We up our target $30 to $355 on a forward TEV/EBITDA of 42.1x our 2025 EBITDA estimate at EURO1.7B, a premium to SPOT’s peer group. In our opinion, SPOT does not have any competitors in music entertainment that can match its world class platform for streaming to a growing membership of 615M (+13.5M net adds in Q1). We are confident that SPOT can grow profitably with higher unit volumes and widening margins. We like the music streaming market’s attractive growth and stability vs. the disruption seen in video streaming. SPOT is executing its strategy of realizing higher MAU and revenue growth, while also growing earnings. We keep our 2024 EPS view at EURO4.85 and 2025’s at EURO6.30; our respective revenue forecasts are EURO15.8B and EURO18.0B. We think content costs/investments are likely to remain elevated, offset by higher revenue. SPOT has room to grow in developing countries and deeper penetration of developed markets. SPOT has EUR4.7B in cash and cash equivalents and EUR1.3B in exchangeable notes.