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1. Company Snapshot

1.a. Company Description

CTS Eventim AG & Co. KGaA operates in the leisure events market in Germany, Italy, the United States, Switzerland, Austria, Finland, the Netherlands, Spain, and internationally.It operates through two segments, Ticketing and Live Entertainment.The Ticketing segment produces, sells, brokers, distributes, and markets tickets for concerts, theatre, art, sports, and other events.


It markets events (tickets) through eventim.Web and using its network platform, EVENTIM.Net; in-house ticketing products through EVENTIM.Inhouse; sport ticketing products through EVENTIM.Tixx; and self-service products for promotors through EVENTIM.Light, as well as provides a solution for ticket sales and admission control through EVENTIM.Access.This segment also operates kinoheld software for cinema operators; EVENTIM.fanSALE, a resale portal where customers sell event tickets to other customers; and online portal under various brands, such as eventim.de, oeticket.com, ticketcorner.ch, ticketone.it, and entradas.com.The Live Entertainment segment plans, prepares, and performs tours, events, and festivals including music events and concerts, as well as markets music productions.


This segment is also involved in the operation of venues.The company was formerly known as CTS EVENTIM AG and changed its name to CTS Eventim AG & Co. KGaA in May 2014.CTS Eventim AG & Co. KGaA was founded in 1989 and is headquartered in Bremen, Germany.

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1.b. Last Insights on EVD

CTS Eventim AG & Co. KGaA's recent performance was positively driven by strong revenue growth, strategic advancements in ticketing and live entertainment. The company's Q3 2025 earnings call highlighted a 6% revenue increase. Additionally, adjusted EBITDA rose by 13.8% and revenue climbed by 3.5%. The adjusted EBITDA margin in the Ticketing segment increased to 43.1%. Insider control over the company implies vested interests in company growth, with 42% ownership.

1.c. Company Highlights

2. CTS Eventim's Q3 Results Show Strong Growth in Ticketing and Live Entertainment

CTS Eventim's Q3 results demonstrate a robust performance, driven by strong growth in ticket sales and live entertainment. Revenue for the first 9 months grew 6% to €2.1 billion, with adjusted EBITDA up almost 5% to €340 million and EBIT above €260 million, up over 6%. The company's ticketing segment posted positive like-for-like growth, with adjusted EBITDA margin up over 200 basis points despite integration costs. The actual EPS came out at 0.62, beating estimates at 0.4089. Q3 revenue was the highest in 7 quarters, with Ticketing capturing See Tickets on a clean like-for-like basis.

Publication Date: Nov -24

📋 Highlights
  • Revenue Growth:: H1 revenue rose 6% to €2.1 billion (YTD), with Q3 revenue hitting a 7-quarter high.
  • EBITDA Expansion:: Adjusted EBITDA increased nearly 5% to €340 million, driven by 200+ bps margin improvement in Ticketing.
  • Live Entertainment Recovery:: Segment returned to growth with over 100 bps EBITDA margin expansion and strong Q3 event lineup.
  • GTV Momentum:: 12-month Gross Transaction Value reached €9 billion, up from previous reports.
  • Mobile Growth Strategy:: Mobile penetration to drive material GTV increases by 2026, supported by new CTO and €10 voucher awareness campaigns.

Segmental Performance

The Live Entertainment segment returned to growth, with adjusted EBITDA margin up over 100 basis points. The company's 12-month GTV reached almost €9 billion, indicating a strong industry position. Retail ticket volume grew to 42 million, demonstrating the company's ability to drive sales. The strong EBITDA development in Q3 shows that the season and content have been helpful to the company's overall development, backed by German and Italian businesses.

Guidance and Outlook

The company confirms its group KPIs and ticketing outlook for 2025, with management optimistic about 2026. CTS Eventim expects to operate within its target margin corridor of 6-8% EBITDA margin in Live Entertainment. The company sees unchanged momentum from artists going on tour in Q4 and has gained headroom in its guidance. Analysts estimate next year's revenue growth at 6.0%, indicating a stable outlook.

Valuation

With a P/E Ratio of 28.68 and EV/EBITDA of 11.79, the stock appears to be reasonably valued. The company's ROE of 28.45% and ROIC of 19.54% indicate strong profitability. The Dividend Yield is 1.96%, providing a relatively stable return for investors. As CTS Eventim continues to drive growth in ticketing and live entertainment, its valuation multiples will be closely watched to assess if the stock remains attractively priced.

Key Growth Drivers

CTS Eventim's focus on mobile infrastructure development will become crucial over the next 5-10 years, not only to sell more tickets but also to increase the Gross Transaction Value (GTV) per customer. The company expects to start reporting material increases in mobile penetration rates in 2026, which will be a key growth driver. Additionally, the secondary ticketing platform, fanSALE, is expected to benefit from increasing mobile penetration.

3. NewsRoom

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CTS Eventim AG & Co. KGaA (CEVMF) Q3 2025 Earnings Call Highlights: Strong Revenue Growth ...

Nov -28

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CTS EVENTIM: Profitable Growth in the Third Quarter

Nov -21

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With 42% ownership, CTS Eventim AG & Co. KGaA (ETR:EVD) insiders have a lot riding on the company's future

Nov -15

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Investors in CTS Eventim KGaA (ETR:EVD) have seen splendid returns of 121% over the past five years

Oct -26

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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Assessing Acciona (BME:ANA)'s Valuation After Recent Subtle Moves

Sep -09

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Deutsche Bank (XTRA:DBK): Assessing Valuation After a Period of Quiet Share Price Momentum

Sep -09

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Is Vaisala (HLSE:VAIAS) Undervalued? A Fresh Look at Its Current Valuation

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.59%)

6. Segments

Live Entertainment

Expected Growth: 5%

CTS Eventim's Live Entertainment segment growth is driven by increasing demand for live events, strategic acquisitions, and expansion into new markets. The company's strong brand portfolio, including Ticketmaster and Eventim, enables it to capitalize on the growing trend of experiential spending. Additionally, investments in digital ticketing and event management platforms enhance operational efficiency and customer experience, further fueling growth.

Ticketing

Expected Growth: 7%

CTS Eventim's ticketing segment growth is driven by increasing demand for live events, strategic acquisitions, and expansion into new markets. The company's strong brand recognition, innovative ticketing solutions, and partnerships with prominent event organizers also contribute to its growth. Additionally, the rise of online ticketing platforms and mobile payments has increased convenience and accessibility for customers, further boosting growth.

7. Detailed Products

Ticketing

CTS Eventim provides ticketing solutions for events, allowing organizers to manage ticket sales, inventory, and distribution.

Event Management

CTS Eventim offers event management services, including event planning, marketing, and logistics.

Venue Management

CTS Eventim provides venue management services, including ticketing, marketing, and operations management.

Ticket Insurance

CTS Eventim offers ticket insurance products, protecting customers against event cancellations or postponements.

Marketing and Promotion

CTS Eventim provides marketing and promotion services, including social media, email, and advertising campaigns.

Data Analytics

CTS Eventim offers data analytics services, providing insights on ticket sales, customer behavior, and market trends.

8. CTS Eventim AG & Co. KGaA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for CTS Eventim AG & Co. KGaA is medium due to the presence of alternative entertainment options such as streaming services and social media platforms.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong brand reputation and limited alternatives for live entertainment events.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on a few large suppliers for event production and logistics.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the live entertainment industry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the live entertainment industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.17%
Debt Cost 6.13%
Equity Weight 90.83%
Equity Cost 10.09%
WACC 9.73%
Leverage 10.09%

11. Quality Control: CTS Eventim AG & Co. KGaA passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Atresmedia

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Value: 7.0

Growth: 3.9

Quality: 7.0

Yield: 10.0

Momentum: 7.0

Volatility: 7.7

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Orange Polska

A-Score: 6.5/10

Value: 7.3

Growth: 4.1

Quality: 4.5

Yield: 8.1

Momentum: 7.0

Volatility: 8.0

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Bolloré

A-Score: 5.1/10

Value: 10.0

Growth: 2.4

Quality: 4.8

Yield: 1.9

Momentum: 1.5

Volatility: 10.0

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CTS Eventim

A-Score: 4.5/10

Value: 2.2

Growth: 7.9

Quality: 6.8

Yield: 2.5

Momentum: 2.5

Volatility: 5.0

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FL Entertainment

A-Score: 3.4/10

Value: 3.8

Growth: 5.1

Quality: 4.3

Yield: 0.0

Momentum: 4.0

Volatility: 3.3

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Vivendi

A-Score: 2.7/10

Value: 4.8

Growth: 1.7

Quality: 3.3

Yield: 4.4

Momentum: 0.0

Volatility: 2.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

81.8$

Current Price

81.8$

Potential

-0.00%

Expected Cash-Flows