Ananym Takes Stake in CTS Eventim
US activist investor Ananym has acquired a stake in European ticket seller CTS Eventim, arguing the company is undervalued. Ananym is urging management to improve transparency, buy back shares, and adopt new technologies to boost its stock price.
United States activist investor Ananym Capital has built a stake in Germany's CTS Eventim AG & Co. KGaA, arguing the ticketing firm is undervalued. Shares have fallen nearly 50% from a record high reached in May last year following weak results and management turnover. Ananym co-founder Charlie Penner said the company could unlock upside potential of 50% to 100% through structural changes.
The target trades at a 44% discount to U.S. peer Live Nation Entertainment, Inc. based on the ratio of core profit to enterprise value, per LSEG data. Ananym suggested management use artificial intelligence to enhance customer experience, provide greater transparency, and initiate share buybacks. The group reported revenue grew to €3.08 billion last year with an operating margin of 15.5%.
