Deezer: share price rises after half-year results

(CercleFinance.com) - Deezer's stock price is on the rise on Wednesday, after the company unveiled record first-half results and revised upwards its targets for 2024.


The music streaming platform posted a subscriber base of 10.5 million at the end of the 30th, an increase of 1.3 million year-on-year, or 13.7%.

Taking price increases into account, its consolidated sales climbed by 14.9% to 267.9 million euros, including a 14.6% increase at constant exchange rates.

On the income statement, its adjusted Ebitda improved, with an operating loss reduced to five million euros over the first six months of the year, compared with a shortfall of 13.1 million euros a year earlier.

For 2024, Deezer says it has revised upwards its adjusted Ebitda target, now expected to be less than -10 million euros this year, compared with an initial target of less than -15 million euros.

The group is also maintaining its forecast of positive free cash flow in 2024.

In a reaction note, analysts at Euroland hail an "accelerating" first half, with "very good" results in terms of both growth and profitability.

Following the transfer of the stock to Euronext Growth, the research department now recommends Deezer as a buy, with an unchanged target price of three euros per share.

At mid-day, the stock was up over 4% in the wake of this publication.

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