2025-05-22-Jefferies-CTS_Eventim（EVD）_初步观点年初表现强劲_7页_104kb

报告摘要

Summary of CTS Eventim Equity Research Report

Key Points from the Research (Issued May 22, 2025):

Overall Rating and Outlook: The report assigns a "BUY" rating with a price target of €127.00 (representing +13% from the current price of €112.60). The conclusion highlights a strong start to 2025 based on solid Q1 performance.

Critical Financial Performance (Q1 2025):

Sales reached €499 million, a 22% year-over-year increase, exceeding the FactSet consensus of €438 million.
Adj. EBITDA was €100 million, up 8.9% yoy and exceeding the FactSet consensus estimate of €94 million by 6.4%. This beat included a company margin of 20.1%, with Bloomberg consensus suggesting a miss due to an outlier effect.
Both segments reported significant growth: Ticketing drove revenue up 16.9% and EBITDA by 6.6%, contributing to overall strength.

Segment Breakdown:

Ticketing Segment: Revenue climbed to €213.6 million (+16.9% yoy), adj. EBITDA rose to €88.7 million, and margin improved to 41.5%, fueled by major artist onsales.
Live Entertainment Segment: Revenue increased 24.5% yoy to €291.8 million, adj. EBITDA jumped 29.8% to €11.6 million (margin: 4%).
Consolidation Impact: Full integration of France Billet and SeeTicket in Q1 positions the company for continued profitability enhancements via higher-margin initiatives.

Forward Guidance for 2025:

Group-level guidance confirmed: Expect modest increases in sales, adj. EBITDA, and EBIT. Ticketing is projected for moderate growth, while Live Entertainment is forecast to remain flat in key financial metrics.

Valuation and Risks:

Valuation is DCF-based and peer-multiple cross-checked; risks include regulatory, IT, personnel, competition risks, and customer satisfaction issues.
Analyst certifications are provided, noting potential conflicts of interest as Jefferies analysts hold compensation based on firm performance and may trade company securities.

Additional Notes:

Analysts (Henrik Paganetty and Martin Comtesse) emphasize the strong Q1 results and market confidence, supported by historical price targets showing an uptrend in ratings. The company maintains a market cap of €10.8B.

Disclaimer: This summary is derived from the report, which includes extensive disclosures on risks, conflicts of interest, and regulatory compliance for Jefferies clients only.

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