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      "text": "Given its market position and decades-long runway for sustained earnings growth, we believe UMG’s current valuation represents a very substantial discount to its intrinsic value",
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      "text": "Growth set to accelerate this year: \"Streaming 2.0\" deals, new partners/tiers. AI as a tailwind: monetization and cost efficiency. UMG trades at a record low valuation: 18x earnings (17x ex-Spotify).",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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