Open Question to fellow investors tracking Music Industry.

A business like Universal which controls more than 1/3rd of all published music globally is selling for less than 6x FY20 Sales.

Why are Indian businesses like Saregama / Tips selling for 11x, 20x their sales?

If I include all of the revenue generated by entire firm, its selling for ~4.5x FY20 Sales
Universal Listing Market Cap ~ 40 Billion USD
FY 20 Revenues ~ 8.87 B USD or 7.4B EUR

Catalogue of Music includes every international artist you can possibly name

Either Universal is grossly undervalued or Saregama/Tips are grossly overvalued.
https://t.co/aHzWSYtcUt
https://t.co/v0EMoCuYKX
https://t.co/wjqKL5M2f3
https://t.co/RWB0nGH1xN
https://t.co/wWJ2QlofiH
https://t.co/LiZaPqzv6H
https://t.co/UuWHbJf8hB

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