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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.

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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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