# CTS Eventim AG & Co KgaA (EVD.XETRA)

Canonical: https://gigainvestors.com/s/EVD.XETRA

Analysis as of: 2026-10-16T07:36:48.705Z. Financial observations: FY2002–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 61.90 per share; close as of 2026-10-15.

Estimated value: low EUR 59.61 per share, central EUR 76.91 per share, high EUR 88.04 per share. Buy at or below the central value EUR 76.91 per share. Valuation as of 2026-10-16T07:36:48.705Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 4.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.15×

- FY2019: 0.16×

- FY2020: -0.58×

- FY2021: -0.13×

- FY2022: 0.18×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.15×

- LTM to Jun 2026: 0.15×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 22.7%

- ROIC, second-lowest year: -5.5%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 26.0%

- Recent gross margin (lower of latest and 3-year median): 25.5%

- Years with nonpositive capital: 10

- Capital spending / revenue: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.0%

- FY2017: 25.1%

- FY2018: 25.5%

- FY2019: 22.6%

- FY2020: -18.9%

- FY2021: -5.5%

- FY2022: 30.1%

- FY2023: 21.7%

- FY2024: 24.6%

- FY2025: 22.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 998M

- Net income, five-year total: EUR 1.2B

- Return on incremental invested capital: 84.6%

- Working capital / revenue, annual change: -2.1 pp

- Working capital / revenue, change between three-year averages: -13.3 pp

- Working capital / revenue, final three-year average: -0.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.92×

- FY2022: 0.93×

- FY2023: 0.91×

- FY2024: 0.93×

- FY2025: 0.65×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 25.1% vs 22.7%

- Per-share earnings: 0.99 to 2.89 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR 4.7B

- Cumulative retained earnings: EUR 762M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.4%

- Per-share value change: EUR 1.90

- Per-share value, starting three-year median: EUR 0.99

- Per-share value, ending three-year median: EUR 2.89

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 660M

- Cumulative net income, 10 years: EUR 1.5B

- ROIC, first three-year median: 25.1%

- ROIC, last three-year median: 22.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.99

- FY2017: EUR 1.18

- FY2018: EUR 1.23

- FY2019: EUR 1.38

- FY2020: EUR -0.92

- FY2021: EUR 0.92

- FY2022: EUR 2.12

- FY2023: EUR 2.86

- FY2024: EUR 3.32

- FY2025: EUR 2.89

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 1.64×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.33×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.91×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -7.7%

- FY2018: -12.8%

- FY2019: -0.4%

- FY2020: 2.1%

- FY2021: -18.1%

- FY2022: 0.9%

- FY2023: -11.1%

- FY2024: -4.6%

- FY2025: -2.1%

## Holders

## Price story

Down 42% since May 2025 · sales +7.1%

Story as of 2026-10-16T10:00:08.106Z; price observation 2026-10-15.

Price needs cash profits to grow 2.1% a year for ten years

### Sales · FY2025–2026

sales +7.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 1.0B 

- FY2018: EUR 1.2B 

- FY2019: EUR 1.4B 

- FY2020: EUR 257M 

- FY2021: EUR 408M 

- FY2022: EUR 1.9B 

- FY2023: EUR 2.4B 

- FY2024: EUR 2.8B 

- FY2025: EUR 3.1B 

- FY2026: EUR 3.3B 

### Gross margin · FY2025

gross margin 25.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 34.2% 

- FY2017: 29.5% 

- FY2018: 27.4% 

- FY2019: 27.8% 

- FY2020: 3.8% 

- FY2021: 19.8% 

- FY2022: 23.3% 

- FY2023: 25.6% 

- FY2024: 26.4% 

- FY2025: 25.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are EUR 3.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2025: revenue 3079295000; grossProfit 784847000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EVD.XETRA: CTS Eventim AG & Co. KGaA, together with its subsidiaries, operates in the leisure events market in Germany, Italy, Switzerland, the United States, Austria, the United Kingdom, Spain, Netherlands, Finland, France, Denmark, Sweden, Norway, Chile, Brazil, and internationally. The company operates through two segments, Ticketing and Live Entertainment. Its Ticketing segment produces, sells, brokers, distributes, and markets tickets for concerts, festivals, plays, musicals, trade fairs, art shows, film showings, exhibitions, edutainment, sports, and other events. It markets tickets in-store, online, and via mobile devices through using the internet EVENTIM.Web; EVENTIM.Net, its network platform; EVENTIM.Inhouse, for in-house ticketing; EVENTIM.Tixx, for sports ticketing; EVENTIM.Light, a self-service product for small, independent organizers; and EVENTIM.Access, a solution for ticket sales and admission control. This segment also provides EVENTIM.Pass ticket, which protects unauthorized resale and offers artists and organizers fair revenue and control. The Live Entertainment segment plans, prepares, and performs tours, events, and festivals, including music events and concerts, as well as markets music productions. This segment is also involved in the operation of venues. The company was formerly known as CTS EVENTIM AG and changed its name to CTS Eventim AG & Co. KGaA in May 2014. CTS Eventim AG & Co. KGaA was founded in 1989 and is headquartered in Hamburg, Germany.

### Why customers stay

Margins ranged from 25.5% to 26.4% during 2023–25; it earns 22.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2023: grossProfit / revenue = 25.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2024: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2025: grossProfit / revenue = 25.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); 10-year return on capital observations [[2016,0.21955244859183917],[2017,0.2508686304368426],[2018,0.25512257462420407],[2019,0.2256654753067909],[2020,-0.18866885022374225],[2021,-0.0546764358402686],[2022,0.3007588267914509],[2023,0.21681811462466458],[2024,0.24600425393782455],[2025,0.22745334298589062]]; median 0.22655940914634076. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 28.8% of cash earnings on expansion; earns 84.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2016: growth capex 0; upkeep 32938931; owner earnings 93237798. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2017: growth capex 0; upkeep 34643000; owner earnings 114062000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2018: growth capex 0; upkeep 29370000; owner earnings 126608000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2019: growth capex 0; upkeep 42042000; owner earnings 117109800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2021: growth capex 0; upkeep 35038000; owner earnings 80623400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2022: growth capex 0; upkeep 53523000; owner earnings 190082051.979289. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2023: growth capex 98376000; upkeep 72613000; owner earnings 250354600. Growth capex / owner earnings = 0.3929466444794703.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2024: growth capex 83054000; upkeep 93471000; owner earnings 297501685.77443457. Growth capex / owner earnings = 0.2791715273269794.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); FY2025: growth capex 51671955.232616484; upkeep 184528044.76738352; owner earnings 179395612.78748703. Growth capex / owner earnings = 0.2880335501505678.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); Incremental return on capital 0.8463568412625367, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); Dividend observations: [[2016,44155998],[2017,94071000],[2018,56635000],[2019,59515000],[2020,0],[2021,0],[2022,0],[2023,101751000],[2024,137268000],[2025,159346000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EVD.XETRA SharesStats.PercentInsiders = 38.827 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.1% yearly over ten years; actual growth was 6.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:48.705Z); Ten-year compound average after fade. Initial solved rate 0.01644846455313507. Price 61.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0063235833333333 → FY2025 1.8688736665456873. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 32.73 per share

- 2016-11: EUR 28.11 per share

- 2016-12: EUR 29.95 per share

- 2017-01: EUR 32.11 per share

- 2017-02: EUR 34.32 per share

- 2017-03: EUR 36.28 per share

- 2017-04: EUR 35.37 per share

- 2017-05: EUR 38.81 per share

- 2017-06: EUR 38.72 per share

- 2017-07: EUR 39.14 per share

- 2017-08: EUR 37.01 per share

- 2017-09: EUR 36.93 per share

- 2017-10: EUR 35.46 per share

- 2017-11: EUR 40.79 per share

- 2017-12: EUR 38.83 per share

- 2018-01: EUR 40.28 per share

- 2018-02: EUR 40.02 per share

- 2018-03: EUR 38.06 per share

- 2018-04: EUR 38.84 per share

- 2018-05: EUR 41.30 per share

- 2018-06: EUR 42.18 per share

- 2018-07: EUR 40.32 per share

- 2018-08: EUR 38.20 per share

- 2018-09: EUR 38.62 per share

- 2018-10: EUR 33.16 per share

- 2018-11: EUR 33.92 per share

- 2018-12: EUR 32.58 per share

- 2019-01: EUR 37.08 per share

- 2019-02: EUR 39.50 per share

- 2019-03: EUR 42.24 per share

- 2019-04: EUR 45.64 per share

- 2019-05: EUR 40.16 per share

- 2019-06: EUR 40.92 per share

- 2019-07: EUR 45.24 per share

- 2019-08: EUR 49.80 per share

- 2019-09: EUR 51.70 per share

- 2019-10: EUR 54.25 per share

- 2019-11: EUR 55.40 per share

- 2019-12: EUR 56.05 per share

- 2020-01: EUR 56.25 per share

- 2020-02: EUR 47.84 per share

- 2020-03: EUR 41.18 per share

- 2020-04: EUR 37.94 per share

- 2020-05: EUR 40.80 per share

- 2020-06: EUR 37.00 per share

- 2020-07: EUR 33.52 per share

- 2020-08: EUR 41.62 per share

- 2020-09: EUR 41.28 per share

- 2020-10: EUR 38.04 per share

- 2020-11: EUR 50.75 per share

- 2020-12: EUR 54.40 per share

- 2021-01: EUR 48.68 per share

- 2021-02: EUR 56.40 per share

- 2021-03: EUR 49.44 per share

- 2021-04: EUR 57.48 per share

- 2021-05: EUR 56.18 per share

- 2021-06: EUR 52.70 per share

- 2021-07: EUR 57.30 per share

- 2021-08: EUR 54.62 per share

- 2021-09: EUR 65.30 per share

- 2021-10: EUR 62.86 per share

- 2021-11: EUR 57.36 per share

- 2021-12: EUR 64.36 per share

- 2022-01: EUR 62.52 per share

- 2022-02: EUR 62.64 per share

- 2022-03: EUR 62.02 per share

- 2022-04: EUR 66.00 per share

- 2022-05: EUR 59.75 per share

- 2022-06: EUR 50.00 per share

- 2022-07: EUR 53.60 per share

- 2022-08: EUR 53.65 per share

- 2022-09: EUR 42.52 per share

- 2022-10: EUR 48.34 per share

- 2022-11: EUR 59.40 per share

- 2022-12: EUR 59.60 per share

- 2023-01: EUR 64.30 per share

- 2023-02: EUR 62.20 per share

- 2023-03: EUR 57.45 per share

- 2023-04: EUR 59.60 per share

- 2023-05: EUR 62.90 per share

- 2023-06: EUR 57.85 per share

- 2023-07: EUR 62.05 per share

- 2023-08: EUR 57.50 per share

- 2023-09: EUR 53.85 per share

- 2023-10: EUR 57.05 per share

- 2023-11: EUR 62.80 per share

- 2023-12: EUR 62.60 per share

- 2024-01: EUR 62.85 per share

- 2024-02: EUR 72.70 per share

- 2024-03: EUR 82.45 per share

- 2024-04: EUR 83.20 per share

- 2024-05: EUR 79.40 per share

- 2024-06: EUR 77.90 per share

- 2024-07: EUR 81.50 per share

- 2024-08: EUR 84.90 per share

- 2024-09: EUR 93.35 per share

- 2024-10: EUR 96.45 per share

- 2024-11: EUR 83.55 per share

- 2024-12: EUR 81.65 per share

- 2025-01: EUR 94.40 per share

- 2025-02: EUR 105.60 per share

- 2025-03: EUR 92.20 per share

- 2025-04: EUR 103.80 per share

- 2025-05: EUR 106.70 per share

- 2025-06: EUR 105.40 per share

- 2025-07: EUR 99.25 per share

- 2025-08: EUR 80.05 per share

- 2025-09: EUR 83.40 per share

- 2025-10: EUR 77.60 per share

- 2025-11: EUR 84.35 per share

- 2025-12: EUR 78.50 per share

- 2026-01: EUR 70.95 per share

- 2026-02: EUR 68.85 per share

- 2026-03: EUR 49.66 per share

- 2026-04: EUR 56.15 per share

- 2026-05: EUR 62.15 per share

- 2026-06: EUR 51.05 per share

- 2026-07: EUR 58.50 per share

- 2026-08: EUR 58.50 per share

- 2026-09: EUR 52.95 per share

- 2026-10: EUR 61.05 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 18.13 per share, central EUR 22.36 per share, high EUR 25.21 per share

- FY2017: low EUR 22.56 per share, central EUR 28.99 per share, high EUR 32.89 per share

- FY2018: low EUR 28.50 per share, central EUR 36.88 per share, high EUR 41.76 per share

- FY2019: low EUR 30.75 per share, central EUR 40.41 per share, high EUR 46.04 per share

- FY2020: low EUR 10.89 per share, central EUR 11.30 per share, high EUR 11.85 per share

- FY2021: low EUR 15.16 per share, central EUR 15.81 per share, high EUR 16.68 per share

- FY2022: low EUR 31.86 per share, central EUR 34.84 per share, high EUR 38.82 per share

- FY2023: low EUR 47.96 per share, central EUR 62.09 per share, high EUR 70.31 per share

- FY2024: low EUR 49.91 per share, central EUR 54.58 per share, high EUR 60.80 per share

- FY2025: low EUR 58.86 per share, central EUR 75.01 per share, high EUR 85.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:35.554Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.