美国激进投资者Ananym Capital周二表示，已在德国的CTS Eventim (EVDG.DE) 中建立持仓，并称这家为泰勒·斯威夫特、埃德·希兰和铁娘子乐队等全球艺人演出售票的公司严重被低估。
US activist investor Ananym Capital said on Tuesday it has taken a stake in Germany's CTS Eventim (EVDG.DE), adding the firm, which sells tickets for events by global artists such as Taylor Swift, Ed Sheeran and Iron Maiden, was significantly undervalued.
目前市值近60亿欧元（约合67.3亿美元，文中另注为66亿美元），CTS Eventim是欧洲最大的票务销售商，同时也主办Rock am Ring和Rock im Park等大型音乐节。
With a current market value of nearly €6 billion ($6.73 billion) ($6.6 billion), CTS Eventim is Europe's top ticket seller and also organises major festivals such as Rock am Ring and Rock im Park.
“这可能是一项我们愿意长期持有的投资，”Ananym联合创始人Charlie Penner在纽约举行的13D Monitor Active Passive-Investment Summit（13D Monitor主动被动投资峰会）上表示。“实际上，让人们喘口气也能赚钱。在这种情况下，是获得一些真实的人际接触，”与联合创始人Alex Silver共同运营Ananym的Penner补充道。
"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.
自去年5月触及历史高点以来，这家德国公司的股价已下跌近50%，遭受疲软业绩、令人失望的2026年业绩指引以及财务总监近期离职的重创，这标志着自2020年以来该集团第三位首席财务官离职。
The German company's shares have fallen nearly 50% since reaching a record high in May last year, pummelled by weak results, disappointing 2026 guidance and the recent departure of its finance chief, which marked the third CFO departure at the group since 2020.
Ananym以与目标公司合作著称，该公司认为CTS Eventim对人工智能具有韧性，但应利用人工智能来帮助提升客户体验，最终推高股价。
Ananym, which has a reputation for working collaboratively with its target companies, argues that CTS Eventim is resilient to artificial intelligence but should use it to help enhance its customer experience and ultimately boost its share price.
Penner在会议上表示，为投资者提供更多关于其商业模式的透明度、建立稳定的管理架构以及实施股票回购，可能释放50%至100%的上涨潜力。
Providing investors with more transparency about its business model, establishing a stable management structure as well as a share buyback could unlock upside potential of 50% to 100%, Penner said at the conference.
根据LSEG数据，CTS Eventim的创始人兼长期首席执行官Klaus-Peter Schulenberg也是该集团的第一大股东，基于核心利润与企业价值之比，该公司股价较美国同行Live Nation (LYV.N) 折价44%。
CTS Eventim, whose founder and long-time CEO Klaus-Peter Schulenberg is also the group's top shareholder, trades at a 44% discount to US peer Live Nation (LYV.N) based on the ratio of core profit to enterprise value, according to LSEG data.
该集团定于下个月举办首次资本市场日，预计2026年销售额和营业利润将保持稳定或较去年略有改善。
The group, which is scheduled to hold its first ever capital markets day next month, expects sales and operating profit to remain stable or slightly improve in 2026 compared to last year.
去年，该集团的营业利润率为15.5%，而营收增长至30.8亿欧元。
Last year, the group's operating margin stood at 15.5%, while revenue grew to €3.08 billion.
Ananym认为，管理层有机会在资本市场日上消除市场的误解，并将这家德国公司的情况传播给更多国际投资者，此时正值私募股权公司渴望收购现场娱乐资产之际。
Ananym feels management has a chance to eliminate market misconceptions and spread the word about the German company to more international investors at the capital markets day, which comes at a time private equity firms are eager to buy live entertainment assets.
然而，最迫切的可能是推动回购更多股份，这将表明对公司未来更有信心，Penner表示。目前有几位投资者表示，回购股份将是资本的最高回报用途，这暗示更多活动家投资者可能已准备好推动回购，因为此时许多目标公司的股价承压。
Most pressing, however, may be a push to buy back more shares, which would signal more confidence in the company's future, Penner said. At the moment several investors have said that buying back shares would be the highest return use of capital, suggesting more activists may be ready to push for them at a time many targets' stock prices are under pressure.
此次投资标志着Ananym一年内在德国的第二笔投资，此前该公司披露了在德国电力设备企业西门子能源（ENR1n.DE）的持股，主张分拆该集团的风力涡轮机部门西门子歌美飒以提升价值。
The investment marks Ananym's second in Germany within a year after disclosing a stake in German power equipment firm Siemens Energy (ENR1n.DE), arguing in favour of a spinoff of the group's wind turbine division Siemens Gamesa to raise value.
Penner和Silver两年前创立了Ananym。在去年的13D大会上，Penner敦促能源和技术公司贝克休斯分拆其油田服务和设备业务，认为此举有助于将股价推高至少60%。
Penner and Silver founded Ananym two years ago. At last year's 13D conference, Penner urged energy and technology company Baker Hughes to spin off its oil field services and equipment business, arguing such a step could help push up the stock price by at least 60%.