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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Roman Bagajian
Valuation of Sportify
Management
(Bachelor’s programme)
8
2018
Annotation to the work ‘Valuation of Spotify’

Streaming music services, as a demonstrative example, have been expanding significantly during the past five-year period. Digital companies that provide on-demand streaming services are seen as a future dominant power on the market of music consumption. The aim of this bachelor thesis is to estimate the market value of Spotify company which has an aim of holding an initial public offering (IPO) later in 2018. The discounted cash flow method was chosen for the purposes of this study being the most reliable owing to the connection between the current company’s business activities and its financial statements. The main hypothesis of this thesis is that Spotify is overvalued by market expectations. The results of this thesis will show whether the company is properly valued by the market. The paper is organized as follows: the first section gives the background on the topic, states the problem and the delimitations of the study, identifies its professional significance and defines the key terms. Then first chapter of the work identifies specifics of IPO process, followed by the analysis of key methods of valuation proposed in the second chapter. Chapter three rises company-specific discussion and substantiate the field of the research and elaborates the methodology of a proposed method of valuation which is afterwards used in identification of intrinsic value. The last part of the work concludes and explores the practical importance of the thesis and further research opportunities.

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