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CTS EVENTIM AG & CO. KGAA

(EVD)
  Report
Delayed Xetra  -  11:35 2022-12-08 am EST
61.60 EUR   +2.84%
08:45aCTS EVENTIM : Jefferies reaffirms its Buy rating
MD
12/07CTS EVENTIM : Buy rating from Jefferies
MD
12/06CTS EVENTIM : Jefferies maintains a Buy rating
MD
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CTS Eventim : Half-yearly financial report 2022

08/24/2022 | 01:28am EST

Group interim report as

at 30 June 2022

KEY GROUP FIGURES

CTS GROUP

1 Jan 2022

1 Jan 2021

Change

- 30 Jun 2022

- 30 Jun 2021

[EUR'000]

[EUR'000]

[EUR'000]

[in %]

Revenue

734,359

65,306

669,053

>100.0

EBITDA

127,052

76,976

50,077

65.1

EBITDA margin

17.3%

117.9%

-100.6 pp

Normalised EBITDA

129,093

79,436

49,657

62.5

Normalised EBITDA margin

17.6%

121.6%

-104.1 pp

Depreciation, amortisation and impairment

-29,666

-26,292

-3,375

-12.8

EBIT

97,386

50,684

46,702

92.1

EBIT margin

13.3%

77.6%

-64.3 pp

Normalised EBIT before amortisation and

impairment from purchase price allocation

106,891

58,411

48,479

83.0

Normalised EBIT margin

14.6%

89.4%

-74.9 pp

Financial result

9,110

-5,440

14,550

>100.0

Earnings before taxes (EBT)

106,497

45,244

61,253

>100.0

Net result for the period attributable

to shareholders of CTS KGaA

66,188

26,972

39,216

>100.0

[EUR]

[EUR]

[EUR]

Earnings per share 1, undiluted (= diluted)

0.69

0.28

0.41

>100.0

[Qty]

[Qty]

[Qty]

Internet ticket volume (in million)

27.9

7.5

20.4

>100.0

Employees 2

3,190

2,352

838

35.6

  1. Number of shares: 96 million
  2. Number of employees at end of year (active workforce)

TICKETING

1 Jan 2022

1 Jan 2021

Change

- 30 Jun 2022

- 30 Jun 2021

[EUR'000]

[EUR'000]

[EUR'000]

[in %]

Revenue

201,515

49,583

151,932

>100.0

EBITDA

88,554

64,036

24,518

38.3

EBITDA margin

43.9%

129.1%

-85.2 pp

Normalised EBITDA

88,622

64,220

24,402

38.0

Normalised EBITDA margin

44.0%

129.5%

-85.5 pp

EBIT

72,205

48,732

23,474

48.2

EBIT margin

35.8%

98.3%

-62.5 pp

Normalised EBIT before amortisation and

impairment from purchase price allocation

74,714

51,139

23,575

46.1

Normalised EBIT margin

37.1%

103.1%

-66.1 pp

LIVE ENTERTAINMENT

1 Jan 2022

1 Jan 2021

Change

- 30 Jun 2022

- 30 Jun 2021

[EUR'000]

[EUR'000]

[EUR'000]

[in %]

Revenue

541,452

18,342

523,110

>100.0

EBITDA

38,498

12,940

25,558

>100.0

EBITDA margin

7.1%

70.5%

-63.4 pp

Normalised EBITDA

40,471

15,215

25,255

>100.0

Normalised EBITDA margin

7.5%

83.0%

-75.5 pp

EBIT

25,181

1,952

23,229

>100.0

EBIT margin

4.7%

10.6%

-6.0 pp

Normalised EBIT before amortisation and

impairment from purchase price allocation

32,177

7,272

24,905

>100.0

Normalised EBIT margin

5.9%

39.6%

-33.7 pp

CONTENT

1.

CTS EVENTIM SHARES

5

2.

INTERIM GROUP MANAGEMENT REPORT

7

3.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2022

18

Consolidated balance sheet

18

Consolidated income statement

20

Consolidated statement of comprehensive income

21

Consolidated income statement (1 April - 30 June 2022)

22

Consolidated statement of comprehensive income (1 April - 30 June 2022)

23

Consolidated statement of changes in equity

24

Condensed consolidated cash flow statement

25

Selected notes to the consolidated financial statements

26

Content

1. CTS EVENTIM SHARES

Uncertainty prevailed in the first half of 2022, as could be seen from rising volatility in the global stock markets. This was mainly driven by the conflict between Ukraine and Russia, developments in the energy and commodity markets and the general increase in consumer prices that first emerged at the end of 2021. Primarily due to rising inflation rates, central banks have faced mounting pressure in recent months to move away from their expansionary monetary policy and gradually raise key interest rates. Moreover, there are now certain expectations in the capital markets regarding the general interest-rate environment, and this has also influenced the stock markets.

In these market conditions, CTS EVENTIM shares were unable to match their performance in 2021. The shares were down by 22% as at 30 June 2022 compared with their price at the start of the year. However, they outperformed their benchmark, the MDAX, which fell by 26% in the same period. By the time of preparation of this report, CTS EVENTIM shares had bounced back thanks to reports on the success of this year's festival season and they were thus still comfortably beating the MDAX.

CTS EVENTIM shares continue to attract strong interest from investment banks. Baader Helvea, Bank of America, Berenberg, BNP Paribas Exane, DZ Bank, Jefferies, Kepler Cheuvreux, Oddo BHF and SRH Alster Research analyse CTS EVENTIM on an ongoing basis and issue recommendations regarding investment. Of the nine investment banks, seven recommend buying or holding CTS EVENTIM shares.

As the pandemic-related travel restrictions were gradually lifted in the first half of 2022, CTS KGaA was increasingly able to showcase itself again at investor conferences, where it talked to investors and answered their questions. Alongside virtual events, CTS KGaA will attend further investor conferences as the year goes on, enabling it to maintain relationships with existing investors and present itself to new investors. The CTS investor relations strategy continues to focus on transparent and direct communication with the capital markets and a steady increase in the level of awareness of CTS EVENTIM in the global capital markets.

5 CTS EVENTIM Shares

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CTS Eventim AG & Co. KGaA published this content on 24 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2022 05:27:02 UTC.


ę Publicnow 2022
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Financials
Sales 2022 1 773 M 1 870 M 1 870 M
Net income 2022 183 M 193 M 193 M
Net cash 2022 644 M 679 M 679 M
P/E ratio 2022 33,1x
Yield 2022 1,53%
Capitalization 5 913 M 6 236 M 6 236 M
EV / Sales 2022 2,97x
EV / Sales 2023 2,72x
Nbr of Employees 3 042
Free-Float 61,2%
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Technical analysis trends CTS EVENTIM AG & CO. KGAA
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 61,60 €
Average target price 64,71 €
Spread / Average Target 5,06%
EPS Revisions
Managers and Directors
Klaus-Peter Schulenberg CEO, Director-Corporate Strategy & Marketing
Andreas Grandinger Chief Financial Officer
Bernd Kundrun Chairman-Supervisory Board
Christian Alexander Ruoff Chief Operating Officer
Cornelius Baur Deputy Chairman-Supervisory Board
Sector and Competitors