New Risk • May 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (257% cash payout ratio). Share price has been volatile over the past 3 months (8.4% average weekly change). Reported Earnings • May 29
First quarter 2026 earnings released: EPS: €0.66 (vs €0.48 in 1Q 2025) First quarter 2026 results: EPS: €0.66 (up from €0.48 in 1Q 2025). Revenue: €613.5m (up 23% from 1Q 2025). Net income: €63.7m (up 38% from 1Q 2025). Profit margin: 10% (up from 9.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 21
Upcoming dividend of €1.44 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 01 June 2026. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (2.5%). Declared Dividend • Apr 20
Dividend reduced to €1.44 Dividend of €1.44 is 13% lower than last year. Ex-date: 28th May 2026 Payment date: 1st June 2026 Dividend yield will be 2.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (161% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 17
CTS Eventim AG & Co. KGaA announces Annual dividend, payable on June 01, 2026 CTS Eventim AG & Co. KGaA announced Annual dividend of EUR 1.4400 per share payable on June 01, 2026, ex-date on May 28, 2026 and record date on May 29, 2026. Announcement • Apr 16
CTS Eventim AG & Co. KGaA, Annual General Meeting, May 27, 2026 CTS Eventim AG & Co. KGaA, Annual General Meeting, May 27, 2026, at 10:00 W. Europe Standard Time. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €51.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Entertainment industry in the United Kingdom. Total loss to shareholders of 3.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €80.93 per share. Announcement • Mar 29
CTS Eventim AG & Co. KGaA Proposes Dividend In view of the robust business performance, the CTS Eventim Executive Board and Supervisory Board’s proposal to the Annual Shareholders’ Meeting on 27 May 2026 will be to distribute EUR 138.2 million in dividends to shareholders. As usual, this equates to 50% of the Group’s net income or EUR 1.44 per share. Announcement • Mar 28
CTS Eventim AG & Co. KGaA Provides Revenue Guidance for 2026 CTS Eventim AG & Co. KGaA provided revenue guidance for 2026. For the year, assuming a backdrop of stable macroeconomic conditions, the company anticipates an increase in total revenue. Buy Or Sell Opportunity • Mar 27
Now 38% undervalued after recent price drop Over the last 90 days, the stock has fallen 36% to €49.83. The fair value is estimated to be €79.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 8.5%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Nov 22
CTS EVENTIM AG & Co. KGaA Announces CFO Changes CTS Eventim AG & Co. KGaA has appointed William Willms, a proven finance and transformation expert and long-standing CFO of Lufthansa Technik AG, as its new Chief Financial Officer, effective 1 January 2026. He succeeds Holger Hohrein, who, as previously announced, will leave the company at the end of the year. William Willms, who holds a doctorate in law, brings more than two decades of international leadership experience in finance, strategy and transformation functions. Most recently he was Chief Financial Officer at Lufthansa Technik AG, where his responsibilities included accounting and finance, risk management, legal affairs, auditing and compliance, as well as IT and digitalisation. During his time as CFO, Lufthansa Technik achieved record results in recent years and successfully implemented a comprehensive growth and digitalisation programme. Previously, William Willms was Executive Vice President Group Strategy and M&A at Deutsche Lufthansa AG and a member of the Group Executive Committee. In this role, he managed group-wide transformation initiatives, portfolio adjustments and the strategic development of the Lufthansa Group, and played a key role in government stabilisation measures during the coronavirus pandemic. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: €0.62 (vs €0.58 in 3Q 2024) Third quarter 2025 results: EPS: €0.62 (up from €0.58 in 3Q 2024). Revenue: €854.2m (up 3.5% from 3Q 2024). Net income: €59.8m (up 6.9% from 3Q 2024). Profit margin: 7.0% (up from 6.8% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Buy Or Sell Opportunity • Nov 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to €75.77. The fair value is estimated to be €96.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. New Risk • Aug 28
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Aug 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to €78.95. The fair value is estimated to be €103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €82.75, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Entertainment industry in the United Kingdom. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €102 per share. Announcement • Aug 17
CTS Eventim AG & Co. KGaA Appoints Karl Pitrich as Senior Vice President Software Engineering, Effective 18 August 2025 CTS Eventim AG & Co. KGaA announced that it expands its product & tech leadership team: Karl Pitrich will take on the newly created role of Senior Vice President Software Engineering as of 18 August 2025. Karl Pitrich will report to Karel Dörner, CTO of CTS EVENTIM. As the new SVP Software Engineering, Karl Pitrich will take responsibility for the majority of the company’s software developers and further develop their organisation both functionally and structurally. In addition, together with CPO Thorsten Schäffler, he will drive the strategic establishment and expansion of cross-functional Product & Tech product teams. Karl Pitrich brings more than 20 years of experience building high-performance engineering teams, along with deep expertise in technology, leadership and talent development. After holding several founder roles as well as positions at various software and e-commerce providers, he became Head of Engineering at HolidayCheck in 2014. In 2017, he joined McKinsey as a Digital Expert Associate Partner. For the past four years, he served as CTO of Mister Spex, where he was responsible for the company’s overall technology strategy. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: €0.48 (vs €0.70 in 1Q 2024) First quarter 2025 results: EPS: €0.48 (down from €0.70 in 1Q 2024). Revenue: €498.6m (up 22% from 1Q 2024). Net income: €46.1m (down 32% from 1Q 2024). Profit margin: 9.2% (down from 17% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 21% per year. Upcoming Dividend • May 15
Upcoming dividend of €1.66 per share Eligible shareholders must have bought the stock before 22 May 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (1.8%). Announcement • Apr 10
CTS Eventim AG & Co. KGaA, Annual General Meeting, May 21, 2025 CTS Eventim AG & Co. KGaA, Annual General Meeting, May 21, 2025, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 31
Dividend increased to €1.66 Dividend of €1.66 is 16% higher than last year. Ex-date: 22nd May 2025 Payment date: 26th May 2025 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 28
CTS Eventim AG & Co. KGaA announces Annual dividend, payable on May 26, 2025 CTS Eventim AG & Co. KGaA announced Annual dividend of EUR 1.6600 per share payable on May 26, 2025, ex-date on May 22, 2025 and record date on May 23, 2025. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: €3.32 (vs €2.86 in FY 2023) Full year 2024 results: EPS: €3.32 (up from €2.86 in FY 2023). Revenue: €2.81b (up 19% from FY 2023). Net income: €318.9m (up 16% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jan 16
CTS EVENTIM Appoints Luca Martinazzoli as Managing Director of Arena Milano CTS EVENTIM has appointed Luca Martinazzoli as Managing Director of Arena Milano, effective 1 January 2025. In this capacity, he is responsible for operational management, business development, and positioning the venue as Italy’s leading cultural and entertainment destination. He is now focusing on building a strong and capable team to drive the arena’s success. Luca Martinazzoli reports to Klaus-Peter Schulenberg, CEO of CTS EVENTIM. Located in Milan, a city celebrated for its dynamic cultural and economic landscape, Arena Milano is scheduled for completion by the end of this year. The venue will host the ice hockey competitions during the Olympic Winter Games Milano Cortina 2026, with concerts and major events commencing in spring 2026. Designed to meet the highest standards of international live entertainment and sports, the arena will redefine the experience for audiences and performers alike. Luca Martinazzoli brings extensive leadership experience across globally renowned organizations. He served as General Manager at Milano & Partners, Municipality’s destination agency, where he enhanced the city’s global reputation as a destination for tourists, large events, talents, start-ups and foreign direct investments. Prior to this, he was Head of City Marketing for the Municipality of Milan. His career also includes a decade at Nike, where he held senior roles such as Category Brand Director EMEA South and Football Brand Director EMEA. Most recently, he was Senior Director of Business Development & Strategy at New Guards Group overseeing operations for Off-White and Reebok EU. Luca Martinazzoli holds a Master’s degree in Urban Planning from UCLA and a degree in Economics for Arts, Culture, and Communication from Università Bocconi. Announcement • Jan 07
CTS Eventim AG & Co. KGaA Announces Executive Changes CTS Eventim AG & Co. KGaA has appointed Marijke van den Bosch, currently CEO of See Tickets Benelux, to take responsibility for all ticketing activities of the CTS EVENTIM Group in the Benelux region, effective 1 January 2025. This includes the brands See Tickets and EVENTIM Netherlands. In her new role, Marijke van den Bosch will continue to report to Alexander Ruoff, COO of CTS EVENTIM. Henk Schuit, Managing Director of CTS EVENTIM Netherlands, stepped down at the end of 2024 by mutual agreement after 20 successful years with the company. He has decided to make way for new leadership and explore new directions in his career. During his tenure, Henk Schuit played a pivotal role in the growth and professionalization of CTS EVENTIM Netherlands. Under his leadership, the company became a leading player in the Dutch ticketing market, achieving significant milestones such as strengthening its position within the events sector, driving innovation, and fostering important collaborations within the industry. Marijke van den Bosch brings a wealth of experience to her new role, having held leadership positions in the ticketing industry for more than a decade. As CEO of See Tickets Benelux, she successfully oversaw significant growth and development, strengthening the company’s position across the region. Her proven expertise in management and her deep understanding of the industry make her ideally suited to lead the next chapter for CTS EVENTIM in Benelux. Reported Earnings • Nov 22
Third quarter 2024 earnings released: EPS: €0.58 (vs €1.25 in 3Q 2023) Third quarter 2024 results: EPS: €0.58 (down from €1.25 in 3Q 2023). Revenue: €825.0m (up 13% from 3Q 2023). Net income: €56.0m (down 53% from 3Q 2023). Profit margin: 6.8% (down from 17% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: €0.60 (vs €0.43 in 2Q 2023) Second quarter 2024 results: EPS: €0.60 (up from €0.43 in 2Q 2023). Revenue: €793.6m (up 21% from 2Q 2023). Net income: €57.7m (up 39% from 2Q 2023). Profit margin: 7.3% (up from 6.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 24
First quarter 2024 earnings released: EPS: €0.70 (vs €0.46 in 1Q 2023) First quarter 2024 results: EPS: €0.70 (up from €0.46 in 1Q 2023). Revenue: €408.7m (up 12% from 1Q 2023). Net income: €67.5m (up 54% from 1Q 2023). Profit margin: 17% (up from 12% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 10
Upcoming dividend of €1.43 per share Eligible shareholders must have bought the stock before 15 May 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (1.7%). Declared Dividend • Mar 28
Dividend increased to €1.43 Dividend of €1.43 is 35% higher than last year. Ex-date: 15th May 2024 Payment date: 17th May 2024 Dividend yield will be 1.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to €81.18. The fair value is estimated to be €66.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 78% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 6.0% per annum over the same time period. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: €2.86 (vs €2.12 in FY 2022) Full year 2023 results: EPS: €2.86 (up from €2.12 in FY 2022). Revenue: €2.36b (up 23% from FY 2022). Net income: €274.6m (up 35% from FY 2022). Profit margin: 12% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Feb 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. New Risk • Feb 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.6% to €60.24. The fair value is estimated to be €50.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 78% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are forecast to decline by 0.2% per annum over the same time period. New Risk • Jan 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Nov 23
CTS Eventim AG & Co. KGaA (XTRA:EVD) and Sony Music Latin-Iberia acquired unknown majority stake in Punto Ticket S.A. and Teledistribución S.A. CTS Eventim AG & Co. KGaA (XTRA:EVD) and Sony Music Latin-Iberia acquired unknown majority stake in Punto Ticket S.A. and Teledistribución S.A. on November 21, 2023.CTS Eventim AG & Co. KGaA (XTRA:EVD) and Sony Music Latin-Iberia completed the acquisition of unknown majority stake in Punto Ticket S.A. and Teledistribución S.A. on November 21, 2023. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: €1.25 (vs €0.65 in 3Q 2022) Third quarter 2023 results: EPS: €1.25 (up from €0.65 in 3Q 2022). Revenue: €729.3m (up 5.0% from 3Q 2022). Net income: €120.2m (up 92% from 3Q 2022). Profit margin: 17% (up from 9.0% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Oct 06
CTS Eventim AG & Co. KGaA Provides Earnings Guidance for the Year 2023 CTS Eventim AG & Co. KGaA provided earnings guidance for the year 2023. For the year, the company now expects the Group’s revenue for 2023 as a whole to be significantly higher than EUR 2 billion. This means that operating profit for 2023 will be up sharply compared with the prior-year figure, which itself had been at a high level thanks to catch-up effects resulting from the pandemic. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: €0.43 (vs €0.57 in 2Q 2022) Second quarter 2023 results: EPS: €0.43 (down from €0.57 in 2Q 2022). Revenue: €654.7m (up 10.0% from 2Q 2022). Net income: €41.6m (down 25% from 2Q 2022). Profit margin: 6.4% (down from 9.3% in 2Q 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be €73.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has grown by 75%. Revenue is forecast to grow by 0.6% in 2 years. Earnings is forecast to grow by 1.3% in the next 2 years. Announcement • Aug 03
CTS Eventim AG & Co. KGaA (XTRA:EVD) exercise call option to acquire additional 17% stake in Societe Reseau France Billet from Fnac Darty SA (ENXTPA:FNAC). CTS Eventim AG & Co. KGaA (XTRA:EVD) exercise call option to acquire additional 17% stake in Societe Reseau France Billet from Fnac Darty SA (ENXTPA:FNAC) on August 2, 2023. The transaction is subject to the necessary approval of the competition authorities. The closing is expected to take place within a few months. New Risk • Jul 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 24% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. New Risk • Jun 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 167% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €58.85, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 19x in the Entertainment industry in the United Kingdom. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €62.34 per share. Reported Earnings • May 25
First quarter 2023 earnings released: EPS: €0.46 (vs €0.11 in 1Q 2022) First quarter 2023 results: EPS: €0.46 (up from €0.11 in 1Q 2022). Revenue: €366.2m (up 163% from 1Q 2022). Net income: €43.7m (up 299% from 1Q 2022). Profit margin: 12% (up from 7.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 10
Upcoming dividend of €1.06 per share Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 19 May 2023. The company last paid an ordinary dividend in March 2013. The average dividend yield among industry peers is 2.1%. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: €2.12 (vs €0.92 in FY 2021) Full year 2022 results: EPS: €2.12 (up from €0.92 in FY 2021). Revenue: €1.93b (up 372% from FY 2021). Net income: €203.8m (up 132% from FY 2021). Profit margin: 11% (down from 22% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be €68.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings is also forecast to grow by 4.5% per annum over the same time period. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: €0.65 (vs €0.047 in 3Q 2021) Third quarter 2022 results: EPS: €0.65 (up from €0.047 in 3Q 2021). Revenue: €694.4m (up €579.7m from 3Q 2021). Net income: €62.6m (up €58.1m from 3Q 2021). Profit margin: 9.0% (up from 3.9% in 3Q 2021). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 19% share price gain to €57.68, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 15x in the Entertainment industry in Europe. Total returns to shareholders of 9.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €48.23 per share. Buying Opportunity • Sep 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €54.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 46% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: €0.57 (vs €0.54 in 2Q 2021) Second quarter 2022 results: EPS: €0.57 (up from €0.54 in 2Q 2021). Revenue: €595.1m (up €549.5m from 2Q 2021). Net income: €55.2m (up 5.9% from 2Q 2021). Profit margin: 9.3% (down from 114% in 2Q 2021). Over the next year, revenue is forecast to grow 35%, compared to a 29% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €61.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 60% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Reported Earnings • May 25
First quarter 2022 earnings released: EPS: €0.11 (vs €0.26 loss in 1Q 2021) First quarter 2022 results: EPS: €0.11 (up from €0.26 loss in 1Q 2021). Revenue: €139.2m (up €119.6m from 1Q 2021). Net income: €11.0m (up €36.1m from 1Q 2021). Profit margin: 7.9% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 158%, compared to a 33% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Buying Opportunity • May 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be €78.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 69% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 26% per annum. Earnings is also forecast to grow by 25% per annum over the same time period. Buying Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock is up 6.1%. The fair value is estimated to be €77.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 54% per annum over the last 3 years. The company has become profitable over the last year. Buying Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock is up 6.1%. The fair value is estimated to be €77.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 54% per annum over the last 3 years. The company has become profitable over the last year. Buying Opportunity • Jan 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be €77.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 54% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €114.7m (up 279% from 3Q 2020). Net income: €4.52m (up €26.0m from 3Q 2020). Profit margin: 3.9% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS €0.54 (vs €0.43 loss in 2Q 2020) Second quarter 2021 results: Revenue: €45.7m (up 228% from 2Q 2020). Net income: €52.1m (up €93.0m from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • May 22
First quarter 2021 earnings released: €0.26 loss per share (vs €0.006 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: €19.6m (down 89% from 1Q 2020). Net loss: €25.2m (down €25.7m from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 25
Full year 2020 earnings released: €0.86 loss per share (vs €1.39 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €256.8m (down 82% from FY 2019). Net loss: €82.3m (down 162% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 13
New 90-day high: €55.38 The company is up 13% from its price of €48.86 on 13 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.23 per share. Is New 90 Day High Low • Dec 29
New 90-day high: €53.33 The company is up 29% from its price of €41.39 on 30 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.12 per share. Is New 90 Day High Low • Dec 01
New 90-day high: €51.93 The company is up 25% from its price of €41.56 on 02 September 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.12 per share. Reported Earnings • Nov 20
Third quarter 2020 earnings released: €0.22 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: €30.2m (down 92% from 3Q 2019). Net loss: €21.5m (down 190% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 20
Revenue misses expectations Revenue missed analyst estimates by 45%. Over the next year, revenue is forecast to grow 8.5%, compared to a 23% growth forecast for the Entertainment industry in the United Kingdom. 
