CTS Eventim rises after FY outlook upgrade, Q2 earnings beat

CTS Eventim AG & Co KGaA

22/08/2024 08:23

** CTS Eventim shares  EVDG.DE  rise 7.6% after the German
ticketing group lifted earnings forecast for 2024 and posted
strong Q2 results
    ** The group now anticipates a significant rise in 2024
adjusted EBITDA and a moderate increase in EBIT from previous 
forecast of earnings to remain at the high level seen last year
    ** Q2 revenue increased 21.2% to EUR 793.6 million ($885.26
million) well ahead of analysts' average forecast of 683.8
million in an LSEG poll
    ** Q2 adjusted EBITDA rose 23.3% to 110 million euros,
beating analysts' expectations of 105.7 million euros
    ** J.P. Morgan cites today's announcement as "another
reassuring delivery, evidencing a healthy pipeline of
opportunities and strong earnings momentum ahead"
    ** The stock jumps to the top of the German mid-cap index
 .MDAXI  and is on track for best day since March 2022


($1 = 0.8965 euros)

 (Reporting by Amir Orusov and Anastasiia Kozlova)
 ((Amir.Orusov@thomsonreuters.com;
Anastasiia.Kozlova@thomsonreuters.com))