One reason U.S. stocks trade at a premium is because the U.S. has relatively more “growth” stocks that trade at higher multiples. Adjusting for that difference and focusing only on internet stocks shows the European stocks trade at a 7% premium compared to U.S. stocks, Barclays analyst Julien Roche noted in a March 4, 2021 report.
Pershing Square Tontine Holdings will acquire that 10% stake in UMG at a €35 billion valuation, a price that will give PSTH investors upside if UMG trades at higher values assigned by multiple equity analysts. Ten analysts tracked by Billboard have an average UMG valuation of €39.8 billion and range from J.P. Morgan’s €50
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