CTS Eventim AG & Co KgaA

### Capital Structure and Liquidity CTS Eventim maintains a strong liquidity position with EUR 982.997 million in cash and equivalents, representing 30% of total assets. The company's debt-to-equity ratio is 0.14, significantly below the median for the online services industry, indicating a conservative capital structure. The current ratio of 1.09 suggests adequate short-term liquidity to cover obligations.

### Profitability and Returns The company's return on equity (ROE) of 7.02% and return on assets (ROA) of 2.04% are below the industry median for online services, suggesting moderate efficiency in generating returns from equity and total assets. Operating income of EUR 66.767 million and net income of EUR 67.504 million reflect a healthy margin, but the free cash flow of EUR 86.428 million is partially offset by a negative operating cash flow of EUR -12.203 million, indicating potential working capital pressures.

### Segments and Geographic Exposure The company's revenue is concentrated in Europe, with no disclosed segment breakdown in the latest financials. This geographic concentration may expose the company to regional economic fluctuations and regulatory changes, particularly in the entertainment sector.

### Growth Trajectory While the company's current revenue of EUR 408.729 million is stable, there is no disclosed growth trajectory in the latest financials. Analysts have provided a mean price target of EUR 93.31, with a median of EUR 94.00, suggesting a generally positive outlook, though the lack of disclosed revenue growth metrics limits visibility into future performance.

### Risk Factors The company faces low liquidity and dilution risk, with no immediate filing-based flags detected. However, the negative operating cash flow and moderate ROA suggest potential operational inefficiencies. The dilution potential is low, with no near-term pressure expected, and no recent issuance or ATM/shelf disclosures indicating dilution risk.

### Recent Events No recent filings or transcripts have been disclosed that would indicate significant changes in the company's operations or strategy. The company's financials remain stable, with no major events reported in the latest data.

Revenue grew at a 65.8% CAGR over four years, demonstrating strong top-line expansion momentum.

Operating margins of 16.3% significantly exceed the 3.7% median for the Online Services cohort.

Analysts project 87.9% upside to a mean price target of EUR 93.31.

Net income CAGR of 33.3% over four years indicates robust profitability growth trajectory.

Low debt-to-equity ratio of 0.14 suggests a conservative capital structure with low leverage risk.

Cash conversion of -0.18 ranks in the bottom quartile of the Online Services cohort.

Return on equity of 7.0% remains modest despite high margins, indicating capital efficiency challenges.

Revenue €930.9M, +19,2% YoY; Operating income +10,5% YoY.

• ▍Revenue €930.9M, +19,2% YoY
• ▍Operating income +10,5% YoY
• ▍Net income −7,2% YoY
• ▍Free cash flow −11,1% YoY
• ▍Net margin 13.7%

Revenue €854.2M, +3,5% YoY; Operating income +16,5% YoY.

• ▍Revenue €854.2M, +3,5% YoY
• ▍Operating income +16,5% YoY
• ▍Net income +6,4% YoY
• ▍Free cash flow +9,9% YoY
• ▍Net margin 7.0%

Revenue €795.6M, +0,3% YoY; Operating income −11,5% YoY.

• ▍Revenue €795.6M, +0,3% YoY
• ▍Operating income −11,5% YoY
• ▍Net income −24,5% YoY
• ▍Free cash flow −14,6% YoY
• ▍Net margin 5.5%

Revenue €498.6M, +22,0% YoY; Operating income +14,1% YoY.

• ▍Revenue €498.6M, +22,0% YoY
• ▍Operating income +14,1% YoY
• ▍Net income −31,7% YoY
• ▍Free cash flow −17,2% YoY
• ▍Net margin 9.2%

Revenue €781.2M; Operating income €192.8M.

• ▍Revenue €781.2M
• ▍Operating income €192.8M
• ▍Net margin 17.6%

Revenue €825.2M; Operating income €96.2M.

• ▍Revenue €825.2M
• ▍Operating income €96.2M
• ▍Net margin 6.8%

Revenue €793.6M; Operating income €85.1M.

• ▍Revenue €793.6M
• ▍Operating income €85.1M
• ▍Net margin 7.3%

Revenue €408.7M; Operating income €66.8M.

• ▍Revenue €408.7M
• ▍Operating income €66.8M
• ▍Net margin 16.5%

Revenue €3.08B, +9,6% YoY; Operating income +10,1% YoY.

• ▍Revenue €3.08B, +9,6% YoY
• ▍Operating income +10,1% YoY
• ▍Net income −13,1% YoY
• ▍Free cash flow −124,7% YoY
• ▍Net margin 9.0%

Revenue €2.81B, +19,1% YoY; Operating income +8,3% YoY.

• ▍Revenue €2.81B, +19,1% YoY
• ▍Operating income +8,3% YoY
• ▍Net income +16,1% YoY
• ▍Free cash flow +77,4% YoY
• ▍Net margin 11.4%

Revenue €2.36B, +22,5% YoY; Operating income +26,8% YoY.

• ▍Revenue €2.36B, +22,5% YoY
• ▍Operating income +26,8% YoY
• ▍Net income +34,8% YoY
• ▍Free cash flow −71,9% YoY
• ▍Net margin 11.6%

Revenue €1.93B, +372,2% YoY; Operating income +103,5% YoY.

• ▍Revenue €1.93B, +372,2% YoY
• ▍Operating income +103,5% YoY
• ▍Net income +131,8% YoY
• ▍Free cash flow +132,6% YoY
• ▍Net margin 10.6%