock market flotation that could value it at around 2 billion euros (1.8 billion pounds) as its owners seek to benefit from high valuations for tech companies, people close to the matter said.

The company is working with Rothschild on the potential listing, which could take place in Paris or New York, one of the people said, adding more banks would be brought in later and that the timing and possible valuation were fluid.

Believe and its founders were not available for comment, while Rothschild had no immediate comment.

Paris-based Believe, also known as Believe Digital, Believe Music and Believe Distribution Services, helps connect artists with their audiences, distributing their music and videos digitally to online streaming and download services.

It supplies platforms such as Spotify, Deezer, Apple Music, YouTube, Amazon Music and Napster, and counts labels such as World Circuit, TruThoughts, Soundway and Brownswood Recordings as its clients. Believe features artists including Gaven James, Novo Amor and Parov Stelar on its website.

An initial public offering would allow the fast-growing, profitable company to raise funds to accelerate its expansion plans, one of the people said.

Digitalisation upended the music industry at the break of the century, when file sharing led to a crash in CD sales. Streaming and its recurring revenues saved the industry and intermediaries like Believe now help to connect musicians and labels with the big digital platforms.

In 2015, investors Technology Crossover Ventures (TCV), XAnge, GPBullhound Sidecar and Ventech took stakes in Believe in a $60 million financing round.

According to 2017 media reports, Sony Music Entertainment was at the time in talks to buy the company. But no deal materialised.

French newspaper Les Echos reported last year that Believe was expected to post 700 million euros in 2019 revenues. The company has not published sales or profit figures.

(Reporting by Arno Schuetze; Editing by Mark Potter)

By Arno Schuetze


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.77% 142.06 Delayed Quote.7.89%
ROTHSCHILD & CO -1.25% 27.75 Real-time Quote.8.49%
SONY CORPORATION -1.72% 10300 End-of-day quote.0.15%
SPOTIFY TECHNOLOGY S.A. -2.02% 330.19 Delayed Quote.4.94%
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Financials
Sales 2021 8 550 B 81 967 M 81 967 M
Net income 2021 801 B 7 684 M 7 684 M
Net cash 2021 2 492 B 23 891 M 23 891 M
P/E ratio 2021 15,6x
Yield 2021 0,49%
Capitalization 12 698 B 122 B 122 B
EV / Sales 2021 1,19x
EV / Sales 2022 1,08x
Nbr of Employees 111 700
Free-Float 97,7%
Chart SONY CORPORATION
Duration : Period :
Sony Corporation Technical Analysis Chart | 6758 | JP3435000009 | MarketScreener
Technical analysis trends SONY CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 11 951,50 JPY
Last Close Price 10 270,00 JPY
Spread / Highest target 46,1%
Spread / Average Target 16,4%
Spread / Lowest Target -18,2%
EPS Revisions
Managers and Directors
NameTitle
Kenichiro Yoshida Co-Chairman, President & Chief Executive Officer
Shuzo Sumi Co-Chairman
Hiroki Totoki Chief Financial Officer, Director & Vice President
Toru Katsumoto Chief Technology Officer & EVP
Makoto Toyoda Chief Information Officer & Executive Officer
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