Equity Research Report : Spotify Technology S.A.

Conducted independent equity research on Spotify, initiating coverage at Strong Buy with a $700 price target and 33% implied upside. Built from scratch, no template, no guidance.

The thesis centered on three things most analysts were underweighting:

• An underappreciated gross margin inflection as the business mix shifts toward higher-margin verticals
• A durable platform moat with 675 million monthly active users across music, podcasts, and audiobooks
• Multi-layer monetization in early stages, advertising, partnerships, and premium tiers not yet fully priced in

• 12-slide investment committee deck with original financial modeling
• DCF valuation with explicit assumptions on margin expansion and revenue growth
• Comparable company analysis across streaming and media peers
• Bull / base / bear scenario analysis with probability-weighted price targets
• Equity research dashboard for ongoing monitoring

• Financial modeling, DCF, comps, scenario analysis
• Equity research methodology
• PowerPoint (investment committee presentation format)
• Independent fundamental analysis

• Ability to build a full investment thesis from first principles
• Financial modeling rigor, not just conclusions, but the work behind them
• Communication of complex analysis in a clear, structured format