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Original-Research: Borussia Dortmund GmbH & Co KGaA - from NuWays AG
08.01.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of NuWays AG to Borussia Dortmund GmbH & Co KGaA
Company Name: Borussia Dortmund GmbH & Co KGaA
ISIN: DE0005493092
Reason for the research: Update
Recommendation: Buy
from: 08.01.2025
Target price: EUR 5.50
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
What lies ahead for BVB in 2025?
After an eventful 2024, where BVB reached the UCL final but also performed
below their capabilities in the Bundesliga, the team will kick off 2025 on
Friday against reigning champions Bayer Leverkusen. An opportunity for us to
analyze what lies ahead for the club.
Bundesliga. With 19 games to go, BVB is entering the year in 6th place in
the Bundesliga standings. While the first half of the season could be
described as a double-edged sword, as the team dominated at home while
struggling away, the team is still only 2 points behind 4th place, the first
rank enabling for UCL qualification. In our view, especially the away win at
Wolfsburg right before the Christmas break should serve as an encouragement
for the reminder of the season. Yet, the team needs to sustainably pick up
their performance away from Dortmund while simultaneously maintaining the
strong home game record, in order to finish Top-4 in the league, in our
view. As outlined previously, qualifying for the UCL is crucial given that
the UEL prize money amounts to only 23% of the UCL prize money.
While this could financially be offset by the participation in the FIFA CWC,
it would also harm BVB's ability to get new players, as top-class players in
most cases seek to play for a UCL side. Speaking of the CWC, FIFA still has
not announced specifics on prize money distribution. However, DAZN recently
signed a deal with FIFA to broadcast the entire tournament in a EUR 1bn deal
according to WSJ. The British streaming service will be awarded exclusive
rights for worldwide distribution. Hence, it is still to be seen, if the
reported EUR 50m minimum prize money for all 32 participants will become
reality. Mind you, we do not include the CWC in our estimates until final
prize money details are disclosed.
UCL. As outlined in our previous update, BVB is well positioned to qualify
directly for the round of 16 via a Top-8 position in the league phase. This
would guarantee the club an additional EUR 13m in TV marketing sales.
Sponsoring. At the end of the season, the contracts with shirt sponsors
Evonik and 1&1 expire, which is offering further upside in terms of
sponsoring sales, in our view, given the continued positive development of
the club in the past 5 years.
We hence reiterate BUY with an unchanged EUR 5.50 PT based on DCF.
You can download the research here: http://www.more-ir.de/d/31593.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
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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2063207 08.01.2025 CET/CEST
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