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

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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:

Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden


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

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

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-------------------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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