In a report released today, Martin Comtesse from Jefferies maintained a Buy rating on CTS Eventim AG & Co. KGaA (0EEE – Research Report), with a price target of €100.00.
Martin Comtesse has given his Buy rating due to a combination of factors, primarily driven by CTS Eventim’s robust financial performance in the fourth quarter. The company reported strong audited figures that aligned with their earlier preliminary results, showcasing resilience amidst stable macroeconomic conditions. Looking forward, CTS Eventim anticipates moderate growth in both total revenue and adjusted EBITDA by 2025, with Factset consensus projecting sales growth of approximately 7% and adjusted EBITDA growth of around 11%.
Furthermore, the Ticketing segment experienced a significant sales increase of 22.7% in 2024, while the Live Entertainment segment saw a revenue rise of 17.6%, accompanied by a notable improvement in adjusted EBITDA. Despite challenges such as rising infrastructure and personnel costs, the adjusted EBITDA margin in the Live Entertainment segment improved by nearly half a percentage point. Additionally, the company’s commitment to shareholder returns is evident in their plan to distribute a dividend of 50% of net income or €1.66 per share, further supporting the Buy recommendation.