CTS Eventim AG & Co. KGaA (CEVMF) (FY 2024) Earnings Call Highlights: Record Revenue and ...
Revenue Growth: Increased by 19.1% in 2024.
Adjusted EBITDA Growth: Rose by almost 22% year on year.
EBIT Growth: Increased by 9.5% year on year.
Online Ticket Sales: Increased by almost 25% without See Tickets numbers.
Tickets Sold Outside Germany: Grew by 29.2% year on year.
Dividend Proposal: EUR1.66 per share, a record dividend.
EBITDA Margin: Increased to 19.3%.
Q4 Revenue Growth: Up 29% year on year.
Q4 Adjusted EBITDA Growth: Increased by 40% year on year.
Q4 EBITDA Margin: 28.1%.
Ticketing Revenue: EUR880 million for the year, with EUR315 million in Q4.
Adjusted EBITDA for Ticketing: EUR417 million for the year, with EUR176 million in Q4.
Retail Tickets Sold: 147 million in 2024, including See Tickets.
Gross Transaction Value (GTV): EUR7.7 billion in 2024.
Live Entertainment Revenue: Nearly EUR2 billion, with EUR477 million in Q4.
Live Entertainment Adjusted EBITDA: EUR126 million for the year, with EUR44 million in Q4.
Venue Operations Profit: Slightly more than EUR50 million, with an EBITDA margin of around 50%.
Greenhouse Gas Emissions: Approximately 1.4 million tonnes of CO2 in 2024.
Warning! GuruFocus has detected 2 Warning Sign with STU:IRV.
Release Date: March 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
CTS Eventim AG & Co. KGaA (CEVMF) reported strong double-digit growth in both revenues and EBITDA for 2024, driven by all elements of their value chain including Ticketing, Live Entertainment, and Venue Management.
The company proposed a record dividend of EUR1.66 per share, continuing their policy of distributing 50% of reported group net profit.
The acquisition of See Tickets and the consolidation of France Billet have strengthened CTS Eventim's market position, particularly in the UK, US, and France.
Online ticket sales increased by almost 25%, with significant growth in international markets, indicating strong global demand.
The company introduced a new metric, Gross Transaction Value (GTV), which increased from EUR5.6 billion in 2023 to EUR7.7 billion in 2024, reflecting higher average ticket prices and fees.
EBIT growth was only 9.5% due to non-recurring effects from the previous year, such as compensation settlements and corona-related compensations.
Despite strong overall performance, the company remains cautious about the Live Entertainment segment due to ongoing cost pressures and a high basis from the previous year.
The US market showed flat revenue contribution, indicating challenges in expanding their presence despite efforts and resources allocated.
Mobile ticket penetration remains low at around 8%, limiting potential monetization opportunities through direct consumer engagement.
The financial results have been volatile over the past few years, with uncertainties in predicting future financial income and expenses.
Q: Did the online tickets for 2024 include France Billet for December? A: Yes, we did. - Marco Haeckermann, Vice President - Corporate Development and Strategy
Q: How does the agenda look for Q1, considering major events like Lady Gaga and Adele? A: Last year, we had major onsales like ACDC and Adele. This year, we have many mid-sized onsales but nothing that spikes out. It will be a good quarter, but not as standout as last year. - Holger Hohrein, Group Chief Financial Officer
Q: Is CTS Eventim focusing more on venues, and can we expect more venue developments like the Vienna and Milan Arenas? A: Owning venues is not a primary objective. We may develop and operate venues when opportunities arise, but it's not a shift in our business model. - Holger Hohrein, Group Chief Financial Officer
Q: What are your thoughts on StubHub's IPO and its potential impact on the European market? A: The secondary market in Europe is quite regulated, unlike the US. We don't see any imminent risk from StubHub's IPO affecting us in Europe. - Marco Haeckermann, Vice President - Corporate Development and Strategy
Q: Can you provide some numbers on France Billet and the synergies expected from the acquisition? A: We see room for synergies, potentially improving the EBITDA margin by around 10 percentage points compared to the segment average. - Holger Hohrein, Group Chief Financial Officer
Q: What is the current share of mobile tickets, and what are the financial implications of higher mobile penetration? A: The mobile share is around 8%. Increased mobile penetration would allow direct access to ticket holders, offering better customization and potentially reducing costs. - Holger Hohrein, Group Chief Financial Officer
Q: What is the growth plan for the US market, and why hasn't it grown significantly in 2024? A: We are focusing more on Ticketing in the US. The content side is well-positioned, and the focus will be on profitability and economies of scale. - Marco Haeckermann, Vice President - Corporate Development and Strategy
Q: What is the outlook for 2025, and what does "moderate" growth mean? A: Moderate growth means an internal increase of between 5% to 15%. We aim for EUR3 billion in revenues and EUR600 million in EBITDA by the end of the year. - Holger Hohrein, Group Chief Financial Officer
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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