US activist investor Ananym Capital has acquired a stake in Germany's CTS Eventim and is pushing for Europe's largest ticketing company to make changes that the fund says could significantly increase its value for shareholders.
CTS Eventim sells concert tickets to global artists such as Taylor Swift, Ed Sheeran and Iron Maiden and organizes major festivals including Rock am Ring and Rock im Park. The German group's market capitalization is nearly EUR 6 billion.
Ananym believes the company is significantly undervalued. CTS Eventim shares have lost nearly half of their value since their record high in May last year. Among the reasons are weaker financial results, disappointing forecasts for 2026 and another change of CFO – the third departure from this position since 2020.
According to Ananym co-founder Charlie Penner, greater transparency of the business model, stabilization of the management team and a share buyback program could unlock the potential for a value increase of between 50% and 100%.
Of particular importance to the investor is the difference in valuation compared to US competitor Live Nation. LSEG data shows that CTS Eventim is trading at a 44% discount to Live Nation, measured by the ratio of underlying earnings to enterprise value.
Ananym also sees CTS Eventim as a business relatively resilient to the threats of artificial intelligence. However, the fund believes that the company itself can use AI to improve customer service. Penner also stressed the need for more direct human contact with consumers.
CTS Eventim will hold its first-ever Capital Markets Day in November, which Ananym says will give management a chance to better present the business to international investors. The event comes at a time when private equity funds are showing increased interest in assets in the entertainment industry.
Last year, CTS Eventim's revenue reached EUR 3.08 billion, and the operating margin was 15.5%. For 2026, the company expects sales and operating profit to remain stable or increase slightly.
The most urgent step, according to Ananym, is a larger-scale share buyback. Such a move would send a signal to the market that management has confidence in the company's prospects.
The investment in CTS Eventim is Ananym's second significant move in Germany in less than a year. The fund has already acquired a stake in Siemens Energy and supported the spin-off of Siemens Gamesa's wind turbine division as a way to increase shareholder value.