CTS Eventim (EVDG.DE): Europe's market leader meets rising competition; initiate at Neutral

Goldman Sachs initiates coverage on CTS Eventim (EVDG.DE), Europe's leading ticketing and live entertainment platform and the global number two, with a Neutral rating and a €68 12-month price target (about 13.1% upside to the €60.15 price). The company derives over 90% of 2025 revenue from Europe, with the greatest exposure to Germany (44%) and Italy (20%), while the US accounts for only 6%. We forecast ~7% global live music revenue CAGR over 2024-30, but expect Europe to grow only at broadly mid-single digit given lower consumer spending, slower monetisation and a more regulated ticketing environment. Following a decade of double-digit growth, CTS Eventim's organic growth is normalising towards mid-single digits;