CTS Eventim rises after Olympics 2028 deal

CTS Eventim AG & Co KGaA

22/02/2024 09:00

** Shares in CTS Eventim  EVDG.DE  rise around 3% after the
German ticket and live entertainment group signed a deal to
become an official ticket service provider of the Los Angeles
2028 Olympic and Paralympic Games
    ** CTS Eventim sees revenue contribution in the lower three
digit million euro range from the games
    ** J.P.Morgan expects a 20-25% adjusted EBITDA margin for
the Paris Olympics contract and an uplift in revenue consensus
of 80-100 million euros ($87 million-$109 million) from H2 2026
or H1 2027 
    ** Already Europe's leading ticketing operator, JPM analysts
say they now believe "the focus will be on the implications of
the company making further efforts and inroads into Sports
ticketing, and more importantly, into the U.S." 

($1 = 0.9203 euros)

 (Reporting by Marleen Kaesebier)
 ((Marleen.kaesebier@thomsonreuters.com))