Spotify Equity Research Report

This report was part of an individual project in Financial Modeling for Valuation (FIN 6352), taught by Christian von Drathen, PhD:

Note: Some context may be missing regarding projections and the assumptions used. This is because we also submitted four Excel workbooks that provided context and the methodologies used. They aren’t included in this.

Also, this was my first-ever attempt at producing an equity research report and doing in-depth financial modeling. Now that I am more experienced and knowledgeable in financial modeling/valuation, I realize this report has a few mistakes. I decided to include it in my resume as I am still pleased with the final product, the underlying thesis behind my analysis of Spotify, and the overall grade I earned on this project: an 'A-.'