Investing.com -- US activist investor Ananym Capital disclosed on Tuesday it has acquired a stake in Germany's CTS Eventim (ETR:EVD), calling the European ticketing company significantly undervalued.
CTS Eventim, which has a market value of nearly €6 billion, sells tickets for events featuring artists including Taylor Swift, Ed Sheeran and Iron Maiden. The company also organizes major festivals such as Rock am Ring and Rock im Park.
"It's an investment we might like for a long time," Ananym co-founder Charlie Penner said at the 13D Monitor Active Passive-Investment Summit in New York. "There is actually money to be made by giving people a break. In this case getting some actual human contact," Penner, who jointly runs Ananym with co-founder Alex Silver, added.
The German company's shares have declined nearly 50% since reaching a record high in May 2025. The drop followed weak results, disappointing 2026 guidance and the recent exit of its finance chief, the third CFO to leave the group since 2020.
Ananym argues that CTS Eventim should use artificial intelligence to improve customer experience and boost its share price. The firm, known for working collaboratively with target companies, believes greater transparency about the business model, a stable management structure and a share buyback could unlock upside potential of 50% to 100%, Penner said at the conference.
The group expects sales and operating profit to remain stable or slightly improve in 2026 compared to last year. In 2025, the company's operating margin stood at 15.5%, while revenue grew to €3.08 billion.
CTS Eventim is scheduled to hold its first capital markets day next month. Ananym believes management can use the event to address market misconceptions and reach more international investors.
Penner said a share buyback may be the most pressing action, which would signal confidence in the company's future.
The investment marks Ananym's second in Germany within a year after disclosing a stake in German power equipment firm Siemens Energy, where it argued for a spinoff of the wind turbine division Siemens Gamesa.
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