Aspiro: The hits keep on coming

Aspiro’s streamed Music service delivered in line with our high expectations, posting a growth of 131 per cent. EBITDA of SEK -2,1 million was stronger than expected due to seasonal effects. The 2011 forecast for TV was cut once again, postponing growth into 2012. Mobile Search continued its decline but contributed as usual with a strong cash flow. We expect rapid growth in sales (+61 % in 2012) but the low margin of Music makes profit estimates uncertain. The company’s high score on Growth Potential (9 out of 10) should still appeal to patient investors.