Martins, FranciscoSilva, Francisco Maria Koehler Monteiro Da2020-10-222020-10-222020-01-162019-01-03http://hdl.handle.net/10362/106054The report consists in the implementation of a scenario analysis to understand the different paths the world economy may take which might impact differently. First, a macroeconomic outlook was made in order to grasp recent events and their impact in the world. Then, it was identified US-China trade war as the main source of uncertainty in the world and two possible evolutions for this risk. The conclusion is that, in a negative scenario, Spotify’s expected price is $127andexpected return is -15.3%. In the positive scenario, Spotify’s expected price is $219 and expected return is45.7%.engTrade warRecessionEconomic cycleSpotifymaster thesis202495108