CTS Eventim AG & Co. KGaA : Q3 above expectations, recovery should continue in 2022, buy the dip
>Fast recovery of sales and earnings in Ticketing and Live Events - In Q3 2021, sales increased 279% y-o-y to € 115m (consensus: € 80m, ODDO BHFe: € 85m) and thus could exceed consensus expectations materially supported by both segments. Ticketing sales increased 225% y-o-y to € 56m (consensus: € 48m, ODDO BHFe: € 51m) and we understand that the fee per ticket earned by CTS benefits from ticket price inflation which we estimate to be in the high single digits. The Liv...CTS Eventim is a promoter of live music events in the market of live entertainment in Continental Europe. Co. operates in two segments: Ticketing, which is engaged in producing, selling, brokering, distributing and marketing tickets for concert, theatre, art, sports and other events in Germany and abroad, using data processing and data transmission technologies; and Live Entertainment, which is engaged in planning, preparing and executing tours and events, primarily music events and concerts, and marketing music productions. In its Live Entertainment segment, Co. operates in the German-speaking countries and also, through its Hammersmith Apollo Ltd. joint venture in Great Britain.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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