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• If you are wondering whether Spotify Technology’s share price still reflects its fundamentals, you are not alone. Many investors are reassessing what they are willing to pay for the stock.

• The stock last closed at US$465.66, with a 0.6% move over the past week, a 9.3% decline over 30 days, a 19.0% decline year to date, a 20.9% decline over 1 year, and a very large gain over 3 years that sits well above the 7x mark, along with a 44.3% return over 5 years.

• Recent headlines around Spotify have focused on its position in global music and audio streaming, including ongoing attention on its…