Yesterday, Spotify (SPOT) released its earnings report. It is another interesting company from a financial standpoint, despite "investors" disliking the report and the stock price falling right now. But the crowd is rarely right 😃Here we have an example of a classic and highly successful business turnaround. For a long time, Spotify was a growth stock with no net profit, but over the last two years, it has transformed into a highly efficient, profitable business with phenomenal cash flows.🔵 Spotify became the first audio platform in the world to reach 300 million premium subscribers (+9% YoY)🔵 Revenue in the latest report grew by +14% YoY🔵 Record and expanding margins: gross margin rose to 33.4%, and all other margin types are growing as well🔵 Free cash flow reached €797 million for the quarter🔵 No debt issues and a solid moat🔵 Forecasts for the next three years show double-digit growthAll of this points to a great business whose share price seems bound to grow.The current P/E stands at 38.13, while the Forward P/E is 32.71 (which is positive when declining). By classic value investing standards (P/E < 15), it is not cheap, but for an industry leader with annual EBITDA growth of 92.9%, this is a very reasonable valuation.Buying Spotify at current prices can be done through cautious dollar-cost averaging, but a 15–20% correction from current levels would offer an ideal scenario for aggressively building a position.