CTS Eventim (EVDG.DE): Europe's arena whitespace meets CTS's capital-light venue strategy - CMD now key to unlock the opportunity

In collaboration with US colleague David Karnovsky, J.P. Morgan publishes a First Principles deep dive on European live entertainment venues, where structurally supported demand collides with capacity constraints and sizeable whitespace. Across European metros with 1m+ population, 35 of 53 markets still lack a major-operator indoor arena (66% of markets; 57% of population), with 30 markets having total indoor arena capacity below 1% of population. The report argues this reinforces the strategic case for CTS Eventim's venue push. Milan's Unipol Dome is the flagship near-term proof point, with expected steady-state revenue of c.€70-80m at a 45-50% adj. EBITDA margin and credible capital-light routes including asset-level refinancing, sale-and-leaseback and a broader PropCo/partner structure;