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CTS EVENTIM AG & CO. KGAA

(EVD)
  Report
Real-time Estimate Tradegate  -  09:31:27 2023-03-22 am EDT
59.60 EUR   -0.58%
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CTS EVENTIM AG : CTS EVENTIM acquires majority stake in ABC Production AG in Switzerland

06/17/2013 | 09:27am EDT

Press release

CTS EVENTIM acquires majority stake in ABC Production AG in Switzerland / Joint Venture with André Béchir, the former CEO of Good News CTS EVENTIM expands on leading position in European Live Entertainment / purchase of 80% in André Béchir's ABC Production AG / Béchir will continue to head operations as CEO / major concerts in pipeline

Munich, 17. Juni 2013. As part of a new joint venture with legendary Swiss promoter André Béchir, SDAX listed CTS EVENTIM AG (ISIN DE0005470306) has now signed agreements to acquire 80% of the shares in ABC Production AG, which was founded by André Béchir.
As controlling shareholder and CEO, André Béchir established Good News AG over four decades as the leading Swiss event promoter. During that time, he managed to bring almost every major international performer to Switzerland, while at the same time always maintaining a special sense for up and coming artists.
As part of the Joint Ventures with CTS EVENTIM, Béchir will now focus all of his promoting activities on ABC Productions AG, and has secured support from an array of former colleagues. For 2013 and 2014, ABC Productions AG has already booked various major events including concerts with Leonard Cohen, Placebo, Depeche Mode and Michael Bublé as well as multiple performances of Cirque de Soleil.
With the new Joint Venture, CTS EVENTIM expects to be able to build a market lead- ing position in Live Entertainment in Switzerland. Klaus-Peter Schulenberg: "André Béchir is one of the truly outstanding promoters in Europe. We have a long-standing friendly relationship, and I really look forward to working with André".
André Béchir is also very excited about the co-operation: "It is a great opportunity to launch this new venture together with Klaus-Peter Schulenberg and his CTS EVEN- TIM. And I am particularly pleased that we've been able to build such an experienced an motivated team for ABC so quickly."

For further information:

Marco Haeckermann, Director Investor Relations, CTS EVENTIM AG, +49 421 3666 270

distributed by

© Publicnow 2013
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Analyst Recommendations on CTS EVENTIM AG & CO. KGAA
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Financials
Sales 2022 1 824 M 1 963 M 1 963 M
Net income 2022 185 M 200 M 200 M
Net cash 2022 687 M 739 M 739 M
P/E ratio 2022 32,1x
Yield 2022 1,39%
Capitalization 5 755 M 6 194 M 6 194 M
EV / Sales 2022 2,78x
EV / Sales 2023 2,52x
Nbr of Employees 3 042
Free-Float 61,2%
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 59,95 €
Average target price 67,14 €
Spread / Average Target 12,0%
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Managers and Directors
Klaus-Peter Schulenberg CEO, Director-Corporate Strategy & Marketing
Holger Hohrein Chief Financial Officer
Bernd Kundrun Chairman-Supervisory Board
Christian Alexander Ruoff Chief Operating Officer
Cornelius Baur Deputy Chairman-Supervisory Board
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