CTS Eventim: CFO Meeting Feedback – demand resilience intact, capital discipline and an asset-light venue playbook

研报英文原文证据摘录

CTS Eventim: CFO Meeting Feedback – demand resilience intact, capital discipline and an asset-light venue playbook

ps. We now look to the September 2026 Capital Markets Day as Specialist Sales contact details:

an important catalyst to re-anchor the medium-term framework and narrative.

Scott Silver - Specialist Sales -

European TMT

• CFO Feedback – Demand durability underpinned by experiential (44-20) 7134-0412

consumption, venues framed as selective, asset-light optionality and AI scott.silver@jpmorgan.com

viewed as a supportive tailwind. Management remained optimistic on the

Following the tour, we will be hosting market, highlighting structurally resilient live entertainment demand and

reiterated that venue exposure is intended to be opportunistic rather than 1x1 investor calls for detailed feedback

foundational, pursued via an OpCo/PropCo sale-and-leaseback model with on Tuesday, June 30th and Wednesday,

economics optimized for lowest cost of capital and deployed only in select, July 1st. Please reach out to Scott Silver

underserved metro markets where CTS has strong ticketing and promoter (scott.silver@jpmorgan.com) or your

presence. Management emphasized a disciplined capital allocation posture, J.P. Morgan sales representative if you

noting that buybacks are in the toolkit but with preference for reinvestment-led would like a slot.

compounding, a growth agenda centered on efficiency, geographic

strengthening and ancillary expansion, and a view that AI should enhance

discovery/conversion while reinforcing CTS’s moat given ticketing’s role as

funding and settlement infrastructure, as well as long-standing promoter,

venue and fan relationships.

• Reiterate Overweight. We argue valuation standing fails to fully reflect the