Spotify

Management pivoted from heavy podcast investment toward profitability in 2023–2024, tightened opex and improved GP and FCF. Stock‑based compensation trended down to €267 million in 2024 from €381 million in 2022, with dilution manageable.

The company maintains optionality for buybacks and selective M&A, though we prefer continued organic reinvestment in product and AI‑enabled features plus disciplined content and marketplace spending. The multi‑year label deals appear strategically sound.

Track the treatment of the 2026 exchangeables and the cadence of any repurchases relative to intrinsic value.