Ananym builds CTS Eventim stake, pushes for governance and capital return changes

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Ananym presses Eventim changes

Highlights

Ananym Capital disclosed a stake in CTS Eventim, urging share buybacks and better governance to unlock potential 50%-100% upside.
CTS Eventim trades at a 44% core profit to enterprise value discount versus Live Nation, with shares down nearly 50% since May 2023 highs.
CTS Eventim, valued at nearly 6 billion euros, plans its first capital markets day next month amid rising private equity interest and activist pressure.

Activist case centers on valuation and strategy

As reported by Reuters, Ananym Capital says it has taken a stake in Germany's CTS Eventim and argues the company is resilient to artificial intelligence while also having room to use the technology to improve customer experience and support its share price.

Speaking at the 13D Monitor Active Passive-Investment Summit in New York, Ananym co-founder Charlie Penner says the investment could be a long-term holding. He says giving customers more human contact can create value, while adding that clearer communication on the business model, a stable management structure and a share buyback could unlock upside potential of 50% to 100%.

CTS Eventim, valued at nearly 6 billion euros, is Europe's largest ticket seller and also organizes major festivals including Rock am Ring and Rock im Park. According to LSEG data cited in the report, the group trades at a 44% discount to U.S. peer Live Nation based on the ratio of core profit to enterprise value.

Capital markets day and shareholder pressure

The company's shares have fallen nearly 50% since a record high in May last year, hit by weak results, disappointing 2026 guidance and the recent departure of its finance chief, the third CFO exit at the group since 2020. CTS Eventim is scheduled to hold its first capital markets day next month and expects sales and operating profit to remain stable or improve slightly in 2026 from last year.

Last year, revenue rose to 3.08 billion euros and the operating margin stood at 15.5%. Ananym believes the upcoming investor event gives management a chance to address market misconceptions and raise the group's profile with international investors at a time when private equity firms are showing interest in live entertainment assets.

Penner says a stronger push on share buybacks may be the most urgent step because it would signal confidence in the company's outlook. The investment is Ananym's second in Germany within a year, after the fund disclosed a stake in Siemens Energy and supported a spinoff of Siemens Gamesa to lift value.

Our earlier article on activist pressure at Big Yellow explained how two hedge funds disclosed roughly 4% stakes each and urged the UK self-storage group to review strategic options, including a potential sale, arguing the shares were undervalued. We noted the campaign came as the stock traded near multi-year lows despite solid annual results, against a backdrop of wider consolidation across UK listed real estate.

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