Kepler Cheuvreux has started coverage of GL Events with a buy recommendation and assigned a target price of €38, which equates to an implied upside of 17.1% relative to the stock's most recent close at €32.45.
The brokerage's note singles out two core areas where it sees the company positioned for the strongest expansion. First is the repeatable international event pipeline, an area where Kepler Cheuvreux believes GL Events holds a competitive advantage. Second are venues, where the broker expects growth to be supported by a ramp-up in concession revenues, the capture of new venue wins and development of local platforms that should enable greater cross-selling.
Kepler Cheuvreux also flags selective mergers and acquisitions as an additional lever GL Events could use to accelerate growth, while stressing that such activity would be pursued selectively.
By contrast, the brokerage views exhibitions as a less compelling segment for GL Events. It cites several factors in reaching that view: exhibitions tend to be smaller in scale, they carry greater exposure to macro conditions and to biennial scheduling effects, and they offer less differentiation compared with the company's other operations.
On the company's financial footing, Kepler Cheuvreux states GL Events can finance the execution of its strategy and selectively deploy capital thanks to its financial flexibility and recurring cash generation. The note also includes the observation: "Although upside is more limited following the 2025 rerating," Kepler Cheuvreux said.
Finally, the brokerage left its sales projections for 2026 and 2027 unchanged, indicating no adjustment to those forward-year estimates in the initiation note.
Contextual implications - The broker's initiation frames GL Events' near-term opportunity set around services and venue-related revenue expansion rather than exhibitions, and it views the company's balance sheet dynamics as supportive of selective capital deployment.