CTS Eventim hits record high after Q1 EBITDA beat

CTS Eventim AG & Co KGaA

23/05/2024 08:54

** Shares in CTS Eventim  EVDG.DE  climb 7.9% to record
high, after the German ticket and live entertainment group
reported a beat to Q1 EBITDA and overall solid results
    ** Jefferies analyst Henrik Paganetty points to a strong
beat on EBITDA, which came 5% ahead of consensus
    ** "It is also a good lead indicator for the live
entertainment business as consumers buy the tickets first,"
Paganetty says
    ** Q1 adjusted EBITDA was up 36.3% to 92.2 million euros
from 67.6 million euros in 2023, driven by the ticketing segment
which was up 24.9%
    ** J.P. Morgan deems the results 'reassuring', pointing to
recent sporting event tender wins supporting medium-term
performance
    ** "We see momentum setting up for a better-than-expected
2024 and offering upside to guidance, which remains
conservative, in our view," JPM says, seeing scope for a
low-single-digit percentage upgrade to consensus for FY adj.
EBITDA
    ** Shares on track for a best day since March 2022
    

 (Reporting by Mateusz Dobrzyniewski, Linda Pasquini)
 ((mateusz.dobrzyniewski@thomsonreuters.com))