CTS Eventim's Buy Rating Kept as Berenberg Notes 'Solid' Q2 Growth

05:29 AM EDT, 08/21/2026 (MT Newswires) -- Berenberg reiterated its buy rating on CTS Eventim (EVD.F) as analysts took note of the company's "solid" earnings growth in the second quarter. The research firm said Friday that the ticketing service company's second-quarter adjusted EBITDA of 106.4 million euros was "broadly in line" with the consensus estimate of 107.7 million euros. Group revenue was 899.3 million euros, up 13% year over year and 8% ahead of consensus. "The Ticketing segment saw revenues jump by 25% yoy to EUR254m in Q2, primarily due to the first wave of ticket sales for the LA28 Olympic Games. This initial contribution helped lift Ticketing EBITDA by 5.8% yoy to EUR82.6m, despite the loss of volume from Stage Entertainment and costs related to an operational excellence programme," the note said. "The Live Entertainment division recorded Q2 revenue growth of 9% yoy to EUR657m. However, the adjusted EBITDA margin remained low at 3.6%, partly due to the ramp-up costs of the new Unipol Dome in Milan, which will only start contributing meaningfully to earnings from Q3." Against this backdrop, Berenberg raised its sales and EBIT forecasts for 2026 to 2028. Meanwhile, EPS projections were revised across the three-year period, with the 2026 estimate nudged up, while those for 2027 and 2028 were trimmed. The stock's price target was maintained at 88 euros.