Ananym bets on CTS Eventim, sees up to 100% upside
What's the deal? US activist investor Ananym CapitalDealroom has a profile for this one. Try Dealroom → disclosed on Tuesday it has taken a stake in CTS EventimDealroom has a profile for this one. Try Dealroom →, calling Europe's top ticket seller significantly undervalued. The German company, with a market value of nearly €6 billion, sells tickets for artists including Taylor Swift, Ed Sheeran, and Iron Maiden, and organises festivals such as Rock am Ring and Rock im Park.
Why now? CTS Eventim shares have fallen nearly 50% since a record high in May 2025, after weak results, disappointing 2026 guidance, and the exit of its finance chief — the third chief financial officer to leave since 2020.
The numbers: In 2025, revenue grew to €3.08 billion and the operating margin stood at 15.5%. Management expects sales and operating profit to stay flat or improve slightly in 2026.
What's the endgame? Ananym wants CTS Eventim to improve transparency about its business model, stabilise management, and launch a share buyback — moves it believes could unlock 50% to 100% upside. It also argues the company should use artificial intelligence to improve customer experience.
Co-founder Charlie Penner said a buyback may be the most pressing action, signalling confidence in the company's future. "It's an investment we might like for a long time," Penner said at the 13D Monitor Active-Passive Investment Summit in New York.
What could go wrong? The 50% to 100% upside is Ananym's estimate, not market consensus. CTS Eventim's operating business is growing — first-quarter 2026 revenue rose 23% — but management has kept a cautious full-year outlook, leaving a gap between performance and investor confidence that the fixes must close.
Why it matters: CTS Eventim holds its first capital markets day on November 20, which Ananym believes management can use to address misconceptions and reach more international investors.
The signal: This is Ananym's second German bet within a year, after it pushed power equipment firm Siemens EnergyDealroom has a profile for this one. Try Dealroom → to spin off its Siemens GamesaDealroom has a profile for this one. Try Dealroom → wind turbine division. The case reflects a wider activist playbook: targeting resilient businesses — live events remain robust, as US peer Live NationDealroom has a profile for this one. Try Dealroom →'s demand shows — where operating growth has outpaced a sagging share price.
Read more: sg.finance.yahoo.com
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