TAKEOVER rally and analyst reactions! Puma, CTS Eventim, AJN Resources!

AJN Resources: Exciting months ahead

The comeback story of AJN Resources is taking shape. Investors can speculate on a strong news flow in the coming months as the Company begins analysis of its Okote project. The 42.8 sq km area is located just 100 km from Ethiopia's largest deposit, Lega Dembi. The previous owner (Godu General Trading S.C.) already carried out drilling over almost 14,000 meters in 2019. This revealed sections of up to 13 meters at 8.71 g/t gold. AJN CEO Klaus Eckhof sees the potential for several million ounces of gold.

To verify this, AJN has mobilized its exploration team. The first step is a diamond drilling program covering at least 1,500 meters. The geological team will conduct extensive field work focusing on a 3,000 by 500 meter section where there are numerous indications of a mineralized zone. In addition, the historical drill cores from the Lega-Dembi mine will be re-evaluated to better understand geological structures and determine priorities for further drilling.

Important for investors: Godu General Trading S.C. is a strong partner for the exploration. The Company has close contacts with authorities, communities, and local mine operators.

CEO Klaus Eckhof emphasized that the start of due diligence work marks a decisive step toward evaluating Okote's potential. With the Okote project, AJN is positioning itself in one of Ethiopia's most promising gold regions. The stock has not yet broken out of its sideways movement and offers potential.

CTS Eventim: How are analysts reacting?

For a long time, CTS Eventim was one of the secret stars of the German stock market. So it came as all the more of a surprise when the ticket marketer and concert promoter published disappointing figures for the second quarter and the first half of 2025 last Thursday. Adjusted EBITDA fell by 9% to EUR 100.2 million in Q2, and consolidated net income even declined by 24% to around EUR 44 million.

CTS Eventim cited the integration costs of the recently acquired companies (See Tickets, France Billet, U Live) as the reasons for this. Inflationary pressure also played a role. While the ticketing segment remained robust and posted record figures, the live entertainment segment came under increasing pressure. The share price reacted sharply, losing up to 20% of its value. On Friday, the share price even fell below EUR 80 at one point, its lowest level since August 2024.

And what do analysts say? Overall, they were unimpressed. There was no change to the buy recommendations. Only Bernstein slightly reduced its target price from EUR 104 to EUR 100. Jefferies remains particularly bullish. Analysts see the fair value of CTS shares at EUR 127. Accordingly, they recommend buying the stock.

Puma: Is a takeover on the cards?

Is one of Germany's two major sporting goods icons about to be taken over by a Chinese company? According to a report by the news agency Bloomberg, this is a possibility. The Pinault family, which holds a 29% stake in Puma through the Artémis Group, is considering selling its share package. This news led to a jump in Puma's share price of up to 20.9% on Monday, the strongest daily gain in over 20 years. It is reported that the family may already have contacted potential buyers. Potential interested parties include Chinese sporting goods manufacturers such as Anta Sports and Li Ning, as well as sovereign wealth funds from the Middle East.

The Company and its shares are struggling. At the end of July 2025, a profit warning led to a massive drop in the share price of almost 20%. Puma significantly lowered its forecast and expects a loss for 2025. The reasons for this are weak demand, high inventories, and the impact of US tariffs.

Yesterday, the share price lost another 2% and slipped below EUR 22. UBS considers this level too high and reaffirms its "Sell" recommendation. Analysts currently see the fair value of Puma shares at EUR 16.30. In principle, a takeover could pave the way for a more apparent strategic change at Puma. This is viewed positively. However, speculation is not enough to make analysts change their opinion of Puma at this stage. The problems are too fundamental for that.

Puma shares have indeed reached an interesting level. The iconic brand has a realistic chance of achieving a turnaround, though it is uncertain how long this will take. At AJN, a jump in the share price could happen much faster. With a positive news flow and a positive gold price environment, the share has the potential to break out of its sideways movement dynamically. The recent slide in the CTS share price should not be overrated. The Company remains fundamentally strong and well-positioned.