Bankinter: The EU has fined Apple €1.8 billion for abuse of dominant position in the music streaming segment, following a lawsuit filed by Spotify.
Apple has indicated that it will appeal the fine as it considers that no conclusive evidence of harm to consumers or competition in the market has been presented.
Analysis: Although the news is undoubtedly negative and in the short term the stock fell yesterday, we note that the amount of the fine represents just 0.06% of the company’s market capitalisation, 0.5% of Revenues23 and 1.8% of BNA23. In our view, in the medium/long term, the impact of these types of sanctions does not affect the value of the shares (as an example, Alphabet has received €8bn in fines from the EU since 2017, a period in which the shares have risen +187%). We therefore believe that yesterday’s market reaction (-2.5%) should be corrected in the medium term and therefore reiterate our positive view on Apple. The company is included in our American CMA.
