WMG Stock Forecast & Price: Based on the Warner Music Group stock forecasts from 10 analysts, the average analyst target price for Warner Music Group is USD 32.76 over the next 12 months. Warner Music Group’s average analyst rating is Strong Buy. Stock Target Advisor’s own stock analysis of Warner Music Group is Neutral, which is based on 8 positive signals and 7 negative signals. At the last closing, Warner Music Group’s stock price was USD 22.71. Warner Music Group’s stock price has changed by -9.23% over the past week, -19.30% over the past month and -50.76% over the last year.

2. Page 1 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
WMG:NSD (Warner Music Group)
Entertainment | NSD | Common Stock
Values as of 11th Oct, 2022
Stock Target Advisor
Detailed Stock Report
Report Date: 12th October, 2022
Last Close
USD 22.71
Change
+0.36(+1.61%)
Market Cap
USD 11.73B
1 Yr Capital Gain
-51.34%
1 Yr Dividend Return
1.31%
1 Yr Total
Return
-50.03%
Earning Growth (5 yr)
1,116.00%
Average Target Price
32.76(+44.27% )
Average Analyst
Rating
Strong Buy
Fundamental
Analysis
Neutral
Our view of the stock is Neutral with a score of 5.3 out of 10, where 0 is very bearish and 10 very bullish
What to like
High market capitalization
This is one of the largest entities in its sector and is among the top quartile. Such companies tend to be more stable.
Low volatility
The stock’s annual returns have been stable and consistent compared to its sector peers(for a hold period of at least 12 months) and is in the top quartile. Although
stability is good, also keep in mind it can limit returns.
Superior return on equity
The company management has delivered better return on equity in the most recent 4 quarters than its peers, placing it in the top quartile.
Superior capital utilization
The company management has delivered better return on invested capital in the most recent 4 quarters than its peers, placing it in the top quartile.
Superior return on assets
The company management has delivered better return on assets in the most recent 4 quarters than its peers, placing it in the top quartile.
Positive cash flow
The company had positive total cash flow in the most recent four quarters.
Positive free cash flow
The company had positive total free cash flow in the most recent four quarters.
Superior Earnings Growth
This stock has shown top quartile earnings growth in the previous 5 years compared to its sector.
What to not like
Below median total returns
The company has under performed its peers on annual average total returns in the past 5 years.
Overpriced compared to earnings
The stock is trading high compared to its peers on a price to earning basis and is above the sector median.
Overpriced compared to book value
The stock is trading high compared to its peers median on a price to book value basis.
Overpriced on cashflow basis
The stock is trading high compared to its peers on a price to cash flow basis. It is priced above the median for its sectors. Proceed with caution if you are considering
to buy.
Highly leveraged
The company is in the bottom half compared to its sector peers on debt to equity and is highly leveraged. However, do check the news and look at its sector and
management statements. Sometimes this is high because the company is trying to grow aggressively.
Overpriced on free cash flow basis
The stock is trading high compared to its peers on a price to free cash flow basis. It is priced above the median for its sectors. Proceed with caution if you are
considering to buy.
Low Revenue Growth
This stock has shown below median revenue growth in the previous 5 years compared to its sector

3. Page 3 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
WMG:NSD (Warner Music Group)
Entertainment | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 12th October, 2022
Adjusted Closing Share Volume
Relative Returns Relative Performance (Total Returns)
Security Capital Gain Dividend Return Total Return
WMG
Warner Music Group
-50.8% +1.3% -49.4%
QQQ
Invesco QQQ Trust
-26.7% +0.4% -26.3%
Company Overview
Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and
internationally. The company operates through Recorded Music and Music Publishing segments. The Recorded Music segment is involved in
the discovery and development of recording artists, as well as related marketing, promotion, distribution, sale, and licensing of music
created by such recording artists; markets its music catalog through compilations and reissuances of previously released music and video
titles, as well as previously unreleased materials; and conducts its operation primarily through a collection of record labels, such as Warner
Records and Atlantic Records, as well as Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone,
Reprise, Roadrunner, Sire, Spinnin' Records, Warner Classics, and Warner Music Nashville. This segment markets, distributes, and sells
music and video products to retailers and wholesale distributors; independent labels to retail and wholesale distributors; and various
distribution centers and ventures, as well as retail outlets, online physical retailers, streaming services, and download services. The Music
Publishing segment owns and acquires rights to approximately one million musical compositions comprising pop hits, American standards,
folk songs, and motion picture and theatrical compositions. Its catalog includes approximately 100,000 songwriters and composers; and
various genres, including pop, rock, jazz, classical, country, R&B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway,
electronic, alternative, and gospel. This segment also administers the music and soundtracks of various third-party television and film
producers and studios. The company was founded in 1929 and is headquartered in New York, New York.

4. Page 4 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Company Website
https://www.wmg.com
Address
1633 Broadway, New York, NY, United States, 10019
Fiscal Year End
September
Employees
5900
Technical Indicators
Value Value
Beta 1.54 52 Week High 49.32
Short Ratio 6.85 52 Week Low 22.38
Shorted Shares 4,267,257 200 Day Moving Average 31.92
Shorted Shares Previous Month 5,060,891 50 Day Moving Average 27.54
Shares Held By Insiders 1,667.50% Short Percentage N/A
Shares Held by Institutions 85.98 Dividend Yield 2.81%

5. Page 5 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
WMG:NSD (Warner Music Group)
Entertainment | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 12th October, 2022
Market Performance
Market Performance vs. Industry / Classification (Entertainment) Market Performance vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
YTD
Capital Gain -47.41% -38.3% 33% -28.9% 35%
Dividend Return 1.07% 1.3% 40% 1.8% 28%
Total Return -46.34% -38.3% 33% -27.8% 35%
Trailing 12 Months
Capital Gain -51.34% -36.7% 44% -30.7% 36%
Dividend Return 1.31% 1.3% 50% 2.4% 27%
Total Return -50.03% -36.7% 44% -28.6% 36%
Trailing 5 Years
Capital Gain N/A 9.4% N/A -9.8% N/A
Dividend Return N/A 8.6% N/A 10.2% N/A
Total Return N/A 9.4% N/A 0.5% N/A
Average Annual (5 Year Horizon)
Capital Gain 4.43% 2.6% 55% 0.1% 63%
Dividend Return 0.79% 1.3% 17% 1.8% 23%
Total Return 5.22% 5.1% 55% 0.6% 61%
Risk Return Profile
Volatility (Standard
Deviation)
23.89% 38.3% 76% 32.8% 66%
Risk Adjusted Return 21.84% N/A 64% 10.2% 60%
Market Capitalization 11.73B 1.30B 77% 0.30B 95%

6. Page 6 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Key Financial Ratios
Ratios vs. Industry / Classification (Computer Hardware) Ratios vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
Market Value
peratio 27.8 14.8 23% 16.9 32%
pbratio 80.9 1.9 3% 1.4 1%
pcfratio 18.4 5.6 21% -1.2 13%
pfcfratio 15.4 7.3 19% -0.1 15%
Management Effectiveness
retequity 32.58% 0.4% 94% -7.2% 94%
retinvcap 14.33% 3.6% 79% -1.5% 83%
retass 5.52% 0.8% 84% -1.0% 86%
debtequityratio 10,793.55% 77.9% 3% 30.3% 2%
Technical Ratios
yield 2.81% 2.0% 58% 3.1% 46%
sratio 6.85 4.64 32% 2.92 22%
spercent 4.67% 4.2% 48% 2.4% 32%
beta 1.54 1.34 24% 1.07 22%

7. Page 7 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
WMG:NSD (Warner Music Group)
Entertainment | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 12th October, 2022
Recent Analyst Ratings
Price Action Rating Action Analyst Rating Price date
Initiates Coverage On Goldman Sachs Buy USD 32 2022-10-11
Target Lowered by Barclays USD 33 » USD 30 2022-10-11
Maintains Morgan Stanley Overweight USD 34 » USD 31 2022-10-11
Target Down Jefferies Financial LLC USD 26 2022-10-05
Target Down JP Morgan & Company USD 34 2022-09-30
Target Up Jefferies Financial LLC USD 34 2022-08-15
Maintains RBC Royalbank Outperform USD 42 » USD 36 2022-08-10
Maintains Morgan Stanley Overweight USD 37 » USD 34 2022-07-25
Maintains Truist Securities Buy USD 40 » USD 35 2022-07-20
Lowered JP Morgan & Company USD 34 2022-07-19
Lowered Jefferies Financial LLC USD 30 2022-07-19
Target Lowered by Citigroup USD 31 » USD 27 2022-07-07
Maintains Barclays Overweight USD 37 » USD 33 2022-07-05
Maintains Guggenheim Securities Buy USD 30 » USD 34 2022-06-03
Target Down Citigroup Neutral USD 31 2022-05-17
Target Lowered by Barclays USD 49 » USD 37 2022-05-11
Reiterated by Redburn Partners Neutral » Sell 2022-04-25
Target Lowered by Guggenheim Securities USD 50 » USD 39 2022-04-21
Initiates Coverage On Deutsche Bank Capital Buy USD 42 2022-03-11
Target Lowered by Credit Suisse Outperform USD 50 » USD 45 2022-02-09
Upgrades Jefferies Financial LLC Buy USD 41 » USD 50 2022-01-04
Reiterated by Tigress Financial Buy USD 48 » USD 52 2021-12-22
Upgrades Redburn Partners Neutral 2021-12-13
Target Raised by Credit Suisse Outperform USD 48 » USD 50 2021-11-26
Maintains Citigroup Neutral USD 48 » USD 49 2021-11-19

8. Page 8 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
WMG:NSD (Warner Music Group)
Entertainment | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 12th October, 2022
Annual Financial (USD)

9. Page 9 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
WMG:NSD (Warner Music Group)
Entertainment | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 12th October, 2022
Quarterly Financial (USD)

10. Page 10 of 10 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
WMG:NSD (Warner Music Group)
Entertainment | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 12th October, 2022
Largest Industry Peers for Entertainment
Symbol Company Name Price(Change) Market Cap
NFLX Netflix Inc -15.69 (-6.8%) USD 99.95B
WBD Warner Bros Discovery Inc -0.42 (-3.5%) USD 29.08B
SIRI Sirius XM Holding Inc +0.04 (+0.7%) USD 22.86B
VIAC Paramount Global N/A USD 19.26B
FOXA Fox Corp Class A -0.47 (-1.5%) USD 16.61B
FOX Fox Corp Class B -0.40 (-1.4%) USD 16.58B
FWONA Liberty Media Formula One Corp.. +0.27 (+0.5%) USD 14.52B
FWONK Liberty Media Formula One Corp.. +0.51 (+0.8%) USD 14.44B
WBDWV Warner Bros. Discovery Inc. Se.. N/A USD 12.42B
DISCB Discovery Inc N/A USD 12.42B
The Stock Target Advisor platform run millions of calculations every day on over 30,000 Canadian and American stocks, comparing and
ranking their financial and market performance against their sectors and exchange.
We represent the percentile ranking using the following grading system.
Letter Grade Percentage Letter Grade Percentage Letter Grade Percentage
A+ 97%-100% A 93%-96% A- 90%-92%
B+ 97%-89% B 83%-86% B- 80%-82%
C+ 77%-79% C 73%-76% C- 70%-72%
D+ 67%-69% D 63%-66% D- 60%-62%
F 0%-59%