CTS EVENTIM (-) : All good things come to an end

研报英文原文证据摘录

CTS EVENTIM (-) : All good things come to an end

EQUITIES

INTERNET & MEDIA

CTS EVENTIM PRICE*UNDERPERFORMEUR54.3  TARGET PRICE EUR54FROMNEUTRAL(DOWNSIDE 1%) TARGET -36%PRICE EPS-5%26e EPS-6%27e

All good things come to an end

Dynamics in the German ticketing markets are changing, and we see disruption risk for CTS8 JUNE 2026

Securities Research Report Eventim’s business model driven by a) continued market share losses for high-volume ticket events

Production time: 05:48* (London time)

in Germany; b) rising pressure to engage in additional venue developing activities; and c) ticket

Research Analysts & Publishing Entities

marketplaces potentially losing importance in the longer term. While shares have weakened (-31%

Christoph Blieffert ytd), we expect a curbed growth profile and the shift to a more asset-heavy business model to furtherBNP Paribas SA

(+49) 69 4272 97321 pressure valuation multiples. We downgrade to U/P with a EUR54 target price (from EUR84).

christoph.blieffert@bnpparibas.com

Ticketing revenues: growth stalling

CTS Eventim is the market leader in ticketing in Germany, its major cash cow, but we expect revenue

growth to slow due to continued market share losses in its home market. 1) Live Nation (not covered)

has already started to sell a rising number of tickets via its Ticketmaster website; 2) AEG (private) is

shifting ticket sales for premium seats from CTS Eventim to its own ticketing website; and 3) we see

a trend of third-party promoters in-sourcing ticketing sales over time.

Operating model in motion: from asset-light to asset-heavy

Live Nation and AEG have been expanding European venue ownership resulting in a shift of ticketing

volumes. While CTS still benefits from beneficial ownership structures in some markets, we expect