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Borussia Dortmund GmbH & Co KGaA

WKN: 549309 / ISIN: DE0005493092

Original-Research: Borussia Dortmund GmbH & Co KGaA (von NuWays AG): BUY


30.11.23 09:01
dpa-AFX

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Original-Research: Borussia Dortmund GmbH & Co KGaA - von NuWays AG



Einstufung von NuWays AG zu Borussia Dortmund GmbH & Co KGaA



Unternehmen: Borussia Dortmund GmbH & Co KGaA


ISIN: DE0005493092



Anlass der Studie: Update


Empfehlung: BUY


seit: 30.11.2023


Kursziel: EUR 5,50


Kursziel auf Sicht von: 12 Monaten


Letzte Ratingänderung:


Analyst: Philipp Sennewald



Returning from Milan with pockets full of cash; chg.



On Tuesday, BVB visited AC Milan to play their penultimate Champions League


group stage match. Thanks to a 3-1 victory, the team has already qualified


for the knock-out stage before the last matchday, thus securing EUR 9.6m


additional premium payments on top of the EUR 2.8m for winning the match.



As Paris St. Germain only managed to get a draw (1-1) in their final home


game against Newcastle, BVB is now also in pole position finish first in


their group, as they only need a draw in the last match at home against


Paris. Mind you, BVB have not lost at home in the Champions League for two


years and overall lost only one out of the last 29 matches at Signal Iduna


Park. As the group winners play the second- placed team from another group


(i.e. an "easier" opponent) in the round of sixteen, this would clearly


improve BVB's chances to advance even to the quarterfinals, which would


secure another EUR 10.6m in premium payments (not reflected in our


estimates). Keep in mind, that those premium payments have a de facto 100%


margin, as no costs are incurred and that sales from ticketing, catering


and merchandising are not yet included in that number.



While the club is performing above expectations in the Champions League in


what we called an unlucky drawn group (Paris, Milan, Newcastle) back in


October, the Bundesliga performance appears somewhat lackluster so far as


BVB is only in 4th place after one third of the season. Although this would


be sufficient to qualify for the Champions League at the end of the season,


the team is seen to face tough competition from the surprisingly strong


Stuttgart (currently 3rd) and Leipzig (5th), while Leverkusen and Bayern


look set to decide the championship among themselves. Hence, BVB should be


competing with Stuttgart and Leipzig for the remaining two spots to qualify


for the CL. However, thanks to the depth and experience of the squad and


the fact that Stuttgart will have to withdraw several key players for the


Africa Cup and the Asian games in Q1, we regard BVB's chances for a Top-4


finish as high. Notably, this


will be more important than ever, as UEFA will introduce a new format


starting next season which will increase overall price money by c. 33%.



Valuation remains undemanding, in our view, as BVB shares are trading at


only 1.0x EV/Sales 2023/24, which marks a notable discount to its peers


Juventus (2.0x), OL (2.3x) and Manchester United (4.3x).



Reiterate BUY with an unchanged PT of EUR 5.50 based on DCF.



Die vollständige Analyse können Sie hier downloaden:


http://www.more-ir.de/d/28437.pdf


Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden


www.nuways-ag.com/research.



Kontakt für Rückfragen


NuWays AG - Equity Research


Web: www.nuways-ag.com


Email: research@nuways-ag.com


LinkedIn: https://www.linkedin.com/company/nuwaysag


Adresse: Mittelweg 16-17, 20148 Hamburg, Germany


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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.


Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.


++++++++++



-------------------übermittelt durch die EQS Group AG.-------------------




Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.


Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung


oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.



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