CTS Eventim: Lack Of Visibility Keeps Me On Hold

CTS Eventim AG & Co. KGaA is rated Hold due to limited near-term earnings visibility despite strong core ticketing and promising venue operations. Ticketing remains robust, with 177 million tickets sold in 2025 and two-thirds of retail volume now international, reducing reliance on Germany. CEVMF's venue operations are emerging as a high-margin growth driver, exemplified by the Unipol Dome outperforming initial ticket price expectations.