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    Lisa Yang

    Managing Director of Media & Internet at Goldman Sachs

    Lisa Yang is a Managing Director of Media & Internet at Goldman Sachs’ Global Investment Research, specializing in the analysis of music business stocks and internet companies. She is recognized for her influential coverage of major music groups and digital media firms, authoring Goldman’s widely cited 'Music In The Air' annual report and providing market forecasts that shape industry expectations, such as her projection of wholesale global recorded music revenues topping $50 billion by 2030. Yang has held this leadership role at Goldman Sachs, where she leads sector-specific research and has built a notable track record as a thought leader influencing investment decisions in the media and internet landscape. While specific professional licensing details are not publicly disclosed, her position as Managing Director indicates significant credentials and expertise within the equity research industry.

    Lisa Yang's questions to RELX (RELX) leadership

    Lisa Yang's questions to RELX (RELX) leadership • H1 2025

    Question

    Lisa Yang of Goldman Sachs asked about the potential for further growth acceleration in Legal and STM, the uptake of new AI products, and whether the 8% growth in Exhibitions represents a new sustainable level.

    Answer

    CEO Erik Engstrom noted Legal's positive momentum but suggested reaching 10% growth this year is unlikely due to long subscription cycles, while confirming strong uptake of Lexis+ AI. For STM, he described the AI opportunity as significant but more fragmented, leading to more gradual growth. CFO Nick Luff confirmed that the 7-8% growth in Exhibitions reflects a new, higher sustainable level post-pandemic, driven by the increased value delivered to customers.

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    Lisa Yang's questions to RELX (RELX) leadership • H1 2025

    Question

    Lisa Yang of Goldman Sachs asked about the potential for Legal's growth to accelerate to 10%, the uptake of analytics and AI products in both Legal and STM, and whether the 8% growth in Exhibitions represents a new sustainable level.

    Answer

    CEO Erik Engstrom indicated that while Legal has strong momentum, reaching 10% growth this year is unlikely, but the objective is to continue improving the growth trajectory. He confirmed strong uptake of Lexis+ AI with double-digit spend uplifts. For STM, he noted the AI opportunity is significant but more fragmented, leading to more gradual growth. CFO Nick Luff confirmed that the 7-8% growth in Exhibitions reflects a new, higher sustainable level, driven by the increased value delivered to customers.

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    Lisa Yang's questions to RELX (RELX) leadership • H1 2025

    Question

    Lisa Yang of Goldman Sachs asked if Legal's growth could accelerate to 10% by year-end, questioned the revenue share from analytics in Legal, and inquired about a potential growth acceleration in STM. She also asked about the uptake of AI products and whether the 8% growth in Exhibitions represents a new sustainable level.

    Answer

    CEO Erik Engstrom stated that while Legal has strong momentum, reaching 10% growth this year is unlikely, though the long-term objective is to improve the growth trajectory. He confirmed Lexis+ AI adoption shows a strong trend with double-digit spend uplifts. For STM, he noted AI adoption is more gradual due to market fragmentation. CFO Nick Luff affirmed that the 7-8% growth in Exhibitions reflects the new, higher sustainable level post-pandemic, driven by enhanced customer value.

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    Lisa Yang's questions to RELX (RELX) leadership • H1 2025

    Question

    Lisa Yang of Goldman Sachs asked about the potential for further growth acceleration in the Legal and STM divisions, the uptake of new AI products, and whether the 8% growth in Exhibitions represents a new sustainable level.

    Answer

    CEO Erik Engstrom noted strong momentum in Legal but stated an acceleration to 10% this year is unlikely due to long contract cycles. He explained that AI adoption in STM is significant but more gradual than in Legal due to market fragmentation. CFO Nick Luff confirmed that the recent 7-8% growth in Exhibitions represents a new, higher-than-pre-pandemic level of strong ongoing growth, driven by increased customer value.

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    Lisa Yang's questions to UNVGY leadership

    Lisa Yang's questions to UNVGY leadership • Q1 2025

    Question

    Asked about specific DSP initiatives driving growth and requested quantification of Q1 cost savings and the margin dilution from recent catalog deals.

    Answer

    Executives pointed to broad market expansion and specific DSP tactics like using paywalls in China and ongoing product innovation (e.g., AI-driven recommendations) as growth drivers. On margins, the negative mix was attributed to growth in physical sales and the nature of publishing administration deals. They confirmed an incremental €50 million in cost savings are embedded in 2025 results from Phase 1 of their redesign, with a fuller update on the program to come next quarter.

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    Lisa Yang's questions to UNVGY leadership • Q4 2024

    Question

    Asked about the expected annual volatility within the 8-10% subscription growth CAGR and whether to expect continued investment levels of ~€1 billion annually, along with the timing for returns on those investments.

    Answer

    Executives confirmed the 8-10% subscription growth CAGR will be non-linear and come in waves. They also confirmed that the ~€1 billion annual investment level is expected to continue for the next few years, focused on M&A in high-growth markets and strategic initiatives, with the payback coming from capitalizing on newly addressable markets that were previously dominated by piracy.

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    Lisa Yang's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership

    Lisa Yang's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership • Q2 2023

    Question

    Lisa Yang of Goldman Sachs asked for reasons behind the guided growth slowdown in the Tax & Accounting and Health divisions in H2. She also sought clarification on margin phasing and questioned the risks and opportunities of AI, particularly regarding IP protection.

    Answer

    CEO Nancy McKinstry explained the Tax & Accounting slowdown is due to tough comparables in transactional revenues from 2022, while the Health moderation is minor. On AI, she emphasized it's a significant opportunity and risks are mitigated by using generative AI only on proprietary data sets, protecting IP. CFO Kevin Entricken clarified that H2 margin improvement is weighted to Q4 due to year-over-year cost base comparables.

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    Lisa Yang's questions to Just Eat Takeaway.com (TKAYF) leadership

    Lisa Yang's questions to Just Eat Takeaway.com (TKAYF) leadership • Q2 2023

    Question

    Lisa Yang from Goldman Sachs inquired about recent market share trends, the competitive landscape, and the performance of the Southern Europe & ANZ segment, which continues to see declining trends.

    Answer

    CEO Jitse Groen stated that competitive pressure is easing in many markets, though it remains high in the UK and North America. He emphasized that the company's focus is on building profitable scale rather than minor market share shifts. Regarding Southern Europe, he described it as a small, subscale segment requiring further investment, where they face competitors that he suggested are not complying with local laws.

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    Lisa Yang's questions to PUBLICIS GROUPE (PUBGY) leadership

    Lisa Yang's questions to PUBLICIS GROUPE (PUBGY) leadership • Q2 2023

    Question

    Lisa Yang from Goldman Sachs asked for quantification of the benefit from new business wins in Q2 and the full year, the outlook for client reviews in H2, and whether the guidance for Publicis Sapient factors in a potential resumption of delayed projects.

    Answer

    Chairman & CEO Arthur Sadoun stated that while the company doesn't quantify new business impact precisely, it was the key driver of Media's outperformance in Q2. He noted that H1 was exceptionally busy for new business and expects fewer large reviews in H2. Regarding Publicis Sapient, the current guidance already assumes the slowdown in client decision-making will persist in H2; therefore, any acceleration in project resumption would represent potential upside. He emphasized that recent wins are driven by the unique integration of Epsilon and Sapient.

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    Lisa Yang's questions to PUBLICIS GROUPE (PUBGY) leadership • Q4 2022

    Question

    Lisa Yang inquired about the expected 2023 top-line contribution from M&A, the recurring nature of the share buyback program, factors preventing margin expansion in 2023, and the margin profile of Publicis Sapient and Epsilon.

    Answer

    CFO Michel-Alain Proch stated that M&A is expected to contribute 1% to 1.5% to the top line and confirmed the share buyback is intended to stabilize the share count going forward. He noted the 2023 margin guidance already factors in a headwind from the USD/EUR exchange rate. Chairman & CEO Arthur Sadoun explained that margins for Sapient and Epsilon are not disclosed individually as the company operates on an integrated country P&L model, which is key to its go-to-market strategy.

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    Lisa Yang's questions to PUBLICIS GROUPE (PUBGY) leadership • Q2 2022

    Question

    Lisa Yang from Goldman Sachs inquired about the expected phasing of growth between Q3 and Q4, the key drivers for the H2 margin guidance, and how Publicis would perform in a potential 2023 recession compared to past downturns.

    Answer

    Chairman and CEO Arthur Sadoun explained that while current momentum suggests 4% H2 growth, the 2-4% guidance range incorporates caution for Q4. CFO Michel-Alain Proch detailed the path to the full-year margin target of 17.5%-18%, noting it implies an 18.5% margin in H2 before any potential FX upside. Regarding a recession, Sadoun highlighted the company's increased resilience due to its balanced mix of activities, including high-demand digital transformation and first-party data services from Sapient and Epsilon.

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